Matthew Canavan (Queensland, Liberal National Party, Minister for Resources and Northern Australia) Share this | Hansard source

I have not received any advice about 80 reservoirs and that order. However, I can confirm for the senator that the government has implemented a 'use it or lose it' policy and review across the country. That is a review that includes the offshore areas that the Commonwealth government is responsible for. We had agreement with the states and territories at the last COAG Energy Council meeting to conduct a similar review onshore, which my officials are working with state and territory officials to do.

I would point out to Senator Hanson that, in terms of the Commonwealth areas of responsibility, Bass Strait is a declining resource. There are some areas for which, just last week, we announced the terms of reference for the 'use it or lose it' review there. But there is a limited source of gas left available and it is becoming higher cost, with no oil left and higher degrees of mercury and carbon dioxide. In the west there are possible resources, too, but, of course, there is no connection at this stage to east coast markets. Any such connection in the future would be at some cost, either through a pipeline or a regasification facility on the east coast.