Bob Baldwin (Paterson, Liberal Party, Parliamentary Secretary to the Minister for Industry, Tourism and Resources) Share this | Link to this | Hansard source

I move:

That this bill be now read a second time.

Mr Speaker, the Customs Tariff Amendment (Greater Sunrise) Bill 2007 contains amendments that change any references to the Petroleum (Submerged Lands) Act 1967 in the Customs Tariff Act 1995 to the new Offshore Petroleum Act 2006.

This bill is cognate with the Offshore Petroleum Amendment (Greater Sunrise) Bill 2007, which incorporates into the Offshore Petroleum Act 2006 the Greater Sunrise unitisation agreement that gives effect to the agreement between the government of Australia and the government of the Democratic Republic of Timor-Leste relating to the Unitisation of the Sunrise and Troubadour fields.

The agreement was signed by Australia and Timor-Leste in Dili on 6 March 2003 and provides a framework for the development and exploitation of the petroleum resources in the Sunrise and Troubadour fields, collectively known as the Greater Sunrise petroleum resource.

The agreement was incorporated into the Petroleum (Submerged Lands) Act 1967 in April 2004 and the required consequential amendments were made to the Customs Tariff Act 1995 at the same time.

However due to unforeseen circumstances and competing priorities the agreement was not included when the Petroleum (Submerged Lands) Act 1967 was rewritten and renamed the Offshore Petroleum Act in 2006.

The policy on Greater Sunrise was fully debated and agreed to in 2004. This exercise today is a matter of formality to have minor amendments reflecting the Offshore Petroleum Act 2006 incorporated into the Customs Tariff Act 1995.

Debate (on motion by Dr Emerson) adjourned.