Upstream operators of oil and gas fields in New Zealand will now be required by law to carry out and fund the decommissioning of projects at the end of their productive life, after legislation was given Royal assent this week, said New Zealand energy and resources minister Megan Woods.
The passage of the Crown Minerals (Decommissioning and Other Matters) Amendment bill, which was first introduced to parliament in June will mitigate the risk to the New Zealand government and taxpayer of having to fund decommissioning if a permit or licence holder is unable to do so, Woods said in a statement.
News article on 03 December 2021 by Kevin Morrison from argusmedia.com
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