PEP-11 Gas Project Hits Another Hurdle as Federal Government Signals Rejection

The PEP-11 gas project, a long-time fixture of speculative offshore exploration in the Sydney Basin, has been dealt another bureaucratic blow. The latest announcement from BPH Energy (ASX: BPH), which holds an 85% stake in the permit via its subsidiary Asset Energy, reveals that the federal government is poised to reject the joint venture’s applications to extend the exploration permit. The news, disclosed on September 18, 2024, indicates that Industry and Science Minister Ed Husic has reviewed the proposals lodged in early 2020 and 2021 and, at least preliminarily, formed the view that they should be declined.

This is a significant, if somewhat unsurprising, hurdle for the project that has faced years of regulatory and environmental scrutiny. The permit area in question, located off the coast of Newcastle, is one of the most prospective natural gas regions near the NSW coastline. Its importance is underscored by the fact that the area is located just 50km from the densely populated Sydney-Wollongong-Newcastle corridor, home to five million people.

Read full article here: https://blog.the-pick.com.au/news/pep-11-gas-project-hits-another-hurdle-as-federal-government-signals-rejection

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