Offshore Petroleum Resources Management Review
Australia’s offshore resource management framework aims to encourage timely, efficient and sustainable exploration and development of oil and gas resources in Commonwealth waters. The current framework has served Australia well, underpinning significant exploration and development investment in the sector since 2012.
Since the framework was introduced in 2012, industry practice, technology and market conditions have changed. Recognising that the currency and flexibility of the regime is central to ensuring that Australia’s offshore petroleum sector remains a competitive destination for investment, the Department of Industry, Innovation and Science commenced a high-level strategic review of this framework to ensure appropriate policy settings encourage the next wave of investment.
The Review Interim Report identifies key issues affecting the operation of the offshore resource management regime across the exploration and production lifecycle. It identifies strategic actions that could be implemented to address those issues, with a view to improving certainty and flexibility, reducing undue regulatory compliance costs, and attracting efficient, timely investment and development.
The Interim Report proposed, for consideration by stakeholders through further consultation, a range of actions across the offshore petroleum exploration and development life cycle. These actions augment the policy, legal and administrative regime and provide increased transparency on the operation and management of Australia’s offshore petroleum resources.
Broad stakeholder engagement was undertaken, with a number of submissions provided on the Interim Report by the end of the first quarter of 2016. Public submissions were received from:
The Department has considered submissions to the Interim Report and is currently finalising the Report, which will be released in early 2017.
If you have any trouble accessing the submissions, please contact OPRMReview@industry.gov.au.
Terms of Reference
For more information about the Offshore Petroleum Resource Management Review email: OPRMReview@industry.gov.au