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Australia’s Northern Territory lifts fracking freeze

Published 04/17/2018, 11:38 AM
© Reuters.  Australia’s Northern Territory lifts fracking freeze
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  • Australia’s Northern Territory lifts a nearly two-year moratorium on fracking, opening up vast onshore gas reserves in the resource-rich region and raising the possibility of other provinces following suit.
  • The Northern Territory had banned fracking in September 2016 because of environmental concerns, but the provincial government accepted an inquiry's conclusion that environmental, social and economic risks of the extraction process were manageable.
  • The move is expected to benefit firms such as Santos (OTCPK:STOSF) and Origin Energy (OTCPK:OGFGF) that have operations in the area; Origin says it will resume plans “as soon as practical” to drill and frack the Beetaloo Basin shale gas field, which it says contains 6.6T cf in contingent reserves.
  • Now read: Chevron (NYSE:CVX): Buy The Breakout


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