AUSTRALIA

NSW ends holiday, introduces $1.1M fines

THE New South Wales government has introduced legislation to Parliament that removes the five-year royalty "holiday" for new petroleum producers and also toughens penalties for environmental breaches during exploration and production.

NSW ends holiday, introduces $1.1M fines

Introducing the Petroleum (Onshore) Amendment (Royalties and Penalties) Bill 2012, Resources and Energy Minister Chris Hartcher said the Petroleum (Onshore) Act 1991 established a royalty holiday for production...

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