Opportunity Lost with Bight Withdrawal
The South Australian Chamber of Mines and Energy (SACOME) is disappointed for South Australia that Equinor has made the decision to discontinue exploration in the Great Australian Bight.
The approval of the Stromlo-1 exploration well Environment Plan confirmed Equinor’s ability to safely operate in the Bight and SACOME commends Equinor’s decision to make its Environment Plan publicly available for scrutiny independent of regulatory requirement.
SACOME notes that Equinor’s decision to withdraw from the Bight was made on commercial grounds and that the company will continue to engage with federal and state authorities regarding its decision to discontinue the exploration programme.
Rebecca Knol CEO SACOME said: “The international landscape for the petroleum sector is complex with companies having to make difficult commercial decisions. The resource potential of the Bight continues to offer vast untapped economic opportunity for South Australia.
“Sadly, this is a lost economic opportunity for South Australia during a period where the State is pursuing an ambitious 3% growth target.”
“The public campaign waged against Equinor deliberately overstated risk and ignored the significant benefits of the project at a time where Australia’s oil production has fallen significantly over the last decade and we now import over 80% of the oil we use”.
“SACOME commends Equinor for its transparency, public engagement and commitment to meeting regulatory and environmental obligations throughout this process”.
“Around the nation, the resources sector is demonstrating that petroleum activities can continue safely and sustainably with appropriate regulatory oversight by the National Offshore Safety and Environmental Management Authority”.
Ends.
Media contacts:
Rebecca Knol, CEO SACOME, 0409 012 007
About SACOME
The South Australian Chamber of Mines and Energy is the peak industry association representing companies with interests and connections to the South Australian resources and energy sector.
The approval of the Stromlo-1 exploration well Environment Plan confirmed Equinor’s ability to safely operate in the Bight and SACOME commends Equinor’s decision to make its Environment Plan publicly available for scrutiny independent of regulatory requirement.
SACOME notes that Equinor’s decision to withdraw from the Bight was made on commercial grounds and that the company will continue to engage with federal and state authorities regarding its decision to discontinue the exploration programme.
Rebecca Knol CEO SACOME said: “The international landscape for the petroleum sector is complex with companies having to make difficult commercial decisions. The resource potential of the Bight continues to offer vast untapped economic opportunity for South Australia.
“Sadly, this is a lost economic opportunity for South Australia during a period where the State is pursuing an ambitious 3% growth target.”
“The public campaign waged against Equinor deliberately overstated risk and ignored the significant benefits of the project at a time where Australia’s oil production has fallen significantly over the last decade and we now import over 80% of the oil we use”.
“SACOME commends Equinor for its transparency, public engagement and commitment to meeting regulatory and environmental obligations throughout this process”.
“Around the nation, the resources sector is demonstrating that petroleum activities can continue safely and sustainably with appropriate regulatory oversight by the National Offshore Safety and Environmental Management Authority”.
Ends.
Media contacts:
Rebecca Knol, CEO SACOME, 0409 012 007
About SACOME
The South Australian Chamber of Mines and Energy is the peak industry association representing companies with interests and connections to the South Australian resources and energy sector.