Support the Australian resources industry to grow national prosperity and continue to drive the transition to net zero.
The Government will provide funding over 5 years from 2022-23 to support the Australian resources industry to grow national prosperity and continue to drive the transition to net zero. Funding includes: * $14.3 million over 3 years from 2023-24 to establish a partnership with the Queensland Government to support technology projects that reduce emissions and enhance energy security. This will be offset by redirecting funding from the Gas Well Trials program * $12.0 million over 3 years from 2023-24 for a review of the environmental management regime for offshore petroleum and greenhouse gas storage activities to ensure it is fit-for-purpose for a decarbonising economy. This will include consultation requirements for offshore projects, including with First Nations peoples. The review will also examine opportunities to provide regulatory and administrative certainty for offshore carbon capture and storage projects to enable Australian industry to meet net zero targets whilst delivering domestic energy security and regional energy security * $6.7 million over 4 years from 2023-24 to deliver a Future Gas Strategy to support Australia's energy system to become cleaner, cheaper and more reliable while maintaining our international reputation as a trusted energy supplier to the region. This will be offset by ceasing the Strategic Basins Plans and achieving savings from the exploration in the Beetaloo sub-basin * $4.5 million in 2023-24 to develop a roadmap to grow an offshore petroleum decommissioning industry in Australia. This will be offset by ceasing the Strategic Basins Plans and achieving savings from the 2020-21 MYEFO measure titled JobMaker Plan - gas-fired recovery - delivering accelerated exploration in the Beetaloo sub-basin * $0.4 million in 2022-23 to accelerate the reforms to the Australian Domestic Gas Security Mechanism * Funding in 2023-24 to continue activities related to the decommissioning of the Northern Endeavour floating oil production storage and offtake facility which is moored between the Laminaria and Corallina oil fields in the Timor Sea. The financial implications are not for publication (nfp) due to commercial sensitivities, but will be fully recovered by the Laminaria and Corallina Decommissioning Cost Recovery Levy. This measure builds on the 2022-23 October Budget measure titled Supporting Australia's Resources. Infrastructure, Transport, Regional Development, Communications and the Arts | Infrastruct