Topic:

Decommissioning trailing liability guidelines released for Australia's offshore community

Region: Australia
Content Types: Report
Date: Mar, 2022

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Expanded remedial direction provisions for offshore petroleum titles, referred to as trailing liability, came into effect on 2 March 2022.

These expanded the Government of Australia’s powers to call back titleholders, former titleholders, related bodies corporate, and related persons of current or former titleholders, to perform remedial work on offshore assets if required. The provisions apply to titles as they existed on or after 1 January 2021.

The strengthened provisions ensure that the risks and liabilities of petroleum activities remain the responsibility of the petroleum industry. Trailing liability is intended as an option of last resort and is expected to be used rarely. The primary obligation to decommission remains with the current titleholder.

The Government has now released the trailing liability for decommissioning of offshore petroleum property guideline which will help to understand the scope of the trailing liability provisions and provides general information on how these provisions may be applied.

Find the guide here: https://www.industry.gov.au/data-and-publications/trailing-liability-for-decommissioning-of-offshore-petroleum-property-guidelines

D&A Aus 2022

From 10-11 May, the first ever Decommissioning and Abandonment conference will be arriving in Perth, Australia to provide the offshore community with the best blueprint for the wave of decommissioning projects on the horizon. For more information, download the brochure here: https://offsnet.com/da-aus/conference-brochure

Or contact:

Erin Smith

Global Accounts & Australasia Regional Manager

Offshore Network

t: +64 289 900 118

e: This email address is being protected from spambots. You need JavaScript enabled to view it.