Offshore Petroleum Amendment (Greenhouse Gas Storage) Bill 2008

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The Offshore Petroleum Amendment (Greenhouse Gas Storage) Bill is draft Australian legislation which was released for public consultation in May 2008. The bill has been referred to the House of Representatives Primary Industries and Resources Committee for review. The Minister for Resources and Energy, Martin Ferguson, has flagged that he hopes the bill will be introduced into Parliament later in 2008.[1]

International Power submission

In a submission to the Offshore Petroleum Amendment (Greenhouse Gas Storage) Bill 2008 submitted by International Power Australia's Regulatory Policy Manager, Patrick Gibbons, the company argued that Carbon Capture and Storage "will be critical to the long term future of the Latrobe Valley's brown coal based electricity production in a carbon constrained world provided the design of the emissions trading scheme is conducive to its development."[2]

The company also cautioned that "depending on the details of the emission trajectory and the pace at which the new emission charge is introduced, it could cause a retreat from brown coal being used as a main fuel source." The alternative, it warned, would be the use of gas which it claimed there was a "finite supply" of "in the South East".[2]

While stating that "the Bill is likely to provide a template for similar legislation by the states and territories for onshore storage International Power Australia complained that it preferenced "treatment for existing holders of petroleum rights" over "storage prospectors and potential injection licence holders. The company noted that, if existing exploration licence holders had "veto" rights over carbon storage exploration, this would affect approximately 80% of the Gippsland Basin.[2]

Links to documents

Articles and Resources

Sources

  1. Martin Ferguson, Minister for Resources and Energy, "CCS legislation open for Public Consultation", Media Release, May 17, 2008.
  2. 2.0 2.1 2.2 International Power Australia, Submission to the House of Representatives Standing Committee on Primary Industries and Resources Inquiry into the Draft Offshore Petroleum Amendment (Greenhouse Gas Storage) Bill, House of Representatives, July 16, 2008. (Pdf)

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