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MIXED RESPONSE TO OIL DRILLING PLANS OFF AUSTRALIAN COAST.
SYDNEY, June 2 Asia Pulse - A plan to drill for oil and gas off the New South Wales coast has been praised as a possible solution to escalating petrol prices, but also slammed for putting Australia's environment at risk.
In a statement Sunday, the office of Mineral Resources Minister Ian MacDonald said an application for an exploration licence had been received and was being assessed, but said no drilling had taken place.
Media reports Sunday said skyrocketing oil prices had prompted an Australian joint venture to establish a drilling rig 22km offshore between the Central Coast and Newcastle to look for oil and gas deposits.
Perth-based MEC Resources is a part of the venture, but executive director David Breeze told AAP he could not expand on the company's plans.
Aerial surveys by the company had detected evidence of petroleum seeps on the sea surface and a rig would be secured in "the near future", News Ltd newspapers reported.
"We've made an ASX (Australian Stock Exchange) announcement and any comment that we make has to be made through the ASX," Mr Breeze said.
An exploration drilling licence to search for petroleum and gas off the Central Coast and Newcastle was granted in 2004, Mr MacDonald's office said.
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Source: HighBeam Research, MIXED RESPONSE TO OIL DRILLING PLANS OFF AUSTRALIAN COAST.