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Australia’s oil and gas reserves 3.31 MB

The evidence received by the committee allowed it to investigate the following issues, as they related to maximising the benefit to the public and sovereign risks to Australia, with a primary focus on gas:

  • benefits from oil and gas;
  • oil and gas tax, excise, royalties and subsidies;
  • domestic gas supply and pricing;
  • maximising oil and gas extraction and efficiency;
  • emerging risks to the oil and gas industry;
  • data transparency and reporting; and
  • decommissioning of oil and gas infrastructure.

Report structure:

This first chapter outlines the administrative details of the committee's inquiry and the process that it has undertaken in addressing the scope of inquiry. The chapter describes Australia's oil and gas sector, its reserves, its place in the international market, the sector's economic contributions, the regulatory framework, and the supporting strategies and initiatives that relate directly to the sector. It also outlines other relevant inquiries. The remainder of the report is structured as follows:

  • Chapter 2 discusses the nature of benefit and how other countries have derived benefit from their oil and gas reserves.
  • Chapter 3 examines the current supply and pricing of domestic gas.
  • Chapter 4 looks at current oil and gas industry reporting and accountability mechanisms.
  • Chapter 5 outlines the forthcoming issues relating to the future decommissioning of oil and gas infrastructure and the management of end-of-life facilities.
  • Chapter 6 addresses some of the risks, including climate, in deriving benefit from Australia's oil and gas reserves.
  • Chapter 7 discusses suggestions for improving Australia's economic returns from its natural resources.
  • Chapter 8 sets out the committee's views on the evidence provided to the inquiry, makes a series of recommendations for improving public benefits from Australia's oil and gas reserves.



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