New measures will provide offshore oil and gas explorers with flexibility to meet ongoing work program commitments.
The Minister for Resources, Water and Northern Australia, Keith Pitt MP announced the measures following agreement by COAG Resources Ministers at their Roundtable meeting held on 16 April.
Ministers endorsed guidance to increase flexibility for offshore exploration. Increased flexibility will immediately assist the sector to manage and plan their way through the current crisis, and be in a position to re-commence exploration once the effects of COVID-19 have passed.
It will be available to explorers to help the sector manage and plan through the COVID-19 pandemic to ensure ongoing, future investment.
The measures provide:
- a simplified application process to suspend and extend existing work programs
- further flexibility applied to well expectations when renewing exploration permits
The National Offshore Petroleum Titles Administrator (NOPTA) prepared guidance on the measures.
The 2020 offshore petroleum acreage release will proceed as planned with some key adjustments. These include an increased consultation period on nominated areas and an alternative to the public launch event later this year.
At the roundtable, Ministers also said the Federal Government intends to assess options for a national gas reservation policy. A number of jurisdictions noted their concerns over the potential unintended consequences of a national policy.
Ministers also endorsed the Onshore Gas Principles Guide, noting that each jurisdiction has individual approaches to onshore gas extraction.
