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This paper argues that Australia’s present petroleum policy does not encourage the sustainable development of State-owned offshore petroleum resources. It outlines the development of Australia's petroleum policy, highlighting the current commercial policy focus on international competitiveness, which fails to contribute to the sustainable development of the petroleum resources for present and future generations. In order to generate policy options for Australia to encourage sustainable development of its petroleum resources, this paper examines the petroleum policy framework of Norway, which is viewed as an example of best practice in the sustainable development of petroleum resources for the benefit of present and future generations. By comparing Australian and Norwegian petroleum policies, and heeding the lessons from the Norwegian experience, this paper suggests possible policies for Australia in order to sustainably develop its offshore petroleum resources for the benefit of all Australians.
This document has been peer reviewed.