Oil and gas are known as petroleum resources. Petroleum is a naturally occurring mixture of either liquid or gas hydrocarbons. 

Regulating oil and gas

  • Domestic gas supply

    We ensure that Australian manufacturers, electricity generators, businesses and households have sufficient supplies of natural gas.
  • Offshore oil and gas

    We regulate offshore oil and gas activities in Australian Commonwealth waters.
  • Petroleum taxes and royalites

    Companies that extract petroleum resources must pay taxes and royalties. This ensures the community receives a return on Australia’s non-renewable resources.

Decommissioning offshore oil and gas infrastructure

Planning for gas to 2050 and beyond

The role of gas will change as we reach net zero in Australia by 2050. The Future Gas Strategy sets out the Australian Government’s plan for gas production and consumption while our economy transitions to net zero.

The strategy aims to: 

  • support decarbonisation of the Australian economy 
  • safeguard energy security and affordability 
  • reinforce Australia’s reputation as an attractive trade and investment destination 
  • help our trade partners on their own paths to net zero.

The strategy is an evidence-based framework built around 6 principles that will guide policymaking about gas. 

  • Gas market reforms

    The Australian Government’s Gas Market Review recommended significant reforms, including a domestic gas reservation policy.
  • Offshore venting and flaring policy statement

    This statement explains how the Australian Government regulates venting and flaring at Australia’s offshore petroleum facilities in Commonwealth waters.

Oil and gas sector opportunities

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