As the NSW election campaign gathered momentum over the weekend, Foley said he would permanently ban all CSG activity in the Northern Rivers if elected on March 28, despite the fact that all but one of the current licenses there were issued by the previous Labor government.
Touring the North Coast with ALP Ballina candidate Paul Spooner, Foley said the permanent CSG ban on the North Coast would include local government areas of Ballina, Byron, Kyogle, Lismore, Tweed, Richmond Valley and Clarence Valley.
“The beef industry, the dairy industry, the sugar cane industry, the macadamia industry, so many other natural fruits — those industries here on the North Coast depend on the purity of the fertile land, and the purity of clean water,” Foley said.
“Both of those are at risk from coal seam gas.”
Foley, who proudly reminded investors over the weekend that it was he who helped draft Labor's policy for a total state-wide moratorium on coal seam gas until all 16 of the chief scientist's recommendations were addressed and implemented, claimed he was acutely aware that Fullerton Cove, Broke and Gloucester, where AGL operates, had been “fighting CSG proposals for years”
Metgasco managing director Peter Henderson said the Labor policy increased the growing perception that the state had “serious sovereign risk”, which could “discourage companies from investing in NSW”
“Companies will take their funds and skills and go elsewhere. Investment requires government that – above all else – can be trusted,” he said.
“This is nothing but a cynical attempt to buy votes to win NSW parliamentary seats, at the expense of Metgasco’s 5000 shareholders, many of whom live in the Northern Rivers and who invested on the basis of policies of previous Labor and LNP governments.
“One can only wonder when the U-turn in Labor policy will apply to the Pilliga or Gloucester where other companies are developing coal seam gas and to other resource projects in NSW.
“Labor should know that NSW needs a gas industry, that the NSW Chief Scientist has confirmed that the gas industry can be managed safely, and that this policy is irresponsible.”
Metgasco has operated in the Northern Rivers for more than 10 years under exploration licences approved and reapproved by both sides of politics, and has spent $120 million identifying large CSG resources as well as conventional gas potential. Henderson said this money was spent in good faith with the expectation that exploration rights would be respected.
“It seems that the latest Labor policy does not respect validly awarded exploration licences and investments made in good faith, and places no importance on NSW’s energy supply, a farmer’s rights to say yes and on regional employment and development opportunities, particularly in the Northern Rivers,” he said.
“Rash decisions taken in the heat of an election campaign will have significant long-term consequences for the citizens of NSW as energy prices are driven up by a shortage of gas and confidence to invest is eroded.”
