Insights into Decommissioning Practices in the Energy Sector
Understanding the global landscape of decommissioning practices in the energy sector, this article highlights the challenges and opportunities faced by Australia in managing decommissioning projects. Topics include industry guides, financial security options, regulatory frameworks, and the need for legislative reform. Learn from existing experiences to optimize decommissioning strategies and ensure environmental and financial sustainability.
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Bruce Lake Vermilion Decommissioning
Decommissioning has already taken place in Australia Decommissioning of newer, larger facilities starting to enter planning phase Decommissioning Globally, substantial decommissioning has already occurred, and as technical solutions have evolved, so have frameworks Consequently, there is an opportunity for Australia to learn from the experience of others.
Industry guide on Decommissioning Planning, Finance and Liabilities developed Maximise late life field production Decommissioning Planning, Finance & Liabilities Establish trigger points for decommissioning Provide guidance on security values
Industry guide provides a number of options for financial security that aim to: Minimise the impact on existing cash flows Decommissioning Planning, Finance & Liabilities Not impair the ability to fund future developments Allow flexibility and recognize the varying financial capacity of companies
Decommissioning review initiated in October 2018 The Commonwealth Decommissioning Framework Review Focuses primarily on environmental and well integrity outcomes, and regulatory oversight Discussion paper comments received in January 2019 Policy Options paper expected to be released late 2019
Independent Science funded by Industry Submissions closing 30thSeptember NDRI National Decommissioning Research Initiative www.ndriaustralia.org Project awards expected in January 2020 Phase 2 would expect funding from other key stakeholders including Commonwealth
Legacy issues need addressing Legislative reform: industry serious on getting best outcomes Where to from here? Numerous opportunities for learning from overseas More work to do
