Australia Warns Oil And Gas Cos to Develop Interests

Martin Ferguson
(Click to Enlarge)

MELBOURNE (Dow Jones Newswires), Jun. 15, 2009

Australian Energy Minister Martin Ferguson has warned foreign energy companies to develop their oil and gas interests in the nation soon, or risk having them stripped away, the Age newspaper reported on its Web site Sunday.

The report quoted Ferguson as saying that some foreign companies are hoarding oil and gas leases in Australia for a "rainy day" while they make investments elsewhere. "We will no longer tolerate oil companies sitting on assets that can be developed. We will not see our assets stranded. Our commitment to apply (a use-it-or-lose-it regime) is now real and the industry knows it."

The report said at present there are 46 retention leases for oil and gas. Companies can take out a lease for five years. Thirty-one of these are due for renewal. Ferguson has released a discussion paper signaling changes to current rules, the report said.  

Copyright (c) 2009 Dow Jones & Company, Inc.

Related Companies

Our Privacy Pledge

Most Popular Articles

From the Career Center
Jobs that may interest you
Senior Fleet Regulatory Compliance Consultant Job
Expertise: HSE Manager / Advisor|QA / QC / Inspection|Regulatory Compliance
Location: Denver, CO
Senior Security Analyst, Compliance Job
Expertise: Accounting|IT - Analysis & Management|Regulatory Compliance
Location: Denver, CO
Regulatory Compliance Specialist
Expertise: HSE Manager / Advisor|Offshore Position Surveying|Regulatory Compliance
Location: Houston, TX
search for more jobs

Brent Crude Oil : $50.47/BBL 0.98%
Light Crude Oil : $49.72/BBL 1.09%
Natural Gas : $2.76/MMBtu 1.09%
Updated in last 24 hours