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This paper is a response to the recent changes to the Offshore Petroleum Law in Australia. It will focus on previous offshore legislation, the current offshore petroleum legislation, and policy changes associated with the new offshore legislation. Specifically, it will consider a brief history of Commonwealth offshore petroleum legislation and associated policy, and the Offshore Petroleum Act 2006 (Cth) itself. Most importantly, it will focus on likely future offshore petroleum policy changes identified by government and industry, and the impact on the upstream petroleum industry. Other possible sources of policy change will be considered, including the impact of Hubbert's "Peak Oil" theory.