FED Petroleum Licencees Must Reserve 15% of Previous Year's Exports for Commonwealth Use

Offshore Petroleum and Greenhouse Gas Storage Amendment (Domestic Reserve) Bill 2026

Private Member's Bill

10 Mar 2026: MPs in the first house are debating whether this bill is a good idea in principle.

Senate

House of Representatives

Assent

Introduced by: Pauline Hanson (PHON)

Links to official parliament websites

Official page: progress through parliament

Effects of this bill

If this bill passes, it means that:

Petroleum production licencees must enter into a domestic reserve agreement with the Commonwealth.
The agreement must last for at least 10 years.
Licencees must reserve petroleum for the Commonwealth; this amount must equal 15% of the quantity they exported the previous year.
The Commonwealth can transfer the rights to use this reserved petroleum to a State or Territory.
The government can make entering into these agreements a condition for granting a petroleum production licence.
Petroleum production licencees must sign a domestic reserve agreement with the Commonwealth. This must happen within 12 months of the licence being granted or the law starting.
Licencees must reserve 15% of the amount of petroleum they exported the previous year for the Commonwealth's exclusive use.
Domestic reserve agreements must last for at least 10 years.
The Commonwealth can transfer the rights to use the reserved petroleum to a State or Territory for a set period.
The government can now make signing a domestic reserve agreement a condition for granting or holding a petroleum production licence.

Topics

energy infrastructure energy security fuel availability land management mining natural gas natural resources petroleum petroleum production resource management