The Australian Government’s offshore regulation consultation paper highlights the urgent need for regulations that provide economic and energy security for Australia and its valued international partners.
The Australian Government is looking at ways to improve the offshore environmental management regime. Australia has a broad legislative and policy framework to manage the environmental impacts and risks of offshore petroleum and greenhouse gas storage activities.
The Department of Industry, Science and Resources is leading a review of this framework and the government is therefore seeking to clarify the consultation requirements for offshore petroleum and greenhouse gas storage activities.
Australian Energy Producers stated that the release of the paper kick-started a long-overdue and important process to address uncertainty and complexity with the national offshore regulatory approvals system.
The paper highlights the importance of expediting a resolution to this issue that is delaying critical gas supply and follows repeated forecasts of gas shortfalls from Australian energy market authorities.
Australian Energy Producers Chief Executive Samantha McCulloch said urgent reforms were needed to address almost two years of regulatory uncertainty that is risking the energy security of Australia and its international trade partners.
“Regulations must provide clarity and certainty for industry, while maintaining comprehensive and meaningful consultation with Traditional Owners and stakeholders.
“We have been calling for the federal government to fast-track a solution to this broken offshore environmental approval system for months.
“The paper is a welcome step in the right direction at a time when Australian households and businesses require new gas supply to be developed to ensure reliable and affordable energy.”
McCulloch said the tens of billions of dollars of economic benefits and jobs our gas exports deliver for Australia were also at risk.
“We need the right policy and regulatory settings to underpin these major investments and ensure our industry can continue to deliver for Australia and the region,” she said.
“Reliable, affordable and lower-carbon energy, such as gas, has never been more important to Australia in these times of geopolitical upheaval and cost of living pressures.”
Consultation closes on 23 February 2024.
