Ann: Trading Halt, page-88

NSW petroleum royalties are calculated at 10% of the well head value, less allowable deductions. The NSW petroleum royalty rate is set by the Petroleum (Offshore) Act 1982. According to section 129 of this Act, the Commonwealth receives a share of any royalties acquired by the NSW Government according to the following formula:4A where A is the amount of royalty payable under the Act; andB B is the percentage rate at which royalty is payable under the Act.Given the majority of PEP 11 is located within Commonwealth waters, any gas sourced would be taxed under the Commonwealth Petroleum Resource Rent Tax.

this is why nsw rejects and federal approve imo