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Note 11: Related party disclosures

Related party relationships:

NOPSEMA is an independent statutory authority established under the Offshore Petroleum Greenhouse Gas Storage Act 2006. Related parties to NOPSEMA are Key Management Personnel, the Portfolio Minister, and other Australian Government entities.

Transactions with related parties:

Significant transactions with related parties can include:

  • the payments of grants or loans;
  • purchases of goods and services;
  • asset purchases, sales, transfers or leases;
  • debts forgiven; and
  • guarantees.

At the end of the reporting period, there was a receivable of $561,165 owed by the Department of Industry, Innovation and Science relating to levy revenue received on behalf of the Commonwealth (2018: $4,369,546). This amount was unsecured and interest-free.