Bell's Bill Rings Alarms
SACOME is concerned by the introduction of a Private Member’s Bill by Independent MP Troy Bell to legislate for a moratorium on hydraulic fracturing across the Limestone Coast in the South East of South Australia.
In a move based on political expediency, it undermines the scientific, evidence-based approach to regulating unconventional resources in South Australia and creates significant sovereign risk concerns for the resources sector.
SACOME contends that moratoria are inconsistent with the safety record and scientific facts of resources exploration in South Australia.
Multiple inquiries into hydraulic fracturing have found the practice to be safe, well managed; and subject to a rigorous regulatory structure based on strict risk management principles.
Fracture stimulation has been undertaken in South Australia safely for over 40 years.
Resources moratoria negatively impact the prosperity of our State by inhibiting the development of new supply and driving up the cost of gas, with detrimental flow on effects for industrial, commercial and domestic users.
SACOME CEO Rebecca Knol said “The decision by Troy Bell to introduce his Private Member’s Bill is politically motivated and undermines the strong regulatory systems that govern the petroleum sector.
"It is a move that creates sovereign risk concerns, investment uncertainty and regulatory confusion that has the potential to limit resources sector investment at a time when it is most needed for our State.
"The South Australian resources sector is responsible for a third of the State’s exports and returns $213 million in royalties to the South Australian Government.
"Troy Bell’s Private Member’s Bill sends a worrying message to the resources sector that politics is more important than evidence-based industry regulation.
"Confidence in the regulatory system is the cornerstone of investment and decisions made for political reasons undermine that confidence.”
Media contact:
Rebecca Knol, CEO SACOME, 0409 012 007
SACOME is concerned by the introduction of a Private Member’s Bill by Independent MP Troy Bell to legislate for a moratorium on hydraulic fracturing across the Limestone Coast in the South East of South Australia.
In a move based on political expediency, it undermines the scientific, evidence-based approach to regulating unconventional resources in South Australia and creates significant sovereign risk concerns for the resources sector.
SACOME contends that moratoria are inconsistent with the safety record and scientific facts of resources exploration in South Australia.
Multiple inquiries into hydraulic fracturing have found the practice to be safe, well managed; and subject to a rigorous regulatory structure based on strict risk management principles.
Fracture stimulation has been undertaken in South Australia safely for over 40 years.
Resources moratoria negatively impact the prosperity of our State by inhibiting the development of new supply and driving up the cost of gas, with detrimental flow on effects for industrial, commercial and domestic users.
SACOME CEO Rebecca Knol said “The decision by Troy Bell to introduce his Private Member’s Bill is politically motivated and undermines the strong regulatory systems that govern the petroleum sector.
"It is a move that creates sovereign risk concerns, investment uncertainty and regulatory confusion that has the potential to limit resources sector investment at a time when it is most needed for our State.
"The South Australian resources sector is responsible for a third of the State’s exports and returns $213 million in royalties to the South Australian Government.
"Troy Bell’s Private Member’s Bill sends a worrying message to the resources sector that politics is more important than evidence-based industry regulation.
"Confidence in the regulatory system is the cornerstone of investment and decisions made for political reasons undermine that confidence.”
Media contact:
Rebecca Knol, CEO SACOME, 0409 012 007