NSW Minister for Industry, Resources and Energy, Anthony Roberts, has announced a minimum standards and merit assessment procedure will now apply to all titleholders of Petroleum Exploration Licenses (PELs).
“The new higher standards, Action 8 of the NSW Gas Plan, will provide greater certainty for communities and industry,” Mr Roberts said.
“The NSW Liberals & Nationals Government is committed to world’s best practice regulation of the gas industry and we are delivering.”
Titleholders seeking to renew or transfer a PEL must meet the new rules, including:Minimum standards for work programs and environmental management; Demonstrating high standards of technical capability and strong financial standing; A clear program for effective community consultation; Compliance history: and a fit and proper person test.
Titleholders who are not committed to our strict standards upfront or do not perform to these standards risk losing their PEL’s.
The government has also released the Community Benefits Fund Discussion Paper, as outlined in Action 13 of the NSW Gas Plan.
The fund will allow for communities in which the gas industry operates to benefit from those activities.
Contributions from gas companies and from the NSW Government through a reduced royalty take will fund local projects.