Northern Oil and Gas Australia bought the Northern Endeavour floating oil production vessel in the Timor Sea from Woodside in 2016 and went into liquidation in early 2020.
Decommissioning
If Woodside absorbs BHP's oil & gas assets new laws ensure the massive decommissioning liability falls to one of the companies, not the Australian taxpayer, unlike the Northern Endeavour.
Decommissioning
The Federal Government is seeking a contractor to move the troubled Northern Endeavour oil vessel but first it has to be made safe for towing.
Decommissioning
Australia's oil and gas industry has lost the fight not to bear the full cost of cleaning up after an oil vessel in the Timor Sea with a bankrupt owner.
Decommissioning
For every dollar Woodside saved in 2015 selling the Northern Endeavour, the oil and gas industry may have to pay back threefold after the Federal Government moved to protect ordinary taxpayers from the cost of decommissioning the vessel and oil field.
Decommissioning
Regulator NOPSEMA has wrested control of the schedule for cleaning up Australia's offshore oil and gas fields from tight-fisted operators in a move that may result in an offshore jobs boom later this decade.
Safety
While Australia's offshore oil and gas industry grew safety regulator NOPSEMA was troubled by cost-cutting operators, old wells to clean up and dealing with COVID-19.
Decommissioning
Resources Minister Keith Pitt warned ExxonMobil ceo Darren Woods he would tighten rules for selling offshore oil and gas assets and shortly after the US major canned its Bass Strait exit.
Decommissioning
The Government will spend $130 million to look after the Northern Endeavour in 2021 and has the oil and gas industry in its sights for the total bill of more than half a billion dollars.
Decommissioning
The Northern Endeavour saga gets murkier: court battles, Cabinet confidentiality, unspecified environmental problems and maybe a hefty bill for big oil and gas.
Decommissioning
Resources Minister Keith Pitt plans to stop big oil companies passing on decommissioning liabilities and make them contribute to the Northern Endeavour decommissioning bill.
Decommissioning
The Government has 'screwed up' with the Northern Endeavour oil vessel says Sen. Rex Patrick and the loophole that might cost $370 million remains five years after it was spotted.
Decommissioning
The burden on taxpayers from the failed Northern Endeavour vessel continues to grow - $10M in one month - while the Government decides what to do next.
Decommissioning
The Northern Endeavor mess started with Woodside paying to rid itself of a rusty ageing asset, ended with a $362 million liability for the Government and in between was a regulatory shambles.
Decommissioning
Northern Endeavour operator UPS and original owner Woodside are the two biggest recipients of Government spend on the failed oil vessel.
Decommissioning
North Sea expert recommends changes to stop a repeat of Woodside escaping a $360 million cleanup bill by paying a tiny inexperienced company to take an old rusty asset.
Decommissioning
While the idle Northern Endeavour costs $4 million a month, Government and industry are still talking about how to keep the clean-up bill below a possible $230 million.