The Petroleum Exploration License (PEL) buy-back scheme under the NSW Gas Plan has been extended for an additional three months.
Minister for Industry, Resources and Energy, Anthony Roberts said the buy-back scheme has so far seen 12 PELs cancelled that covered more than 2,941,081 hectares of NSW.
“We have extended the scheme due to the ongoing interest of titleholders. We understand a buy-back is a significant decision for titleholders, which is why we have extended the scheme. We inherited a mess from the former Labor Government with PEL titles and applications covering more than half of NSW. We are resetting the regulation of the industry on this Government’s terms,” said Mr Roberts.
The NSW Gas Plan has reduced the footprint of CSG across the state from more than 60 per cent to just 11 per cent.
