Clarence Valley PEL latest to be bought back
THE Clarence Valley has taken another step toward being gasfield free following the announcement that the State Government have bought back Petroleum Exploration Licence (PEL) 457.
Minister for Industry, Resources and Energy, Anthony Roberts, today announced the cancellation of PEL 457 following a buy-back from ERM Gas Pty Ltd under the NSW Gas Plan.
Mr Roberts said PEL 457, issued in April 2008, covered 75,000 hectares west of Yamba, in the Northern Rivers region.
"The PEL buy-back scheme, Action 4 of the NSW Gas Plan, has now seen 16 PELs bought-back from titleholders and cancelled," Mr Roberts said.
"We have now reduced the footprint of CSG from around 60 per cent of NSW to around 8.5 per cent.
"The NSW Liberals & Nationals Government has outlined its clear, transparent path to providing world's best practice regulation of the gas industry and we are delivering."
The PEL buy-back scheme under the NSW Gas Plan has been extended to 30 September 2015.