The changes include an extension of two years to the term of all current authority to prospect exploration work programs, increasing a full term from four years to six years and a deferral of the associated relinquishment of a tenure area to the end of the six-year mark.

The Australian Petroleum Production and Exploration Association welcomed the news, saying it was a positive reform that provided a strong foundation for growth in the onshore oil and gas sector.

“The changes represent a common-sense approach to resource development in Queensland that takes into account the many unforeseen pressures on company work schedules,” APPEA eastern Australia chief operating officer Paul Fennelly said.

“They provide greater flexibility in planning projects that meet energy needs here and abroad, employ thousands of people and generate economic activity in Queensland.

“A strong resource exploration sector is the backbone of the state’s resource industry, ensuring continued future access to high quality deposits.

“To sustain the contribution of Queensland’s petroleum resources to the state’s economic performance in the longer term, additional high quality resources must be discovered and developed.

“Legislative changes such as these are a vital part of the Resources Q initiative that sets out a 30-year strategic pathway seeking to address sliding competitiveness and secure global investment in Queensland resources.

“The changes demonstrate a strong commitment by the Queensland government to ongoing growth in the sector.”

According to the Queensland Department of Natural Resources and Mines, the lease extension will allow time for a renewal to be considered under the amended legislation.

Companies holding leases will be able to finalise the lease renewal under current laws if they wish.

The amendments are scheduled to take effect mid-year, with broader reform of land legislation intended to take place into next year.