The proposed PEP-11 offshore petroleum digging proposals were rejected by the Commonwealth-New South Wales Offshore Petroleum Joint Authority.
Minister for Industries and Science Ed Husic has stated the decision was informed by all relevant submissions and materials given to the government, including “those submitted by Asset Energy Pyt Ltd.”
As part of his statement, the minister said, “The Joint Authority refused the applications for reasons of public interest, concerns about the applicants’ estimate of the cost of works and their ability to raise the necessary capital to fund the proposed works.”
The proposal, which has re-emerged several times after former PM Scott Morrison scuttled it in 2022, was strongly opposed by independent candidates across the North Shore and Northern Beaches, including the member for Wakehurst, Michael Regan. Taking to Instagram to celebrate the decision, Mr Regan stated, “This issue has been huge for our coastal communities in both the NSW and Federal parliaments, and I’ve been proud to join so many other strong voices in our steadfast opposition to this reckless proposal.”