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AGL to review CBM business

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World Coal,

AGL Energy has announced a comprehensive review of its coalbed methane (CBM) business after the detection of toxic chemicals in flowback water from two of its wells in New South Wales forced the suspension of operations.

The review will include “the management structure and the operational and management practices required to position the business to deliver on its goals of safely exploring for and producing gas resources,” the company said in a statement.

As a result, Mike Moraze, Group General Manager, has decided to bring forward his retirement and will finish with AGL with immediate effect. Scott Thomas, General Manager of AGL Macquarie, would be appointed Acting Group General Manage Upstream Gas in Moraze’s place and would lead the review.

“The gas business has the potential provide vital gas resources for our New South Wales customers,” said Andy Vesey, Managing Director and CEO of AGL. “It is important that we get the structure right.”

But Chair of activist Group Groundswell Gloucester, Julie Lyford, said AGL should abandon its CBM plans for the region: “If AGL want to keep their good corporate name, exploring and drilling for coal seam gas [CBM] in the Gloucester Valley and in Camden, they need to pack their bags and walk away.”

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