On 25 February 2010 the ACCC received an application for authorisation from Santos QNT Pty Ltd and ten other Queensland oil producers (the Applicants).
The Applicants seek authorisation to:
- jointly discuss and negotiate common terms and conditions, including price, under which oil produced predominantly from the Surat Basin and Denison Trough in Queensland (Oil) will be offered for sale and sold by the Applicants and
- enter into and give effect to contracts by which Oil will be offered for sale by the Applicants to buyers.
On 24 March 2010 the ACCC granted interim authorisation to the arrangements. Interim authorisation is conditional upon any sales agreement entered into containing a provision that the agreement will immediately terminate should final authorisation not be granted by the ACCC.
On 12 May 2010 the ACCC released a draft determination proposing to grant authorisation to the arrangements until 30 June 2020.
On 2 June 2010 the ACCC issued its final decision granting authorisation to the joint marketing arrangements until 30 June 2020.
Please refer to the 'ACCC decisions' link for a copy of the final decision.