NSW GAS PLAN PEL BUY-BACK SCHEME

Minister for Industry, Resources and Energy, Anthony Roberts, today announced the closure of the Petroleum Exploration License (PEL) buy-back scheme, under the NSW Gas Plan.

In the ten months of the scheme, the NSW Government redeemed and cancelled 16 PELs.

Mr Roberts said each PEL was bought-back at a cost of $212,500 under Action 4 of the NSW Gas Plan.

“The 16 PELs the NSW Liberals & Nationals Government bought-back and cancelled covered 4.5 million hectares of NSW,” Mr Roberts said.

“Under the NSW Gas Plan we have reduced the footprint of coal seam gas titles and applications from more than 60 per cent of the state to just 8.5 per cent.”

Further PEL buy-backs from titleholders may be negotiated on a case-by-case basis.