Barnaby Joyce has been accused of a conflict of interest due to claims he could personally benefit from the Turnbull government's push to develop coal seam gas near land owned by the Deputy Prime Minister.

Mr Joyce, who is also the Resources Minister, missed a media event on Monday where the government demanded NSW accelerate approval of the Santos project at Narrabri, north-west of Sydney, to ease a looming gas shortage. He lists land at Gwabegar, west of Narrabri as part of his pecuniary interests.

While Mr Joyce said on Tuesday there is no prospect of gas being extracted on his land, local activists opposed to coal seam gas development say petroleum exploration licences all through the region depend on progress at Narrabri.

The Nationals leader bought two blocks of about 1000 hectares in "mongrel country" of poor economic value in 2006 and 2008 for a reported $572,000.