Gina Rinehart-backed Lakes Oil loses bid to have Victorian fracking ban overturned

A company part-owned by Australian mining magnate Gina Rinehart has failed to have the Victorian government’s fracking ban overturned or to be awarded $2.7bn in damages.

 Victoria’s supreme court rejected Lakes Oil’s claims, finding
 the legislation banned all petroleum exploration work.

Between 2002 and 2013 two subsidiaries of Lakes Oil, of which Rinehart is the second-largest shareholder, obtained four exploration permits and two retention leases under Victoria’s Petroleum Act 1998. A retention lease grants the right to any petroleum discovered during the permit period.

Some of the petroleum exploration intended by the Lakes Oil involved hydraulic fracking, a technique used to extract unconventional gas found in coal seams, shales and tight sandstones. The companies also planned to explore for conventional gas.

Read the story by Melissa Davey from The Guardian - “Gina Rinehart-backed Lakes Oil loses bid to have Victorian fracking ban overturned.”