The offshore oil and gas industry has reliably supported Australia’s energy security and economic activity over 50 years of safe and responsible development of our energy resources. As Australia’s offshore petroleum industry matures, there will be an increase in mid-to-late-life asset management considerations. This includes managing declining production while preparing to decommission.
Ahead of this, in 2018 our department started a review of Australia’s offshore decommissioning framework. The review aimed to ensure the framework is fit for purpose and remains leading practice. It also ensures Australia is positioned to respond to decommissioning challenges and opportunities now and into the future.
We have completed our review and now seek views on the proposed framework, with a particular focus on comments to inform implementation of the proposed measures.
Key elements of the enhanced framework include:
Consultation closes on 22 January.
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