Note: Since the Petroleum Royalty Review final report dated 26 February 2020, further consultation has occurred with industry. As a result, some of the issues and recommendations in the reports have been updated. In particular, the commencement date of the new Volume Model has changed from 1 July 2020 to 1 October 2020. In addition, following industry feedback, the use of ‘industry benchmark indicators’ as a key input to the model has changed to using ‘actual sales revenue’ wherever possible, necessitating additional tiers for calculating royalty. Further, non-CSG petroleum is now incorporated into the Volume Model.