by Ganesh Sahathevan
ASX listed Emperor Energy Ltd has informed the market:
Emperor Energy is pleased to announce that on 8th August 2023 an application was submitted to the National Offshore Petroleum Titles Administrator (NOPTA) for a 24-month extension of the Vic/P47 Exploration Permit Year 1-3 work program commitments, along with a corresponding 24-month extension of the permit term.
Emperor Energy application for the permit extension is justified on the basis of a ‘Force Majeure’ event followingthe decision in the Federal Court of Australia on 21 September 2022 Tipakalippa v National Offshore PetroleumSafety and Environmental Management Authority (NOPSEMA) (No 2) [2022] FCA 1121 (Santos Barossa project). In this decision, the Federal Court “set aside” (overturned) the NOPSEMA decision to approve the Barossa Gas Project owned by Santos. The key reason for the decision was related to how NOPSEMA had assessed whether the Barossa Gas Field Environment Plan demonstrated appropriate identification of, and then consultation with, relevant persons as required by the applicable legislation and regulations. The outcome of this Federal Court decision has been a significant shift within the offshore petroleum industry in the approach required to be taken by titleholders towards relevant person identification, mapping of relevant locations and the type of communications being undertaken. It has become clear that compliance with the revised NOPSEMA requirements results in a significantly longer and more complicated stakeholder consultation process. All offshore oil & gas projects including Emperor Energy are now required to complete a much more complex and extensive Environmental stakeholder consultation process. The court’s decision has had significantly disruptive impact across the offshore industry that has largely been brought to a halt of exploration activities.
As readers might recall the decision in Tipakalippa v National Offshore PetroleumSafety and Environmental Management Authority (NOPSEMA) (No 2) [2022] FCA 1121 (Santos Barossa project) involvced the court recognising Aboriginal myths.
As reported previously on this blog, the level of judicial and poltical risk in Australia has risen to levels where oil and gas explorers are better-off inevsting in exploration and productions assets in South East Asia.
Saturday, May 21, 2022
Malaysia and Indonesia can profit from incoming Australian Government's likely decision to shut down oil, gas and coal exploration and production-Australian capital, skills, and equipment can be redeployed to Malaysia, Indonesia for greenfield and EOR projects at relatively low costs
by Ganesh Sahathevan
The incoming Labor-Green government in Australia is committed to end oil, gas and coal exploration in Australia with immediate effect. Existing production is likely to be impeded, despite promises made by the incoming Labor Prime Minister Anthony Albanese.
Australian oil, gas and coal companies are faced with the prospect of terminating operations, or moving offshore. Many Australians in these industries have had experience in South East Asia, so relocating their operations to South East Asia, and in particular Malaysia and Indonesia where there are exploitable assets is a viable option.
Malaysia and Indonesia are in a position, with appropriate policy settings, to utilise Australian assets, including capital that must now be redeployed, to accelerate in particular exploration EOR projects.
'
END
No comments:
Post a Comment