The controversial offshore Petroleum Exploration Permit 11 (PEP11) licence has been cancelled by the federal government, with Federal Industry and Science Minister Ed Husic citing reasons of public interest.
Held since 1999, PEP11 spans more than 4500 square kilometres of coast between Newcastle and Manly, and is New South Wales’ only offshore petroleum exploration licence.
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The government flagged its intention to cancel the permit back in 2021 following long-term community opposition against the controversial project.
BHP-backed Asset Energy is the operator of the offshore PEP11 permit, where it is exploring the large area off the New South Wales coast with Bounty Oil.
The Commonwealth-New South Wales Offshore Petroleum Joint Authority (Joint Authority) made the decision to refuse both the PEP-11 applications on January 16, 2025.
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,” Minister Husic said.
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“As part of the decision-making process, Asset Energy 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.”
