Bill
Offshore Petroleum and Greenhouse Gas Storage Amendment (Cash Bidding) Bill 2013
passed, as at 2013-12-13. Industry portfolio.
- Sponsor
- Not recorded
- Portfolio
- Industry
Recorded stages
- introduced — 2013-11-20
- second reading — 2013-11-20
- other — 2013-12-04
- second reading — 2013-12-04
- second reading — 2013-12-04
- other — 2013-12-04
- third reading — 2013-12-04
- introduced — 2013-12-05
- second reading — 2013-12-05
- second reading — 2013-12-12
- second reading — 2013-12-12
- third reading — 2013-12-12
- passed — 2013-12-12
- royal assent — 2013-12-13
Divisions
No divisions recorded. Most questions are decided on the voices; this does not establish that a bill was unopposed.
Plain-language summary
Written by a model from the explanatory memorandum; not the record, as at 2013-11-20.
This bill would change how offshore oil and gas exploration permits are allocated in certain areas, using a cash bidding system.
The government says this method would stop unnecessary exploration in regions where little or none is needed, and keep the release of those areas fair and efficient.
A reserve price for each block would be set by the Joint Authority before bids are invited, and could be either made public or kept secret.
- Limits the ability to turn down a permit offer to the highest bidder, encouraging real bids.
- Creates a separate pre-qualification step to check bidders' technical and financial ability before they place cash bids.
- Adds a tie-breaker rule for when two or more cash bids are identical.
Companies that bid for offshore petroleum exploration permits in mature or known resource areas.
Sources
em
billhome
frl act