• 13 hours Iraq Begins To Rebuild Largest Refinery
  • 17 hours Canadian Producers Struggle To Find Transport Oil Cargo
  • 19 hours Venezuela’s PDVSA Makes $539M Interest Payments On Bonds
  • 20 hours China's CNPC Considers Taking Over South Pars Gas Field
  • 22 hours BP To Invest $200 Million In Solar
  • 23 hours Tesla Opens New Showroom In NYC
  • 24 hours Petrobras CEO Hints At New Partner In Oil-Rich Campos Basin
  • 1 day Venezuela Sells Oil Refinery Stake To Cuba
  • 1 day Tesla Is “Headed For A Brick Wall”
  • 2 days Norwegian Pension Fund Set to Divest From Oil Sands and Coal Ventures
  • 2 days IEA: “2018 Might Not Be Quite So Happy For OPEC Producers”
  • 2 days Goldman Bullish On Oil Markets
  • 2 days OPEC Member Nigeria To Issue Africa’s First Sovereign Green Bond
  • 2 days Nigeria To Spend $1B Of Oil Money Fighting Boko Haram
  • 2 days Syria Aims To Begin Offshore Gas Exploration In 2019
  • 2 days Australian Watchdog Blocks BP Fuel Station Acquisition
  • 2 days Colombia Boosts Oil & Gas Investment
  • 3 days Environmentalists Rev Up Anti-Keystone XL Angst Amongst Landowners
  • 3 days Venezuelan Default Swap Bonds At 19.25 Cents On The Dollar
  • 3 days Aramco On The Hunt For IPO Global Coordinators
  • 3 days ADNOC Distribution Jumps 16% At Market Debut In UAE
  • 3 days India Feels the Pinch As Oil Prices Rise
  • 3 days Aramco Announces $40 Billion Investment Program
  • 3 days Top Insurer Axa To Exit Oil Sands
  • 4 days API Reports Huge Crude Draw
  • 4 days Venezuela “Can’t Even Write A Check For $21.5M Dollars.”
  • 4 days EIA Lowers 2018 Oil Demand Growth Estimates By 40,000 Bpd
  • 4 days Trump Set To Open Atlantic Coast To Oil, Gas Drilling
  • 4 days Norway’s Oil And Gas Investment To Drop For Fourth Consecutive Year
  • 4 days Saudis Plan To Hike Gasoline Prices By 80% In January
  • 4 days Exxon To Start Reporting On Climate Change Effect
  • 5 days US Geological Survey To Reevaluate Bakken Oil Reserves
  • 5 days Brazil Cuts Local Content Requirements to Attract Oil Investors
  • 5 days Forties Pipeline Could Remain Shuttered For Weeks
  • 5 days Desjardins Ends Energy Loan Moratorium
  • 5 days ADNOC Distribution IPO Valuation Could Be Lesson For Aramco
  • 5 days Russia May Turn To Cryptocurrencies For Oil Trade
  • 5 days Iraq-Iran Oil Swap Deal To Run For 1 Year
  • 8 days Venezuelan Crude Exports To U.S. Fall To 15-year Lows
  • 8 days Mexico Blames Brazil For Failing Auction

Breaking News:

Iraq Begins To Rebuild Largest Refinery

Is Oil About To Collapse?

Is Oil About To Collapse?

WTI could be about to…

Struggling Venezuela Launches Tender To Buy U.S. Crude

Struggling Venezuela Launches Tender To Buy U.S. Crude

Struggling Venezuelan state oil company…

James Burgess

James Burgess

James Burgess studied Business Management at the University of Nottingham. He has worked in property development, chartered surveying, marketing, law, and accounts. He has also…

More Info

Australian Federal Government to Prevent Fracking Around the Great Barrier Reef

Australian Federal Government to Prevent Fracking Around the Great Barrier Reef

In February, the conservative state government of Queensland lifted a ban on shale oil exploration and production along its coast, enabling companies to begin assessing the potential there, in the search for starting a shale boom equal to the one in the US.

Queensland Energy Resources, one of the companies with mining rights in the area, has still to make a decision as to whether it will begin extracting the estimated 8 billion barrels of recoverable oil that is contained in its land; out of a total 22 billion barrels for the entire state.

The Australian Green party has attacked the decision to allow fracking to occur in Queensland, claiming it is the equivalent of “environmental vandalism”, but state premier Campbell Newman has said that the jobs and income the new industry would bring are worth the risk to the environment. “I do accept the criticism about energy intensiveness, but at the end of the day we are running out of oil.”

Related article: Statoil Eyes “Considerable” North Sea Discovery

Thankfully, due to pressure over the environmental impact of the growing oil and gas industry along the Queensland coastline, mining shale oil from underneath the Great Barrier Reef is likely to be banned by the country’s federal government.

The federal environment minister, Tony Burke, has explained that some of the shale deposits do indeed lie near to, or underneath, the Great Barrier Reef world heritage site, which means that these deposits cannot be touched, under the principles of the world heritage committee. “World heritage principles on mineral extraction are absolutely clear. You can't extract minerals or oil from underneath the Great Barrier Reef. Simple as that.”

By. James Burgess of Oilprice.com



Join the discussion | Back to homepage

Leave a comment
  • Martin Burt on May 30 2013 said:
    Surely, the powers that be, the mob that excel in life through their insatiable greed, can find resources in less fragile environments. Is there not enough research achieved to appease the so called highly educated or enough space on this planet to search out required resources in less vulnerable sites. I'm not a greenie but I am so tired of hearing on a weekly basis how Australia has yet again sold another portion of its soul to look good for a foreign entity. Yes we need to keep competitive and uphold our interest in remaining a viable, self sustainable country, it just seems we have forgotten how to play our cards to win the important 'end game'... So Bert says according to his books some rock is impossible to fracture and that he knows, without doubt that nothing can result in the possible demise of the reef. Why gamble something that is irreversible.
  • Bert Stahr on April 26 2013 said:
    This article , if it,s correct, demonstrates the abominable ignorance of all in government and opposition and especially the enviro nazis. Let me explain. There is oil shale and there is shale oil. The two are of a vastly different composition. Queenslands shale hydrocarbon deposits are oil shales. These are impossible to fracture and even if they did the result would be zero oil . I suggest that those who don't understand the difference should attain a tad o fknowledge before they spruik their stupidity.

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News