Offshore Petroleum and Greenhouse Gas Storage (Regulatory Levies) Amendment Act 2013

Overview

The Offshore Petroleum and Greenhouse Gas Storage (Regulatory Levies) Amendment Act 2013 was enacted by the Parliament of Australia to amend the Offshore Petroleum and Greenhouse Gas Storage (Regulatory Levies) Act 2003. The 2013 Act was introduced to address specific issues and gaps within the existing regulatory framework, particularly in relation to the definition of eligible titles for levy purposes. The primary objective of this legislation is to ensure that the regulatory levies are applied accurately and fairly by clarifying and updating the definitions within the original Act. The Act received Royal Assent on 13 December 2013 and certain provisions commenced on the same date, while others were tied to the commencement of the Offshore Petroleum and Greenhouse Gas Storage Amendment (Cash Bidding) Act 2013. This amendment seeks to enhance the precision and effectiveness of the regulatory levy system by explicitly including cash-bid petroleum exploration permits within the definition of eligible titles.

Scope and Application

The Offshore Petroleum and Greenhouse Gas Storage (Regulatory Levies) Amendment Act 2013 amends the Offshore Petroleum and Greenhouse Gas Storage (Regulatory Levies) Act 2003, modifying the scope of regulatory levies imposed on offshore petroleum activities. This Act applies to entities involved in offshore petroleum exploration, production, and greenhouse gas storage activities within Australian jurisdiction. It specifically targets activities conducted under permits or titles, including those involving cash-bid petroleum exploration permits as defined in the Offshore Petroleum and Greenhouse Gas Storage Act 2006. The amendments extend to the levying process and definitions relevant to these activities. The Act commenced on 13 December 2013, with certain provisions aligning with the commencement of the Offshore Petroleum and Greenhouse Gas Storage Amendment (Cash Bidding) Act 2013 on 14 December 2013, contingent upon that Act's commencement. The legislative amendments are made through the Schedule to this Act, which alters the original Act by adding specific definitions and modifying existing ones to incorporate cash-bid petroleum exploration permits within the regulatory framework.

Key Provisions

The Offshore Petroleum and Greenhouse Gas Storage (Regulatory Levies) Amendment Act 2013 amends the Offshore Petroleum and Greenhouse Gas Storage (Regulatory Levies) Act 2003. The key operative sections are found in Schedule 1, where amendments are made to clarify the definition of "eligible title" under section 10E of the principal Act. Specifically, Schedule 1 amends subsection 10E(7) to include a cash-bid petroleum exploration permit as a form of eligible title. This means that entities holding such permits are now eligible for regulatory levies under the principal Act. The Act imposes obligations on the parties it governs by defining "eligible title" more expansively. Operators holding a cash-bid petroleum exploration permit are now subject to the regulatory levies outlined in the principal Act. This inclusion necessitates that these operators comply with the conditions and requirements for levy payments as stipulated in the Offshore Petroleum and Greenhouse Gas Storage (Regulatory Levies) Act 2003. The Act does not explicitly detail offences, penalties, or consequences for breach within its text. However, it is implied that failure to comply with the regulatory levies and conditions imposed by the principal Act could lead to legal repercussions. The penalties for non-compliance would typically be governed by the Offshore Petroleum and Greenhouse Gas Storage (Regulatory Levies) Act 2003, which could include fines or other civil or administrative actions. The exact nature and severity of penalties would be determined by the provisions of the principal Act and any relevant regulations.