Remove royalty discount for tight gas and restore the royalty rate to 10 per cent for all onshore petroleum projects using hydraulic fracture stimulation.
Updates
Drafting is underway for the Bill amending the Petroleum and Geothermal Energy Resources Act 1967.
Implementation of this Action will require amendments to the Petroleum and Geothermal Energy Resources Act 1967. Approval to draft was received in March 2021 and drafting is underway. When completed, an exposure draft of the amendment Bill will be released for comment. At this stage, it is envisaged that the exposure draft will be released in mid-2022, followed by introduction of the Bill later in the 2022 Parliamentary year.
The State Government is developing drafting instructions for legislative and regulatory amendments required to implement a number of actions.
Drafting instructions, to amend the Petroleum And Geothermal Energy Resources Act 1967, are under development.
Drafting instructions are being developed to amend the Petroleum And Geothermal Energy Resources Act 1967 to remove royalty discount for tight gas and restore the royalty rate to 10 per cent for all onshore petroleum projects using hydraulic fracture stimulation.