18 November Australian Offshore Petroleum Regulation: Defining and Protecting the National Interest November 18, 2020 By Sally Parker ARELJ, Mining, Oil and Gas ARELJ, Petroleum, Regulation, Offshore 0 Henry Cooney The notion that a nation owes the benefit of its natural resources to the nation’s people has survived the advent of capitalism. This apparently simple concept, however, belies a host of complex issues. Nowhere is this more apparent than in the regulation of offshore petroleum exploitation in Australia. This article argues that the national interest in offshore petroleum regulation is not sufficiently protected by the current Australian regulatory framework. This is troubling, as failure to protect the national interest in offshore petroleum regulation can result in the loss of economic value to Australia. This article considers the current offshore petroleum regulatory regime, and proposes the first steps necessary to define and protect Australia’s national interest in offshore petroleum regulation. Member Login Required to Access Case Note Read More Related Articles ARELJ - Article - The Grounds Not Taken: Reliance on Additional Matters to Support the Refusal of Consent to the Assignment of a Joint Venture Interest How foreign investment changes may impact the mining and energy sector In early June 2020, the government announced a review of the foreign investment rules, expanding them to apply to all foreign investors in anything deemed a ‘sensitive national security business’. The changes are scheduled to come into effect on 1 January 2021. There are concerns that this will impact foreign investment in the mining and energy sectors, and in particular the critical minerals space. How COVID-19 could change mining for the better The mining industry was deemed an essential service by the Government, which has enabled it to continue to operate during the COVID-19 pandemic. However, this hasn’t been without its challenges. New processes and procedures were required to address safety and social distancing and issues of supply and worker mobility have impacted how the industry operates. But with adversity comes opportunity and the mining industry has thrived and realised the potential for new improvements amidst the pandemic. Government support for a gas-led COVID-19 recovery Prime Minister Scott Morrison recently announced a gas-led recovery to the economic recession brought on by the COVID-19 pandemic. A key part of the government’s JobMaker plan, the government expects the industry to create over 4,000 jobs. Key risks for the industry in 2021 As 2020 draws to a close, industry is looking to the year ahead. EY's 2021 report on the risks in mining and metals reflects the turbulent changes of the past year. Volatility is new to the list, while the COVID-19 pandemic continues to inform the way industry leaders are approaching established risks around climate and license to operate. Digital transformation in mining and energy As the global shift to remote work gathers pace, it is more important than ever that the mining and energy sector embraces technology. But a digital transformation offers more than flexible working arrangements. It has the potential to drastically cut down on industrial accidents, optimise operational processes and slash costs. Showing 0 Comment Comments are closed.