Anti-CSG campaigners in Gloucester are celebrating, following AGL’s announcement it will be withdrawing from its project in the region.
A group of activists cracked champagne this morning, saying it’s a major win for the community and their campaign.
The company announced this morning the exploration and production of natural gas assets will no longer be its core business, flagging a $795-million hit against its Gloucester and Camden projects.
It’s cited the fall in global oil and gas prices, long lead times for developing the projects, and lower than expected production volumes for Gloucester, behind its decision.
NSW Greens mining spokesperson, Jeremy Buckingham, has also welcomed the move.
“This is a wonderful and smart strategic decision by AGL to get out of a fossil fuel that was floundering in the face of community opposition, concern about pollution and climate change, and an accelerated transition to renewable energy,” he said.
Mr Buckingham is now calling on NSW Premier Mike Baird to ban coal seam gas mining across the state.
