A NEW PETROLEUM ACT FOR QUEENSLAND

Abstract

Secure title is necessary for petroleum exploration and production. Without it, he who spends the risk money may not reap the rewards. The Petroleum Act 1923-1990 is the Queensland legislation under which exploration and production titles are granted. It is 1923 legislation which has been amended from time to time. It suffers from uncertainties in areas including application and granting procedures, and title transfer and administration procedures. The Petroleum Act by its terms requires the provisions of the Mineral Resources Act 1989-1990 to be read into it and this has emphasised the need for amendment and preferably replacement. There are indications that a review of the Petroleum Act will be carried out in the near future. To minimise the possibility of unfavourable replacement legislation, the industry must address and decide the principles it favours.