Offshore No More Bad Investments (NMBI) petition
To the Honourable President and members of the Senate in Parliament assembled:
The petition of the undersigned shows:
Every year, the National Offshore Petroleum Titles Administrator releases new offshore exploration areas. Every year, Commonwealth regulator NOPSEMA gives approvals for new offshore oil and gas projects. Release by release, approval by approval, we are jeopardising the global climate.
These oil and gas projects are not necessary to meet Australia’s domestic energy needs. The majority of the gas from recent new projects is exported. Fossil fuel companies already extract twice as much gas as we use within Australia. This is not about ensuring supply – this is about money.
And yet, the economic benefit of these offshore oil and gas projects is negligible. These projects do not pay state royalties. Most of these companies pay no Petroleum Resource Rent Tax (PRRT) and, thanks to Australia’s generous uplift rates, are unlikely to do so for well over a decade. Due to PRRT credits, they pay no company tax.
The cost of banning new offshore oil and gas projects is small. The cost of inaction is not.
Our climate is our legacy; we demand its protection.
Your petitioners ask that the Senate: ban all new climate-damaging projects in Commonwealth waters. No new offshore oil or gas exploration. No new offshore oil or gas drilling. No new or expanded LNG export facilities. No new fossil fuel export agreements.
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