Energy giants hit with $1bn clean-up tax

Original article by Perry Williams
The Australian – Page: 13 & 18 : 30-Jun-21

APPEA CEO Andrew McConville warns that the federal government’s proposed levy on the nation’s offshore oil and gas industry will be a major disincentive for investment in the sector. The levy of $0.48 per barrel on offshore production would be used to help meet the cost of decommissioning the Northern Endeavour floating platform and associated oil fields in the Timor Sea. The levy would take effect on 1 July and is expected to cost about $367m a year, and potentially up to $1bn in total. A key criticism of the levy is the fact that it would apply to energy producers that had no exposure to the Northern Endeavour project.

CORPORATES
AUSTRALIAN PETROLEUM PRODUCTION AND EXPLORATION ASSOCIATION LIMITED

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