Australia’s offshore oil and gas industry has welcomed the passage of greenhouse gas storage legislation which is the world’s first regulatory framework for carbon dioxide capture and geological storage.
The Australian Petroleum Production & Exploration Association (APPEA) today announced its seal of approval for the Offshore Petroleum Amendment (Greenhouse Gas Storage) Bill 2008. The legislation will establish a new range of offshore titles allowing companies to inject and store greenhouse gases in geological formations within Australian Commonwealth waters. APPEA chief executive Belinda Robinson said the bill was an important piece of legislation that placed Australia at the forefront of legislation and regulation. “APPEA has fought hard to ensure that existing petroleum titleholders are given a high level of protection for existing property rights while allowing, and in the case of some operators, facilitating greenhouse gas storage,” Robinson said today.
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