Australia to add more transparency to offshore oil and gas sector

Australia’s Minister for Resources and Northern Australia Matthew Canavan has announced a series of changes in regulations which will increase transparency within the country’s offshore oil and gas sector.

Canavan said on Tuesday that the changes resulting from the Offshore Petroleum Consultation and Transparency Review included improved public consultation on potential new offshore petroleum exploration areas.

The new regulations will also establish a register of interests for stakeholders interested in being consulted on future activities in an area.

Other changes include publishing environment plans submitted by petroleum companies before carrying out any exploration or other activities in an area, and inviting public consideration of the plans as well as holding community information sessions in areas where petroleum activities are being, or will be, carried out.

Australians can have confidence in the information used to decide where, when and how petroleum activities take place

In addition to the mentioned changes, the Government will consider making changes to the transparency of compliance and enforcement activities carried out by the country’s National Offshore Petroleum Safety and Environmental Management Authority (NOPSEMA).

Minister Canavan said that Australia already had a comprehensive and robust regulatory regime for the oil and gas sector, and these new measures would ensure even more information is available in the public domain.

“The offshore oil and gas industry gas has powered our domestic industry and export sector for decades. Over that time it has had a strong operating record.

“Australians can have confidence in the information used to decide where, when and how petroleum activities take place and are able to have their say during the process, as well as knowing if an incident has occurred and what action is taken to address it.

“The approval process is detailed and thorough, but there are sometimes long periods between an area being made available for exploration, exploration occurring, and production commencing. These new measures will ensure information is readily available throughout this time,” Canavan said.