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8.0 CONCLUSION

The offshore upstream petroleum sector, whilst a significant component of the
Australian economy, is currently non-existent in NSW. However, this may
change in the near future with the possible discovery of significant gas reserves
in Petroleum Exploration Permit 11 (PEP 11). This paper covered the context of
a possible gas discovery in PEP 11 by reviewing gas exploration, production
and consumption in NSW. With NSW total energy consumption projected to
increase at 1.2% per annum over the next 20 years, and 20 new gas-fired
power stations slated to come online in the near future, discovery of a
significant gas reserve in NSW would go some way to offsetting NSW's current
status as a net importer of gas. Despite Advent Energy failing to find gas with its
exploratory well drilled in December 2010, the company remains confident of
finding gas through further exploratory drilling.

Offshore petroleum exploration and mining is regulated according to the
jurisdiction in which it is located. Offshore petroleum activities in Commonwealth
waters are regulated under the Offshore Petroleum and Greenhouse Gas
Storage Act 2006 (Cth) and its regulations. This Act provides for a series of
petroleum titles that are required for all offshore petroleum activities. This
regulatory regime, under which PEP 11 was granted, mandates the approval of
at least one of the following three plans at each stage of the regulatory process:
Environment Plans; Well Operations Management Plans; and Pipeline
Management Plans. Administration of this Act is currently shared between the
Commonwealth and NSW Governments. Petroleum activities in Commonwealth
waters may also require approval under the Environment Protection and
Biodiversity Act 1999 (Cth) should they impact upon a matter of National
Environmental Significance.