New legislation aimed at Buru energy to be introduced by Greens

TOMORROW afternoon the WA Greens will introduce a bill aimed at stopping fraccing in state’s north west, which might be a welcome reprieve for Perth Basin conventional explorers repeatedly accused of harbouring secret nefarious frac plans for their conventional gas projects.
New legislation aimed at Buru energy to be introduced by Greens New legislation aimed at Buru energy to be introduced by Greens New legislation aimed at Buru energy to be introduced by Greens New legislation aimed at Buru energy to be introduced by Greens New legislation aimed at Buru energy to be introduced by Greens

Paul Hunt

Senior Journalist: Oil & Gas, Policy.

Paul Hunt

It comes just a year after the McGowan government lifted a moratorium on fraccing in Western Australia, but only legalised it in the state's far north and only across about 2% of the state where permits are already held. 

However, Greens MPs are pushing to reverse the government's decision to open up fraccing in the North West with new legislation to amend the Petroleum and Geothermal Energy Resources Act 1967.

The legislation will be introduced to the WA Legislative Council, which is the Upper House, and is expected to fail as the Greens only hold four seats. 

The introduction of the anti-fraccing legislation follows a week of coordinated online campaigns organised by the Greens and Frack Free WA against ASX-listed oil producer Buru Energy. 

Frack Free WA, Lock the Gate, and the WA Greens, held the virtual campaign singling out Buru. 

"The oil and gas industry still has its sights on the Kimberly for fraccing and the WA government's Department of Mines is encouraging companies that want to fracc. Buru Energy is one of these companies," the groups said in a joint statement. 

"We need to let Buru Energy know that fraccing the Kimberley is unacceptable."

According to the organisers, 256 people joined in the online protest. They ‘checked-in' on Facebook and Twitter with photos of themselves with placards using the hashtag "#Buru Energy - Don't Frack the Kimberly."

Buru Energy's annual general meeting was held on Friday. In the company's presentation, titled ‘Riding Out The Storm' the company highlighted its minimal debt position of $2 million and cash on hand of $30 million. 

The company's next lifting of 75,000 barrels of oil from the Ungani field will take place later this month. The oil project is wholly conventional. 

Buru recently increased its leased position across the Canning Basin in WA. It now has around 20 clear prospects identified and six drill-ready options. The company is in negotiations with joint venture partners to drill exploration wells. 

The company was forced to take drastic action in March, cutting salaries and making a number of redundancies; reducing the businesses personnel costs by more than 50% amid the oil price crash. 

Buru has been forced to omit the location of its AGM in previous years, due to activists.

 

 

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