Australian Government, 2013-14 Budget
Budget

Part 1: Revenue Measures (Continued)

Resources, Energy and Tourism

Offshore petroleum registration fee surplus revenue

Revenue ($m)
  2012-13 2013-14 2014-15 2015-16 2016-17
Department of Resources, Energy and Tourism 79.9 *
Department of Resources, Energy and Tourism 14.0
National Offshore Petroleum Safety and Environmental Management Authority 3.8
Total — Expense 17.8

The Government will continue collecting, until 31 October 2013, registration fees under the Offshore Petroleum and Greenhouse Gas Storage (Registration Fees) Act 2006 related to the establishment of the National Offshore Petroleum Titles Administrator and the National Offshore Petroleum Safety and Environmental Management Authority. This measure is estimated to provide savings to the Budget of $62.1 million over the forward estimates period.

Selective cash bidding for offshore petroleum exploration acreage — establishment

Revenue ($m)
  2012-13 2013-14 2014-15 2015-16 2016-17
Department of Resources, Energy and Tourism 57.7 44.9 57.7
Geoscience Australia .. .. .. .. ..
Department of Resources, Energy and Tourism 0.5 .. .. .. ..
Total — Expense 0.5 .. .. .. ..

The Government will introduce a cash bidding system for the allocation of offshore petroleum exploration acreage for areas containing known resources and mature areas from 2014. The existing work program bidding system will be maintained for all other areas. The measure is estimated to increase revenue by $160.3 million over three years from 2014‑15.

Funding of $0.7 million over five years will be provided for the implementation and ongoing management of the new system, including a five‑yearly Acreage Release Strategy to enable a more targeted approach to the release of offshore petroleum exploration acreage.

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