EXXON Mobil has raised fresh concerns over Federal Government plans to establish a world-first regulated carbon capture and storage system in Australia. The oil giant operates the Bass Strait oil and gas fields, which have been targeted as eventual homes for the storage of greenhouse gases from the planned $5 billion Monash Energy coal-to-liquids project in the Latrobe Valley, a joint venture between Shell and Anglo American. The Federal Government has been looking to clear the way for carbon storage in Bass Strait and other regions by making amendments to the Offshore Petroleum Act (2006). Resources and Energy Minister Martin Ferguson told the oil conference in Perth he hoped the amendments would be considered by Parliament later this year. The industry has yet to see the planned amendments and Exxon Mobil is nervous about what is on the way. It said that the issue of dual licences (oil/gas production and carbon storage) over the same reservoirs could "pose a significant risk to the integrity and production from fields like Bass Strait". "We remain cautious around any regulatory framework that allows carbon dioxide injection into or near operational oil and gas fields," Exxon Mobil said. Mr Ferguson acknowledged industry fears over the amendments. But he said the rights of existing petroleum titleholders would be protected.