13 November 2013

Changes to fees and levies for Commonwealth petroleum titles

Registration fees and levies under the Offshore Petroleum and Greenhouse Gas Storage Act 2006 (Cth) (OPGGS Act) have recently undergone changes.

The new fees and levies resulting from amendments to the OPGGS Act, the Offshore Petroleum and Greenhouse Gas Storage (Resource Management and Administration) Regulations 2011 (Cth) (RMA Regulations) and the Offshore Petroleum and Greenhouse Gas Storage (Regulatory Levies) Regulations 2004 (Cth) will apply to applications made from 9 November 2013. Of particular note, registration fees for dealings and transfers will no longer be calculated on an ad valorem basis. Instead, there is a flat fee of $2950 (for approval of a dealing relating to a petroleum title) and $7180 (for approval of transfer of a petroleum title). Overall, the changes have an effect of simplifying the calculation of registration fees, which is positive.

Previously, under the Offshore Petroleum and Greenhouse Gas Storage (Registration Fees) Act 2006 (Cth), registration fees for approval of dealings and transfers relating to petroleum titles were calculated on an ad valorem basis of 1.5% of the value of the title or the consideration paid. That Act was repealed effective 1 November 2013.

A schedule of fees prepared by the National Offshore Petroleum Titles Administrator (NOPTA), available here, sets out the new fees and levies. We note that registration fees under State petroleum legislation will not be affected.

Changes to some of the submission and release times for data submitted and released under the RMA Regulations also came into effect on 9 November 2013.

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