Legal Regulatory Framework for the Sustainable Extraction of Australian Offshore Petroleum Resources. A Critical Functional Analysis

The sustainable development of petroleum resources in Australia forms the study of this thesis. Sustainable development in this thesis is defined as development that meets the needs of the present without compromising the ability of the future generations to meet their own needs. It encompasses three interconnected pillars: economic development, social development and environmental protection. This thesis is confined to an analysis of the sustainable socio-economic extraction of Australia’s offshore petroleum resources. In extracting petroleum resources, there is a necessity for the State and private oil companies to enter into a long-term relationship to be able to exploit these resources. This brings many challenges: political, regulatory, economic, commercial and technological. These challenges are discussed, particularly in light of the tension that occurs between the commercial imperatives of private oil companies to generate profit, and the socio-economic imperatives of the Sate to ensure sustainability for future generations.