Beach Energy aims to produce algae biofuel by 2015

Australian oil and gas producer Beach Energy has teamed up with U.S.-based environmental technology company General Atomics (GA) in a bid to produce biofuel from algae on a commercial basis within five years. The two signed a memorandum of understanding (MOU) to study whether the Cooper Basin in South Australia’s northeast desert corner, where Beach holds 263 production licenses, is suitable for the production of algae. Beach produced 30 petajoules of natural gas and 2.5 million barrels of oil in the Cooper Basin in the Fiscal Year to June 30, 2009. (March 10, 2010)