Contents
1............ Short title............................................................................................. 1
2............ Commencement................................................................................... 1
3............ Schedules............................................................................................ 2
Schedule 1—Amendments 3
Offshore Petroleum and Greenhouse Gas Storage Act 2006 3
A Bill for an Act to amend the Offshore Petroleum and Greenhouse Gas Storage Act 2006, and for related purposes
The Parliament of Australia enacts:
1 Short title
This Act is the Offshore Petroleum and Greenhouse Gas Storage Amendment (Domestic Reserve) Act 2023.
2 Commencement
(1) Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.
| Commencement information |
| Column 1 | Column 2 | Column 3 |
| Provisions | Commencement | Date/Details |
| 1. The whole of this Act | The day after this Act receives the Royal Assent. | |
Note: This table relates only to the provisions of this Act as originally enacted. It will not be amended to deal with any later amendments of this Act.
(2) Any information in column 3 of the table is not part of this Act. Information may be inserted in this column, or information in it may be edited, in any published version of this Act.
3 Schedules
Legislation that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.
Schedule 1—Amendments
Offshore Petroleum and Greenhouse Gas Storage Act 2006
1 Section 95 (after the paragraph beginning “A petroleum production licence”)
Insert:
A licensee may be subject to certain conditions, including entering into a domestic reserve agreement with the Commonwealth.
2 Section 159
After:
• A petroleum production licence authorises the licensee to carry out petroleum recovery operations in the licence area.
insert:
• A petroleum production licence may be granted subject to certain conditions, including entering into a domestic reserve agreement with the Commonwealth.
3 Section 162 (at the end of the heading)
Add “—general”.
4 After section 162
Insert:
162A Conditions of petroleum production licences—domestic reserve
(1) A petroleum production licence is subject to a condition for the duration of the period that the licence is in force that the licensee must enter into an agreement (a domestic reserve agreement) with the Commonwealth by the end of the period of 12 months beginning on:
(a) if the petroleum production licence is granted on or after 1 January 2024—the day on which the licence is granted; or
(b) if the petroleum production licence was granted before 1 January 2024—the day this section commences.
(2) A domestic reserve agreement must provide that for each year the agreement operates, the licensee reserves an amount of petroleum equivalent to 15% of the quantity of petroleum exported by the licensee in the previous year for the exclusive use of the Commonwealth.
(3) The Commonwealth may transfer the rights to exclusive use to a State or Territory for a specified period during the operation of the agreement.
(4) A domestic reserve agreement must operate for a minimum period of 10 years beginning on the day the agreement commences.
(5) Despite subsection 162(2), the condition mentioned in subsection (1) does not need to be specified in the licence.
(6) The regulations may prescribe any other matters necessary or convenient to be prescribed for carrying out or giving effect to this section.
5 Application of amendments
The amendments made by this Schedule to the Offshore Petroleum and Greenhouse Gas Storage Act 2006 apply to a petroleum production licence granted before, on or after the commencement of this item.