Offshore Oil and Gas Operators Financial Assurance Review

Location: Australia; Australasia

​The Australian Offshore Petroleum and Greenhouse Gas Storage Act (2006) was amended in 2013 requiring titleholders to maintain financial assurance suffcient to meet the potential costs, expenses and liabilities arising from their petroleum activities.

Cardno was commissioned by the National Offshore Petroleum Safety and Environmental Management Authority to conduct an independent review of a proposed method for determining financial assurance levels. Cardno’s oil spill response specialists from across the globe were engaged to review the financial implications of known spill events and to assess the appropriateness of the proposed guidelines for determination of financial assurance, developed by the Australian Petroleum Producers and Exploration Association.