Offshore Petroleum and Greenhouse Gas Storage Amendment (Domestic Reserve) 2023

# Offshore Petroleum and Greenhouse Gas Storage Amendment (Domestic Reserve) 2023 ## What it does This bill requires companies that get licences to extract oil and gas from Australian waters to set aside some of that petroleum for domestic use in Australia, rather than exporting all of it. They'll need to sign an agreement with the government spelling out how much they must reserve each year. ## Why it matters Australia currently exports most of its offshore oil and gas. This bill is designed to ensure Australians have guaranteed access to domestic fuel supplies and aren't entirely dependent on imports or global market prices. ## Key details - **Who it affects**: Any company holding or applying for a petroleum production licence in Australian offshore areas must comply - **The deadline**: Companies that already have licences have 12 months from when this law passes to sign a domestic reserve agreement; new licence holders have 12 months from when they receive their licence - **When it starts**: The law takes effect the day after it receives Royal Assent (the Governor-General's formal approval) The bill excerpt doesn't spell out the specific amounts companies must reserve, suggesting those details will be worked out in the agreements themselves.