The Australian Financial Review reports that $35 billion of Australian coal seam gas projects will be delayed following the environment minister, Peter Garrett, asking for further study into the potential environmental impact.
As speculation of a looming federal election mounts, the government is readdressing its climate change policy. The paper says Mr Garrett is concerned about the long-term impact that coal seam gas production will have on artesian water basins and the potential threat to the Great Barrier Reef.
The Fin Review says it is unlikely a decision on projects such as Santos’s Ltd (ASX:STO) $16 billion Gladstone liquefied natural gas project will be made before October 11.
According to The Fin Mr Garret says, these are the first coal seam gas LNG projects that have been assessed under national environmental law and it is important that the potentially significant environmental impact on nationally protected matters are properly assessed.
Santos earned $434 million for the 2009 calendar year.
