The Australian government is seeking feedback on reforms to decommissioning and financial assurance arrangements for the offshore oil and gas industry.
The government released a consultation paper that outlines proposed reforms to strengthen the decommissioning framework.
Australia has up to AU$60 billion of offshore oil and gas decommissioning activities expected to occur in the next 30 to 50 years. The oil and gas industry needs to take the right steps to prepare for and undertake this work in a safe, timely and environmentally responsible manner.
The Offshore Decommissioning Directorate’s proposed reforms focus mainly on oil and gas projects, but the directorate is also seeking input on the regulatory regime for decommissioning greenhouse gas storage projects.
The directorate’s decommissioning roadmap sets out a path to build a globally competitive domestic decommissioning industry. The roadmap focuses on five key areas of opportuning, including ensuring the regulatory framework protects the environment and attracts investment.
The consultation paper invites feedback on the existing decommissioning framework in Australia and lessons from international and onshore frameworks.
The paper is also inviting feedback on proposed areas for reform, including financial planning and assurance, decommissioning and financial capacity risk assessments, and compliance and enforcement tools.
Feedback to the consultation framework will close on January 13, 2026.
