Federal Resources Minister Madeleine King has stated that the offshore gas industry will not face any further tax changes. She made this announcement before an industry conference in May, saying that the changes announced in the federal budget regarding the Petroleum Resource Rent Tax (PRRT) will end the review initiated by former treasurer Scott Morrison. The PRRT’s tax deduction cap on offshore projects located in Australian waters will generate an additional $2.4 billion in revenue over the next four years, albeit some critics consider this amount to be too modest given the tripled gas company profits. Over 2,000 representatives are attending the Southern Hemisphere’s largest oil and gas conference in Adelaide, where governments aim to balance producer demands and the cost of living pressures. The escalating gas prices in the region are negatively affecting local manufacturers and households, but the government intends to manage the risk of further east coast supply shortages by imposing new powers this winter. Minister King invites industry members to contribute to a Future Gas Strategy that harmonises energy security with affordability and investment certainty. Additionally, the government intends to provide regulatory assurance for offshore carbon capture and storage initiatives following the example of the United States. The Australian Petroleum Production and Exploration Association (APPEA) applauds Minister King’s realistic strategy to outline the future role of gas in the energy transition, including the development of new gas fields. The APPEA chair, Meg O’Neill, says that it will signal Australia’s openness to doing business with its regional partners. However, there remains a dearth of clarity from the coalition on PRRT. Labor is therefore finding it difficult to garner support to enact the new laws. The Greens have shown skepticism regarding the matter preferring to disable the fossil fuel sector, whilst some important crossbenchers are in favour of a more stringent tax regime. Opposite Leader Peter Dutton’s speech at the forum on May 18 could signal his views on this topic, while Labor aims to secure bipartisan support for this critical industry. This year’s APPEA conference theme is “Lead, Shape, Innovate: Accelerating to Net Zero,” and O’Neill vows to re-emphasize the industry’s role as a solution rather than a “passive observer or a casualty” of the Australian and global race towards achieving a net-zero economy.