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Californian oil and gas decommissioning is a $18.4 billion black hole, new research shows
The decline of oil and gas industry activity in California is leaving behind a massive decommissioning black hole totalling USD $18.4 billion, new research shows, amid falling production and reduced customer demand.
UK decommissioning facing crisis without urgent action, oil and gas regulator’s report confirms
A report released today by the UK’s oil and gas regulator confirms that decommissioning will require urgent intervention, as ballooning industry costs raise questions about whether firms can afford the clean-up they are legally required to perform.
BP’s planned North Sea exit raises alarm for UK to strengthen decommissioning regulation
The announcement that oil giant BP intends to exit the North Sea is a stark reminder for the UK government to strengthen its decommissioning regulation before any proposed sale, experts caution.
Pilot Energy collapse a ‘litany of regulatory failures’ impacting Australian investors and taxpayers
Pilot Energy collapse a ‘litany of regulatory failures’ impacting Australian investors and taxpayers. The voluntary administration of Pilot Energy has highlighted serious failures of federal regulators in Australia, experts have warned, with investors and taxpayers facing the biggest losses from the firm’s collapse.
Analysis: Who pays to clean up ageing oil and gas infrastructure?
Opinion piece by Rob Schuwerk, Redwater Head of Research: Who pays to clean up aging oil and gas infrastructure?
Submission: Redwater Insights’ submission to Australia’s Consultation on financial assurance reform for offshore decommissioning
The central purpose of any offshore decommissioning regime is simple in principle but difficult in practice: to ensure that oil and gas operators, rather than taxpayers, bear the full cost of decommissioning infrastructure at the end of its productive life.
Analysis: Letters from UN Experts on Niger Delta divestments heightens legal risk for companies
This weekend, the United Nations Working Group on Business and Human Rights and 6 other United Nations Special Rapporteurs – holders of officially mandated duties under international law, and appointed by the Human Rights Council of the United Nations – published letters written to four oil and gas companies (Shell, TotalEnergies, Exxon and Eni) that have recently sold their onshore Nigerian assets, expressing "grave concern" that these sales violate international human rights by avoiding clean up of pollution from oil extraction in the Niger Delta. The letters were also sent to Nigeria, the UK, the US, France, Italy and the Netherlands, where the group head of each entity is (and has been historically) domiciled, importantly noting that the host states also have obligations under human rights law to exercise reasonable due diligence regarding the extraterritorial activities of companies causing or contributing to "ecological disasters" abroad.
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