Action item 14.13

Progress

50%

50% Complete.
Government approval for consultation on draft policy, guideline, framework, Bill.

The Petroleum Legislation Miscellaneous Amendments Bill 2019 was passed in the Legislative Assembly on 24 March 2020 and assented to on 30 March 2020. The Petroleum Act 1984 was amended to allow regulations to be made to in relation to environmental securities including the calculation of that security.

Government procured the services of ACIL Allen in September 2021 to provide advice on a suitable financial assurance framework for the NT’s onshore petroleum industry. ACIL Allen were required to consult with industry, environmental groups and other key stakeholders and liaise with other relevant national and international jurisdictions in order to develop suitable options for consideration. This advice will be provided to government for consideration of an appropriate framework. This framework will be legislated in 2022.

Target completion date

Stage 3.
To be completed by November 2022.

Reform area
Ensuring accountable industry practice
Project action
Developing cost recovery arrangements
Lead agency
Department of Environment, Parks and Water Security
Department of Industry, Tourism and Trade
Department of Treasury and Finance

Action item update

Implementation progress

The Petroleum Legislation Miscellaneous Amendments Bill 2019 was passed in the Legislative Assembly on 24 March 2020 and assented to on 30 March 2020. The Petroleum Act 1984 was amended to allow regulations to be made to in relation to environmental securities including the calculation of that security.

Government procured the services of ACIL Allen in September 2021 to provide advice on a financial assurance framework, which includes engagement with industry, environmental groups and other key stakeholders. This advice will be provided to government for consideration of an appropriate framework. This framework will be legislated, in mid-2022.