Endangered turtles and ‘exceptional’ coral at risk from Woodside’s gas drilling in WA, watchdog says
Exclusive: EPA flags oil spill risk from proposed gasfield and threat to pygmy blue whales
Oil and gas producers are required to plug and abandon wells and remove equipment when production ends.
Woodside sold the project to an insubstantial company to avoid a few hundred million in decommissioning costs: now it and its competitors will pay the price.
The US-owned company is seeking funds from investors to stay a going concern while it awaits state and Federal approval.
UK-listed Georgina Energy plans to drill in the remote Little Great Sandy Desert in search of helium, hydrogen and natural gas.
The majority owner of the Cliff Head platform has called in administrators and other oil and gas producers will likely shoulder the cost.
The failure of Cliff Head's owners, Pilot Energy and Triangle Energy, to meet payroll does not bode well for their ability to pay the $200 million decommissioning cost.
Pilot Energy and Triangle Energy - two listed minnows with no revenue - may struggle to afford to decommission the Cliff Head platform off the WA coast.
No profit, falling production, inadequate maintenance, a safety plan in limbo and a big clean-up if exploration fails: challenges aplenty at the Canadian company's only offshore facility.
Santos' decommissioning liability matches a quarter of its $22b value, but its disclosures to investors fared poorly against the latest accounting standards, according to an international survey.
Pilot Energy is a going concern, but its accounts report "a material uncertainty which may cast significant doubt" on that continuing.
SGH's decade of neglect of its Longtom gas field off the Gippsland coast is "an erosion of good industry practice" according to NOPSEMA.
A Federal Court win could mean all offshore oil and gas producers would need to prove they can afford their share of a $62 billion cleanup.
Regulator NOPSEMA has directed Woodside to properly plan its work after a series of preventable safety incidents off the WA and Victorian coasts.
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