"A decision by Queensland Energy Resources Ltd (QERL) to wind down its controversial shale oil extraction operation near Gladstone spells the end for the project, according to environmental group Greenpeace. QERL on Wednesday presented the closure of Stage 1 as a precursor to further research for the next phase of its Stuart program in Queensland, however environmental group Greenpeace said it was confident the project had run out of steam.
QERL does not currently have environmental permission from state or federal government to proceed beyond stage 1.
"Stage 1 is not a success, it's more than four years behind schedule and more than $130 million over budget, has had repeated technical problems, has never run at full capacity and has never made a profit despite being propped up by millions of dollars of government subsidies," Greenpeace climate campaigner Gareth Walton said.
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Meanwhile, having stood down 100 operational staff, QERL chairman Ross Dunning said he was confident in the future of the company. "Over the past several years, Stage 1 has produced over 1.5 million barrels of oil. This success shows that large volumes of oil can be produced from the Stuart deposit," he said."
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http://www.evworld.com/view.cfm?section=communique&newsid=6111Wow. A whole 1.5 million barrels of oil over "the past several years." Ooh.