Strike Energy shares have had a volatile week of trading after the oil and gas company announced that its Project Haber has been awarded Major Project Status by the Australian Federal Government.
The award was based on the opportunity that Project Haber offers to advance Australia’s downstream manufacturing industry and support the integration of low carbon technologies and renewable hydrogen.
The Project also strongly aligns with Australia’s National Hydrogen Strategy and, through the domestication of supply chains, using the best and most current ammonia technology and integrating green hydrogen supplies, has the potential to reduce the carbon intensity of the urea used in Australia by 60%. As the most commonly applied fertiliser in broad acre farming, Project Haber has the potential to play an important role in the reduction of the carbon intensity of Australian farming.
Project Haber has the potential to be strategically important to the Mid-West, Western Australia and National economies via long term, regional job creation during both construction and operations and the resultant substantial import substitution of imported urea.
Major Project Status will provide the Project with the services of the Major Project Facilitation Agency to streamline approvals processes.
Minister for Industry, Energy and Emissions Reduction Angus Taylor said: “Strike Energy’s project has enormous potential for job creation and emissions reduction through embracing new technologies and onshore manufacturing. It also aims to reduce the reliance of Australian farmers on international supply chains to enhance our food security, given more than 90 per cent of urea is currently imported.”