The Government and Greens have reached an agreement on changes to the Petroleum Resources Rent Tax (PRRT) and offshore environmental approval regulations. This deal aims to bring about certainty for the oil and gas industry regarding future investments. While the passing of the PRRT legislation is considered a positive step, concerns remain about the delay in addressing issues with offshore approvals. Key industry figures stress the importance of regulatory certainty and timely environmental approvals to support vital gas supply projects and boost investment confidence. The need for immediate offshore regulatory reforms has been highlighted, emphasizing the crucial role such changes play in ensuring energy security and supporting Australia’s transition to a net-zero future. Additionally, the PRRT adjustments are expected to generate significant revenue for state and federal Budgets, underlining the industry’s growing contribution to government finances. The ongoing focus is on securing reliable and affordable gas supply for Australians while navigating the complexities of energy and economic security.
Government and Greens’ PRRT Deal: Offshore Approval Reforms Delayed, Australia
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