Oil and Gas Policy

Australia's oil and gas belongs to the Australian people - yet for decades, Labor and Coalition governments have failed to secure a share of these resources for the nation. One Nation's Oil and Gas Joint Venture and Tax Policy will give Australians direct ownership of their natural resources, deliver stable returns to the budget, and secure our fuel supplies for generations to come.

Our plan includes:

Direct Public Ownership of Our Resources

• Introduce a natural resource joint venture scheme, funding 30% of exploration costs in Commonwealth waters in exchange for an equity stake of up to 30% in any resulting production licences.
• Hold these interests in the Australian Natural Wealth Investment Corporation (ANWIC), a Commonwealth-owned investment vehicle - partnering with industry, not fighting it.
• A 30% stake in a project like WA's Scarborough Project could return up to $20 billion over its life and supply up to 9% of Australia's LNG needs.

A Fair and Predictable Resource Tax

• Abolish the failed Petroleum Resource Rent Tax (PRRT) on new projects and replace it with a simple royalty on the wellhead value of all oil and gas extracted - so Australians are paid for every project, every time.
• Limit uplift on existing PRRT expenditure to the Long Term Bond Rate, ending the runaway indexing that lets major projects pay no tax at all.

Fuel Security and a Stronger Industry

• Use Australia's equity share of oil and gas to meet the 90-day fuel reserve recommendation, with all storage onshore.
• Slash red, green, blue and black tape, limit project approvals to 6 months, and drop Net-Zero policies that drive investment offshore.

This is the proven model Norway used to turn its oil and gas into the world's largest sovereign wealth fund - now worth around US$2 trillion. One Nation will do the same for Australia.

Read the full Oil and Gas Joint Venture and Tax Policy document below.