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New legislation which advances the process to fix Australia's offshore regulatory approval regime is an important step towards restoring the nation's economic and energy security.Australia's oil and gas industry today welcomed moves from Resources Minister Madeleine King to streamline the reform process after months of uncertainty for major energy supply, carbon capture and storage and decommissioning projects.Australian Energy Producers Chief Executive Samantha McCulloch said: "Regulatory certainty is desperately needed for these large investments and this move is a step towards a clearer process for all stakeholders."The current regulatory system with projects being delayed in courts at huge cost, despite receiving approval from the national regulator, is untenable."These are critical new supply ventures, emission reduction projects and decommissioning processes so an urgent resolution is needed for Australia's energy security and net zero transformation."Minister King and the government have listened to the concerns of industry and other stakeholders in recent months and are acting."We will work with the government during the ongoing consultation process to ensure the best outcome for all stakeholders."Regulations must provide clarity and certainty for industry while maintaining comprehensive and meaningful consultation with Traditional Owners and stakeholders."