The Western Australian (WA) Government has reached an agreement with Mitsubishi and Buru Energy to terminate natural gas exploration and potential production in the Kimberley’s Canning Basin area.
In this regard, the government has introduced legislation in the parliament to annul the Natural Gas (Canning Basin Joint Venture) Agreement Act 2013.
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Originally executed in November 2012, the agreement with the state government to explore natural gas covers exploration permits EP 371, 391, 428, 431 and 436.
Earlier, Mitsubishi and Buru planned to jointly develop a domestic gas project.
WA Premier Mark McGowan: “The state government appreciates there is a level of community concern around fracking in WA, which is why we are commissioning an independent scientific inquiry, and have implemented a state-wide moratorium.
“We have been working closely with Mitsubishi and Buru Energy to ensure compliance with the moratorium, while awaiting the outcome of the review.
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By GlobalData“The termination of this state agreement allows both companies to pursue their own commercial interests.”
The termination agreement will come into effect only after the parliament ratifies the legislation.
Even after the state agreement is terminated, the companies will continue to retain ongoing security of their tenure.
The companies will now wait for the outcome of the independent scientific inquiry into hydraulic fracturing.
A moratorium on fracking is currently in place in WA.
