The Australian government is considering ways to strengthen the existing financial assurance regime for offshore oil and gas titleholders, to better insulate taxpayers against future decommissioning liabilities, Resources Minister Madeleine King told Parliament. In 2021, Parliament passed reforms with bipartisan support that prevented companies from selling off ageing oil and gas assets, unless the Commonwealth can be assured that the new owners of those assets have the capacity to meet their decommissioning liabilities.
PERTH – The Australian government is considering ways to strengthen the existing financial assurance regime for offshore oil and gas titleholders, to better insulate taxpayers against future decommissioning liabilities, Resources MinisterIn 2021, Parliament passed reforms with bipartisan support that prevented companies from selling off ageing oil and gas assets, unless the Commonwealth can be assured that the new owners of those assets have the capacity to meet their decommissioning...
“Over time, we want to improve the government’s ability to monitor and assess the financial mechanisms that the offshore resources industry has in place to pay for future decommissioning activity. The federal government has been responsible for maintaining the Northern Endeavour and associated subsea facilities since February 2020 after its owners, the Northern Oil and Gas Australia group of companies, were placed in liquidation. The Northern Endeavour stopped producing oil in 2019.
“The Northern Endeavour illustrated that inadequate maintenance, regulatory gaps and poor planning pose a significant risk to the safe management of ageing oil and gas infrastructure in this country. King told Parliament that decommissioning work at Northern Endeavour continued apace, with work now under way to prepare for the next stage of the programme which will involve the plugging of existing oil wells and the removal of infrastructure on the seabed.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
UK resists calls to label China a threat following claims a Beijing spy worked in ParliamentThe British government is resisting calls to label China a threat to the U.K.. The calls are coming from some politicians after the revelation that a researcher in Parliament was arrested earlier this year on suspicion of spying for Beijing.
Read more »
Thailand's new prime minister tells Parliament his government will urgently tackle economic woesThailand’s new Prime Minister Srettha Thavisin has vowed to act quickly to relieve the country’s economic problems in his inaugural speech to Parliament.
Read more »
Thailand's new prime minister tells Parliament his government will urgently tackle economic woesThailand’s new Prime Minister Srettha Thavisin has vowed to act quickly to relieve the country’s economic problems in his inaugural speech to Parliament.
Read more »
Hurricane Lee generates big swells along northern Caribbean while it churns through open watersHurricane Lee is whipping up waves of more than 15 feet as the Category 3 storm cranked through open waters just north of the Caribbean region.
Read more »
Hurricane Lee generates big swells along northern Caribbean while it churns through open watersHurricane Lee is whipping up waves of more than 15 feet as the Category 3 storm cranked through open waters just north of the Caribbean region
Read more »
Sami activist sets up camp outside Norway parliament to protest wind turbinesAn Indigenous Sami activist set up camp outside the Norwegian parliament on Monday to protest against wind turbines built on land traditionally used by Sami reindeer herders, saying he will stay there as long as the turbines remain in place.
Read more »