Australia’s offshore oil and gas industry has reliably supported Australia’s energy security and economic activity through over 50 years of safe and responsible development of our energy resources. As Australia’s offshore oil and gas industry matures, there will be an increase in mid-to-late-life asset management considerations, including managing declining production while preparing to decommission.
Ahead of this, to ensure there is regulatory certainty, we have reviewed the existing legislative, regulatory and policy requirements for offshore oil and gas decommissioning.
The enhanced framework considers our initial consultation as well as the Walker Review. It aims to ensure the Australian regime for decommissioning is clear, fit for purpose and leading practice.
Key elements of the enhanced framework include:
The enhanced framework includes a range of proposed legislative, regulatory and policy changes. We seek your views to inform the implementation of the framework outlined in the paper.
We are considering the comments from stakeholders to inform implementation of the framework. In 2021, we will provide the final framework to government for consideration.