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Ministerial Briefing Note Assignment

Executive Summary of Australian Petroleum Production and Development

The purpose behind drafting Ministerial Briefing to the Commonwealth Minister to state the strategies that should be adopted by Australia within 2022 to meet Strategic Petroleum Reserve Obligations. The primary reason for drafting this aspect to the Commonwealth Minister is to reduce Energy and Emissions in Australia. This will help the country in getting accessibility towards more investment in the capital at the affordable process and also enhancing productivity with reduction in the energy cost and at the same time generating lower risks in the health and hence the overall community benefit.

To proceed with the topic, certain strategies need to be followed by the Australian government to come across Strategic Petroleum Reserve Obligations as being stipulated through the International Energy Agency. In doing this, the justification behind the briefing along with the main consideration of the issues by focusing on certain aspects also gets highlighted. However, the briefing also comprised of Energy and Emissions Reductions laws along with certain discussions on Energy Reduction models.

Considering Issues

The purpose behind drafting the Ministerial Briefing to the Commonwealth Minister since Australia is lagged behind IEA member requirements. Hence it is not in a position to hold around 90 days of the imports of the net oil under its strategic reserves. In 1979, Australia was having sufficient oil and also export them to hold the authority under the International Energy Programme of IEA (Argus Media group, 2020). Now, the country is not capable of holding stocks under IEP. Again the refineries in Australia are also shutting down their operations to make the country self-reliable and confident in the imported products.

During 2012-13, the Australian Government had tried hard in undertaking a faster assessment regarding the costs and the benefits of the compliances of IEA. However, it had not become much successful in this and after certain years, during April 2020, the country had tried to spend around AUD 94 million on the oil stocks which will be equated up to the seven days of the stocks. The prime justification behind this is the planning by Australia to become fully compliant with IEA rules and regulations. In certain parts of Australia, the Australian Government had developed current policies to limit the emissions of greenhouse gases. Hence by 2022, the Australian prime focus is to strengthen this policy on a broader perspective so that the uptake of renewable energies can get boosted along with enhancement in energy production (Argus Media group, 2020).

Sensitivity

The particular sensitive aspect that is involved in this situation is that as per the 2014 forecast, there occurred a fall in domestic production along with an increase in the demand. The forecast is highly sensitive in this context since if there occurs higher production than expected in the future years or the consumption pattern in Australia does not continue at the higher rates like the past five years, then ultimately the requirement will be decreasing slowly shortly (Holt, 2016).

It might happen that to meet the strategic Petroleum Reserve Obligations, Australia in the future might enhance its physical petroleum stocks through the development of the emergency stock reserves. Hence the problem might arise in the situation regarding what type of stock they able to store along with different costs and the storage facilities along with the location of the storage. The decision regarding the type of stock which it needs to store is also dependent on certain factors like the availability of cheaper facilities, refining systems, etc. (Cox, 2019). Hence for the significant storage capacity, in the future, the country might face problems in the development of a new facility.

Consultation

  • Parliament of Australia
  • National Advisory Energy Committee
  • Department of the Environment and Energy
  • Department of Industry, Innovation, and Science
  • Australian Petroleum Production and Exploration Association
  • Australian Pipelines and Gas Association
  • National Roads and Motorists Association
  • International Energy Agency

Discussions and Media Interviews

The energy and Emission model namely RepuTex’s Australian Energy and Emissions Model is one of the flagship models based on which the output as well as the forecast regarding the emissions by the Australian market can be reflected. This will ultimately check and measure the distribution of the emissions based reduction effort under certain ranges of policy as well as market settings (Bethune, 2019).

Source: https://www.reputex.com/energy-and-emissions-model-a-eem/

After conducting the discussion with the media partners, it has been found that the Energy and Emissions model in the future can be able to produce a larger range of the outputs which involves the greenhouse gas emission projections along with the industrial production projections and also the supply and demand of carbon credits along with the credit export as well as import dynamics (Argus Media group, 2020).

Recommendations on Australian Petroleum Production and Development

To meet the strategic Petroleum Reserve Obligations, since 2012 Australia had kept on promising International Energy Programmes where it has planned in framing the compliances. In this respect, the Secretary of Energy should take responsibility in implementing the 2016 long term strategic reviews after taking into consideration the projections in the oil market along with the costs and benefits of the wide range of the SPR sizes.

Australia should also try in a consistent manner to recommend Quadrennial Energy Review 2015 to assist Congress with the certain required information to make the decisions on the regional product reserves. According to 2019 Liquid Fuel Security Review interim report, Australia had undertaken innovative measures to make an improvement of the fuel security so that the Australians might adopt the assurance to have fuel at an affordable price. In 2020 , Australians spend around AUD 94 million on the oil stocks which gets equated to seven day stocks. Now by 2026, Australians need to plan to get fully adjusted and compliant with IEA rule

References for Australian Petroleum Production and Development

Argus Media group. (2020). Australia’s strategic reserves policy evolves. Retrieved from https://www.argusmedia.com/en/news/2104303-australias-strategic-reserves-policy-evolves

Bethune, G. (2019). Australian petroleum production and development 2018. The APPEA Journal, 59(2), 482-492.

Cox, P. (2019). Australia’s shale industry–how we can become globally competitive. The APPEA Journal, 59(2), 546-548.

Holt, D. P. (2016, May 26). Energetics models emissions reduction opportunities. Retrieved from https://www.energetics.com.au/insights/thought-leadership/energetics-models-emissions-reduction-opportunities

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