PETROLEUM (SUBMERGED LANDS) ACT 1967—REWRITE AND BEYOND

Abstract

In 2005 the Australian Government introduced into Parliament the long awaited Offshore Petroleum Bill (Bill). Often referred to as the rewrite of the Petroleum (Submerged Lands) Act 1967 (Act), the Bill essentially is a redraft of the Act in a bid to improve readability and clarity. A number of policy changes have been made, albeit most are minor.

The public consultation process undertaken as part of the rewrite of the Act saw a number of other issues raised. As these were beyond the ambit of the rewrite—that is, to improve readability and clarity of the Act—these issues were temporarily parked until the completion of the rewrite process.

Government will now proceed with a process of review and consultation with industry on these parked issues. In a number of areas divergent views of Government and industry can be expected.

It is not clear the extent to which industry in general and APPEA in particular and its members will actively support the review process or whether inertia will prevail, without substantive progress. Reform has the potential to significantly change and enhance the offshore regime from what it is today. While it is early days, questions remain as to whether the process will produce significant changes in an acceptable timeframe.