✦ Plain-English Summary

Offshore Petroleum and Greenhouse Gas Storage Amendment (Domestic Reserve) Bill 2026

What it does

This bill requires companies that get licenses to pump oil and gas from Australian waters to set aside a portion of what they extract for domestic use in Australia. They'll need to sign a formal agreement with the government spelling out how much they're reserving and for how long.

Why it matters

The idea is to ensure Australia keeps some of its own offshore oil and gas supply rather than letting companies export everything. This could affect energy security and potentially influence domestic fuel prices, depending on how the reserve amounts are set.

Key details

• Companies with existing licenses have 12 months from when this law passes to sign a domestic reserve agreement with the government; new licenses granted from 1 January 2027 onwards must have an agreement in place within 12 months of being granted.
• The bill amends the existing Offshore Petroleum and Greenhouse Gas Storage Act 2006 but doesn't specify the actual reserve percentages or penalties in this excerpt—those details appear to be defined elsewhere in the legislation.
• The law takes effect the day after it receives Royal Assent, meaning the clock starts immediately for existing license holders to negotiate.

Official Description

Amends the Offshore Petroleum and Greenhouse Gas Storage Act 2006 to require petroleum production licensees to enter into a domestic reserve agreement with the Commonwealth.

No votes yet.

Be the first to vote on this bill.