Oil and Gas News

Bill amendments to provide certainty for Qld resources sector

A new bill has been introduced into Parliament that will provide more certainty to Queensland’s resources industry as it helps lead the way to the state’s economic recovery.

Queensland Resources Minister Scott Stewart said the Resources and Other Legislation Amendment Bill 2021 would clarify some minor administrative aspects of mining and petroleum leases. 

“The key purpose of the proposed amendments is to provide certainty to stakeholders and ensure existing rights and interests are maintained,” he said.

“Importantly, the amendments made as part of the bill do not provide any new rights or obligations for existing petroleum tenure holders or holders of mining leases.”

Stewart added that his team were making clear that if a company had made a valid application to renew a production lease under the Petroleum Act 1923 prior to it expiring, that lease remains valid while a decision is made on the renewal.

The amendments will also ensure that sufficient time is available for key production lease applications to be appropriately considered in the context of broader government policy commitments.

Stewart stated that in some cases, companies hold authorities to prospect (ATP) under the Petroleum Act 1923 which are due to expire on November 1, 2021. 

“A number of these ATPs are in the Lake Eyre Basin, for which the Government has committed to consult on how an appropriate balance of environmental and economic considerations can be achieved in the Basin,” Stewart said.

“The amendments will allow government the time it needs to make these decisions for these ATPs. 

“Importantly the amendments do not put any onus on government to approve the applications prior to policy positions being decided.”