"I intend to release it publicly, including a comprehensive government response," the minister told journalists at the SEAAOC conference in Darwin this morning.
The minister also announced he will have a single national offshore petroleum regulator in operation by January 2012.
His comments come as the government released its final response to three reports designed to improve the safety of Australia's offshore petroleum industry.
The reports stem from the 2009 Offshore Petroleum Safety Regulatory Inquiry - marine issues, the 2009 Offshore Petroleum Safety Regulatory Inquiry - best practise and the effectiveness of NOPSA, and the 2008 Review of NOPSA Operational activities.
In total, the three reports comprised 34 recommendations and 16 findings, revealing some consistent themes including the need for clarity regarding the framework and coverage of the legislation and regulations, and administrative and operating policies and practices of NOPSA.
Ferguson said the government has already taken steps on the recommendations and findings to clarify the framework and coverage of the offshore safety legislation and regulations
This includes providing NOPSA with power to regulate non-OHS structural integrity matters and addressing health and safety issues arising from the rapid growth in the industry and incorporation of new and large-scale technologies.
"The government is committed to making our offshore petroleum industry among the best and safest in the world," he said.
"The government's final response follows valued contributions and feedback from industry and other stakeholders on the draft responses released earlier this year.
"We support the majority of the recommendations and findings stemming from the three reports. Working together, I'm confident that we can reduce the number and severity of safety lapses and hydrocarbon releases."
The move to a single offshore regulator comes as both the industry and government grapple with the aftermath of the Montara oil spill in the Timor Sea resulting from a blowout of PTTEP's Montara wellhead platform last year.
However, the move to an offshore regulator lacks consensus, with the WA state government reluctant to agree to setting up a federal regulator.
Ferguson told journalists he would make sure he included all states and a proper consultation process, and believes "we all have to front up to our responsibilities to get the best regime in place rather than thinking about state or commonwealth rights".
