On 16 January 2025, the Commonwealth-New South Wales Offshore Petroleum Joint Authority (Joint Authority) made the decision to refuse both the PEP-11 applications.
The Joint Authority refused the applications for reasons of public interest, concerns about the applicants' estimate of the cost of works and their ability to raise the necessary capital to fund the proposed works.
In making this decision, I have carefully considered all relevant materials, including those submitted by Asset Energy Pty Ltd, and the requirements set out under the Offshore Petroleum and Greenhouse Gas Storage Act 2006.
As part of the decision-making process, Asset Energy Pty Ltd was given an opportunity to respond to the concerns that I raised in forming my preliminary view that the Joint Authority should refuse the applications. Asset Energy's response was considered before reaching this decision.
The Australian Government is committed to following due process for all offshore petroleum applications to ensure the fair and safe regulation of the petroleum industry in Australia.
