PTT Exploration & Production Pcl may lose the right to drill in Australia after a review of the company’s plans to prevent a repeat of its 2009 Montara oil spill off the northwest coast, the energy minister said.
Australia’s resource tax rate will be 40 percent and won’t be set at different levels for various commodities, Resources Minister Martin Ferguson said as companies look for a compromise on how the levy will be applied.
Australian Prime Minister Julia Gillard announced a new Cabinet lineup, replacing ministers who backed Kevin Rudd in a failed bid against her leadership as she seeks to build momentum ahead of September elections.
Australian Prime Minister Julia Gillard’s second win over rivals for her job in a year gave her minority government space to assemble a budget as it struggles to revive public support ahead of a national election.
Australia needs to reduce project development costs in the mining industry to keep attracting investment as the cushion provided by high commodity prices diminishes, Resources and Energy Minister Martin Ferguson said.
Australia reiterated that it’s prepared to negotiate some aspects of a proposed 40 percent tax on resource project profits that’s prompted companies including BHP Billiton Ltd. to review investment plans.
Australia reopened a solar funding competition to AGL Energy Ltd., TRUenergy Holdings Pty Ltd. and Suntech Power Holdings Co. after the winning venture that includes BP Plc failed to meet a financing deadline.