The objectives of these Regulations are to amend the Offshore Petroleum and Greenhouse Gas Storage Regulations 2021 —
(a) to extend the operation of those Regulations until 7 December 2031; and
(b) to increase existing prescribed fees, with an initial increase applying from 1 July 2024, and a further increase applying from 1 July 2025; and
(c) to convert existing prescribed fees into fee units.