Summary
Introduced with the Offshore Petroleum and Greenhouse Gas Storage (Regulatory Levies) Amendment Bill 2013, the bill amends the
Offshore Petroleum and Greenhouse Gas Storage Act 2006
to apply a cash bidding title allocation method for exploration permits in the offshore petroleum regulatory regime by: requiring a 10 per cent forfeitable deposit which is payable upon placement of a cash bid; enabling a reserve price to be set; requiring pre-qualification assessment of the eligibility of bidders; and specifying a non-discretionary tie-breaker mechanism.