Abstract
Offshore decommissioning is complex, challenging (both legally and operationally) and costly. With the rise in the number of fields approaching end of life (or economic viability), the interest in decommissioning in and around Australian waters is set to increase in the near to medium future. The lack of established federal laws regulating all aspects of decommissioning opens the door for Australia to show innovative leadership in how best to tackle end of life asset management in the oil and gas sector. Australia’s learning in this area will be aided by the laws of jurisdictions that are better-versed and more experienced in offshore decommissioning, such as the United Kingdom, the United States and Norway. This paper will explore Australia’s current legal framework and the issues faced by Australia in this area. While clear policies and regulations are essential, this does not equate to a single rigid approach. A flexible (but consistent) approach is the ideal. By considering how international regulatory regimes for decommissioning may be adapted to Australia, the paper will propose actions regulators and participants in the industry can take now to prepare for and ride (rather than drown in) the decommissioning wave.
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