Tamboran Resources Ltd (TBNRF)

[Ebenezer3]

Eco-terrorist government wins again: The updated legislation also requires all new gas projects in the Beetaloo Basin to have net zero carbon emissions and new gas fields supplying existing liquefied natural gas (LNG) plants to have net zero reservoir emissions, imposing new costs.

“Today, we are a step closer to achieving net zero by 2050,” Energy Minister Chris Bowen said.

Support from the Greens, who originally wanted to ban all new fossil fuel projects, leaves the government short two votes in the Senate, where it is wooing independents.

The plan, due to take effect on July 1, aims to make about 215 oil, gas, mining and manufacturing facilities that annually emit more than 100,000 tonnes of carbon dioxide-equivalent (CO2-e) cut their emissions by 30% over the next seven years.

Under the revised legislation, projects such as the massive Browse field that Woodside Energy wants to develop would have to have carbon capture and storage to achieve net zero.

Shares in Woodside fell 2.3%, while Tamboran Resources, which is looking to develop a project in the Beetaloo, fell 6.7% in a broader market that was up 0.2%.

The government said it would tip in A$400 million ($266 million) to help the cement, steel and aluminium industries decarbonise.