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This is a Bill, not an Act. For current law, see the Acts databases.
2016-2017-2018
The Parliament of the
Commonwealth of Australia
THE SENATE
Presented and read a first time
Offshore Petroleum and Greenhouse Gas
Storage Amendment (Reporting of Gas
Reserves) Bill 2018
No. , 2018
(Senator Georgiou)
A Bill for an Act to amend the Offshore Petroleum
and Greenhouse Gas Storage Act 2006, and for
related purposes
No. , 2018
Offshore Petroleum and Greenhouse Gas Storage Amendment
(Reporting of Gas Reserves) Bill 2018
i
Contents
1
Short title ........................................................................................... 1
2
Commencement ................................................................................. 1
3
Schedules ........................................................................................... 2
Schedule 1--Amendments
3
Offshore Petroleum and Greenhouse Gas Storage Act 2006
3
No. , 2018
Offshore Petroleum and Greenhouse Gas Storage Amendment
(Reporting of Gas Reserves) Bill 2018
1
A Bill for an Act to amend the Offshore Petroleum
1
and Greenhouse Gas Storage Act 2006, and for
2
related purposes
3
The Parliament of Australia enacts:
4
1 Short title
5
This Act is the Offshore Petroleum and Greenhouse Gas Storage
6
Amendment (Reporting of Gas Reserves) Act 2018.
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2 Commencement
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(1) Each provision of this Act specified in column 1 of the table
9
commences, or is taken to have commenced, in accordance with
10
column 2 of the table. Any other statement in column 2 has effect
11
according to its terms.
12
2
Offshore Petroleum and Greenhouse Gas Storage Amendment
(Reporting of Gas Reserves) Bill 2018
No. , 2018
1
Commencement information
Column 1
Column 2
Column 3
Provisions
Commencement
Date/Details
1. Sections 1 to 3
and anything in
this Act not
elsewhere covered
by this table
The day this Act receives the Royal Assent.
2. Schedule 1
The day after this Act receives the Royal
Assent.
Note:
This table relates only to the provisions of this Act as originally
2
enacted. It will not be amended to deal with any later amendments of
3
this Act.
4
(2) Any information in column 3 of the table is not part of this Act.
5
Information may be inserted in this column, or information in it
6
may be edited, in any published version of this Act.
7
3 Schedules
8
Legislation that is specified in a Schedule to this Act is amended or
9
repealed as set out in the applicable items in the Schedule
10
concerned, and any other item in a Schedule to this Act has effect
11
according to its terms.
12
Amendments Schedule 1
No. , 2018
Offshore Petroleum and Greenhouse Gas Storage Amendment
(Reporting of Gas Reserves) Bill 2018
3
Schedule 1--Amendments
1
2
Offshore Petroleum and Greenhouse Gas Storage Act 2006
3
1 After subsection 136(22)
4
Insert:
5
Reporting
6
(23) A petroleum retention lease is subject to a condition that the lessee
7
must give the Titles Administrator a taxation transparency report
8
within:
9
(a) 30 days after the day on which the lease is granted; and
10
(b) in relation to each year of the term of the lease, 30 days after
11
the day on which the year of the term ends.
12
(24) In this section taxation transparency report means a report that
13
includes the following information:
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(a) an estimate of the quantity of recoverable petroleum in all
15
petroleum pools situated in the lease area;
16
(b) an estimate of the value of the recoverable petroleum
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mentioned in paragraph (a);
18
(c) the data upon which the estimates in paragraphs (a) and (b)
19
are based; and
20
(d) all payments to the Commonwealth, a State or a Territory
21
related to liabilities arising from the petroleum retention
22
lease, including:
23
(i) relevant lease fees;
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(ii) royalties; and
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(iii) any tax (however described) payable under a law of the
26
Commonwealth or of a State or Territory.
27
2 After subsection 162(21)
28
Insert:
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Schedule 1 Amendments
4
Offshore Petroleum and Greenhouse Gas Storage Amendment
(Reporting of Gas Reserves) Bill 2018
No. , 2018
Reporting
1
(22) A petroleum production licence is subject to a condition that the
2
licence holder must give the Titles Administrator a taxation
3
transparency report within:
4
(a) 30 days after the day on which the licence is granted; and
5
(b) in relation to each year of the term of the licence, 30 days
6
after the day on which the year of the term ends.
7
(23) In this section taxation transparency report means a report that
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includes the following information:
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(a) an estimate of the quantity of recoverable petroleum in all
10
petroleum pools situated in the licence area;
11
(b) an estimate of the value of the recoverable petroleum
12
mentioned in paragraph (a);
13
(c) the data upon which the estimates in paragraphs (a) and (b)
14
are based; and
15
(d) all payments to the Commonwealth, a State or a Territory
16
related to liabilities arising from the petroleum production
17
licence, including:
18
(i) relevant licence fees;
19
(ii) royalties; and
20
(iii) any tax (however described) payable under a law of the
21
Commonwealth or of a State or Territory.
22
3 Subsection 470(2) (after table item 2)
23
Insert:
24
25
2A
a petroleum retention
lease or petroleum
production licence
set out the information contained in the
most recent taxation transparency
report prepared in accordance with
subsections 136(23) and (24) or
subsections 162(22) and (23).
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