An Ease On E&P Restrictions On the Horizon Down Under

"Commonwealth, state and territory leaders agreed to start reducing duplication and red tape on exploration and development applications, as well as environmental controls," reported an Australian business news source.

Sources indicate that without such a movement put into motion by the Australian government, current crude supplies would run dry within the decade "without significant new discoveries."

The Australian wrote that "the urgent need for the next Bass Strait of crude oil fields, as well as bolstering local gas stocks at a time of unprecedented international demand, has led governments to re-examine the barriers to finding new supplies."

The Australian Petroleum and Exploration Association Chief Executive Belinda Robinson told reporters, "The oil and gas industry welcomes the [Council of Australian Government] outcome because for far too long oil and gas projects have suffered at the hands of competitive federalism."

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