Bills Digest no. 29 2008–09
Offshore Petroleum (Annual Fees) Amendment (Greenhouse Gas Storage)
Bill 2008
WARNING:
This Digest was prepared for debate. It reflects the legislation as introduced
and does not canvass subsequent amendments. This Digest does not have
any official legal status. Other sources should be consulted to determine
the subsequent official status of the Bill.
CONTENTS
Passage history
Purpose
Background
Financial implications
Main provisions
Contact officer & copyright details
Passage history
Date introduced:
18 June 2008
House:
House of Representatives
Portfolio:
Department of Resources, Energy and Tourism
Commencement:
The day after the Offshore Petroleum Amendment (Greenhouse
Gas Storage) Act 2008 receives Royal Assent
Links: The relevant
links to the Bill, Explanatory Memorandum and second reading speech
can be accessed via BillsNet, which is at http://www.aph.gov.au/bills/.
When Bills have been passed they can be found at ComLaw, which is at http://www.comlaw.gov.au/.
The Offshore Petroleum (Annual Fees)
Amendment (Greenhouse Gas Storage) Bill 2008 (the Bill) proposes to amend
the Offshore Petroleum (Annual Fees) Act 2006 (the Act) to add
greenhouse gas titles to those titles for which annual fees are payable
under the Act.
For a comprehensive background to the proposed greenhouse
gas storage regime, please refer to the Bills Digest on the Offshore
Petroleum Amendment (Greenhouse Gas Storage) Bill 2008.
The government has stated that:
The operator of a greenhouse gas sequestration title
will face many compliance costs analogous to the operation of offshore
petroleum titles. Lodgement of documents, compilation of plans, requests
for permission and record keeping are expected to be broadly consistent
with that under the OPA. In the absence of detail on regulation and
guidelines, it is impossible to quantify such costs at this stage with
traditional tools such as the OPBR Business Cost Calculator.[1]
The Bill contains two schedules.
Items 1-4 of Schedule 1 of the Bill contain
consequential amendments to the Act so that the words ‘and Greenhouse
Gas Storage’ are inserted after the words ‘Offshore Petroleum’
Item 5 of Schedule 1 of the Bill proposes
to insert new section 4A into the Act, which would provide that
annual fees would be payable with respect to the following greenhouse
gas titles:
- work-bid greenhouse gas assessment permits
- greenhouse gas holding leases, and
- greenhouse gas injection licences.
The amount of fee payable is to be set out in, or calculated
in accordance with, the regulations: proposed subsection 4A(3).
Schedule 2 of the Bill contains minor amendments
to change references to petroleum titles.
Sharon Scully
17 September 2008
Bills Digest Service
Parliamentary Library
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