On 7 November 2012 the State of Western Australia entered a
joint venture agreement with Buru Energy Limited, Diamond Resources
(Fitzroy) Pty Ltd, Diamond Resources (Canning) Pty Ltd and
Mitsubishi Corporation (as guarantor) (the Agreement).
The Natural Gas (Canning Basin Joint Venture) Agreement Bill
2013 (the Bill) ratifies and authorises the implementation of
the Agreement. The Bill has been introduced, and received its first
and second reading in the Legislative Assembly on 8 May 2013.
The Bill marks a new chapter in unconventional gas exploration,
with the key purposes including:
- to encourage accelerated investment in exploration and
evaluation of the natural gas resources in the Canning Basin.
