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$394m Tui blowout prompts oil decommissioning laws

Ian Llewellyn
Wed, 23 Jun 2021

Yeah right: the government changes law to avoid another Tui cost blowout. (Image: Getty)
Ian Llewellyn
Wed, 23 Jun 2021
A law change to try and prevent the taxpayer having to pick up the bill for oil field decommissioning has been introduced into Parliament.While the oil and gas sector has welcomed the changes, there are concerns the retrospective nature of responsibilities proposed will further chill investment in the sector.The Crown Minerals (Decommissioning and Other Matters) Amendment Bill is the second law change following the collapse of oil and gas company Tamarind Taranaki.This resulted in the government being left to sort out the closure and clean up o...

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