Australia has passed legislation that could set a precedent for who pays to clean up the fossil fuel industry in Asia, making former owners of oil and gas fields responsible for the costs of dismantling facilities if later owners fail.
Thailand wants Chevron to pay the full rehabilitation costs of around $2 billion for the Erawan field, including assets it is due to hand over to PTTEP.
In Malaysia, if a company's operating contract has expired before decommissioning work is done, the work is picked up by state-owned Petronas, exposing it to issues such as currency risk, which can blow out rehabilitation costs. Indonesia, the most proactive on tackling abandonment issues over the past several years, requires operators to set aside funds for decommissioning.
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