Mr PALLAS (Resources) — I move:

That this bill be now read a second time.

Speech as follows incorporated into Hansard under standing orders:

The primary purpose of this bill is to amend the Offshore Petroleum and Greenhouse Gas Storage Act 2010 to provide protections for the holders of offshore titles affected by possible future changes to the location of the boundary between Victorian coastal waters and commonwealth waters.

The amendments will ensure that a titleholder who is affected by a boundary change receives equivalent entitlements to those that they would have otherwise had, were it not for the relevant boundary change.

By agreement, the commonwealth, states and the Northern Territory maintain, as far as practicable, common rules for the regulation of offshore petroleum and greenhouse gas activities. Consistent with that agreement, the bill provides reciprocal arrangements for the protection of commonwealth petroleum title rights in the event of a boundary change, as are already provided for state petroleum titles under the commonwealth legislation.

The bill will amend existing ‘delaying’ provisions to ensure that the effect of a boundary change is delayed with respect to a commonwealth title while that title remains in force.

The bill will create a framework to automatically grant or extend the coverage of commonwealth petroleum titles where part of a title moves from commonwealth to Victorian coastal waters as a result of a boundary change.

The bill will also provide arrangements for the valid granting of renewals of Victorian petroleum and greenhouse gas titles where part of that title has moved into commonwealth waters as a result of a boundary change.

I commend the bill to the house.

Debate adjourned on motion of Mr HODGETT (Croydon).

Debate adjourned until Wednesday, 1 November.