50 % Complete.
Government approval for consultation on draft policy, guideline, framework, Bill.
That prior to the grant of any further production approvals, the Government develops and implements a financial assurance framework for the onshore shale gas industry that:
- is transparent and is developed in consultation with the community and key stakeholders;
- clarifies the activities that require a bond or security to be in place and describe how the amount of the bond or security is calculated; and
- requires the public disclosure of all financial assurances and the calculation methodology.
To be completed by end December 2021.
Department of Industry, Tourism and Trade
Department of Treasury and Finance
Action item update
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.
The Department of Environment, Parks and Water Security has commenced work on amendments to the Petroleum (Environment) Regulations to establish environmental security requirements.
The Department of Industry, Tourism and Trade and the Department of Environment, Parks and Water Security and the are reviewing approaches to financial assurance in other jurisdictions for the design and implementation of an appropriate and transparent financial assurance scheme for the Northern Territory which will be provided for via legislation.
The Northern Territory Government has commenced securing a consultant to provide advice on options for a financial assurance framework suitable for the Northern Territory’s onshore petroleum industry.