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

Levy sparks alarm in energy industry

Original article by Perry Williams
The Australian – Page: 19 : 13-May-21

Industry body APPEA has expressed concern about the federal government’s proposed levy on the nation’s offshore oil and gas industry. The Budget measure will help fund the cost of decommissioning the Northern Endeavour floating platform and the associated Laminaria and Corallina oil fields in the Timor Sea. APPEA Andrew McConville says other options should be considered, warning that the levy is a "terrible precedent" that could adversely affect the domestic economy and jobs in the oil and gas sector.

CORPORATES
AUSTRALIAN PETROLEUM PRODUCTION AND EXPLORATION ASSOCIATION LIMITED

Call for 10pc royalty on offshore gas amid boom

Original article by Ben Butler
The Australian – Page: 22 : 14-Dec-18

The federal government gained $946m in revenue from the petroleum resource rent tax in 2017, according to data from the Australian Taxation Office. However, the McKell Institute estimates that revenue from the PRRT could increase by $2.8bn a year if a 10 per cent royalty were to be imposed on offshore gas projects. The left-wing think tank argues that the PRRT was designed primarily to encourage the development of marginal oil projects and has little relevance to Australia’s booming gas industry.

CORPORATES
AUSTRALIAN TAXATION OFFICE, McKELL INSTITUTE, CHEVRON CORPORATION, EXXONMOBIL CORPORATION, BHP GROUP LIMITED – ASX BHP, ESSO AUSTRALIA PTY LTD, THE TAX INSTITUTE

Woodside has offshore platform lithium-ion battery breakthrough

Original article by Angela Macdonald-Smith
The Australian Financial Review – Page: 13 : 22-Aug-17

Oil and gas producer Woodside Petroleum will reduce its energy costs and carbon emissions by installing a lithium-ion battery storage system on one of the North West Shelf’s offshore platforms. CEO Peter Coleman says Woodside considered renewable energy options before opting to replace one of the gas turbine generators on the Goodwyn offshore platform with battery storage. The battery system is expected to reduce the platform’s carbon emissions by around five per cent, and Woodside may roll out the technology at other NWS platforms if it proves to be successful.

CORPORATES
WOODSIDE PETROLEUM LIMITED – ASX WPL, ABB GROUP

LNG projects risk start delays

Original article by Angela Macdonald-Smith
The Australian Financial Review – Page: 13 & 18 : 25-May-15

Wood Mackenzie has forecast that several major LNG projects in Australia will not commence production on schedule. The consulting firm expects Inpex’s Ichthys project to begin production in 2017 rather than late 2016, although Inpex executives have recently indicated that the original timeframe will be met. Wood Mackenzie also anticipates that the Wheatstone and Gorgon projects will face delays in commencing production.

CORPORATES
WOOD MACKENZIE, INPEX CORPORATION, CHEVRON CORPORATION, SAMSUNG HEAVY INDUSTRIES COMPANY LIMITED, ROYAL DUTCH SHELL PLC, DAEWOO CORPORATION, ICHTHYS LNG PTY LTD, WOODSIDE PETROLEUM LIMITED – ASX WPL, CHEVRON AUSTRALIA PTY LTD, DEUTSCHE BANK AG, MACQUARIE PRIVATE WEALTH MANAGEMENT PTY LTD