The government has now finalised the review of policy settings in 3 offshore guidelines for the oil and gas industry.
The government has revised the offshore petroleum:
- exploration work-bid
- declaration of location
- retention lease guidelines.
The revised guidelines will help fulfil immediate action items and align with the Future Gas Strategy. This includes updating Commonwealth retention lease policies to encourage more timely development of existing gas discoveries and consider a firmer 'use it or lose it' policy.
The revised guidelines consider stakeholder feedback obtained as part of the Future Gas Strategy: draft offshore guidelines consultation.