Karen Grogan (SA, Australian Labor Party) Share this | Hansard source

The Offshore Petroleum and Greenhouse Gas Storage Amendment (Domestic Reserve) Bill 2023 proposes to amend the Offshore Petroleum and Greenhouse Gas Storage Act to impose a new obligation which would apply to petroleum companies operating in Commonwealth waters and would reserve 15 per cent of produced gas in any given year for the domestic market. That sounds reasonable on the face of it, but this bill would actually have no material effect on the supply of domestic gas. Unlike the opposition and One Nation, the Australian government has proposed real solutions to address gas supply. Passing this bill would involve tearing up a whole series of longstanding export contracts with key regional partners, such as Japan and South Korea—places that rely on our gas for their energy security.