Woodside and Santos pushed to disclose multi-billion dollar clean up 'time bomb'
Woodside and Santos face shareholder votes to reveal the cost to decommission their facilities as activists broaden their assault on the oil and gas industry beyond emissions and the warming climate.
“Investors must demand greater transparency on when infrastructure will reach end of life and the major assumptions driving estimated provisions,” he said.Mr Gocher said the actual cost to decommission facilities in Europe’s North Sea was found to be 76 per cent higher than the estimated cost. Both producers will release their 2021 annual reports this week. Any revisions to decommissioning obligations will be closely watched after a year when both the federal government made selling out of old assets more difficult and independent regulator NOPSEMA clamped down on continual delays to decommissioning.
In 2021, Santos sanctioned the $US3.6 billion Barossa development to supply its Darwin LNG plant and Woodside approved a $US12 billion project to develop the Scarborough gas field off WA and expand its Pluto LNG plant.
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