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U.S. oil majors Exxon Mobil Corp and Chevron Corp on Thursday branded Australia s proposed industry-wide levy to cover the cost of decommissioning an offshore oil field, which neither has had any stake in, as arbitrary and disappointing .
The planned levy to remove facilities and plug abandoned wells at an oil field in the Timor Sea, off the northwest coast, could be a precedent-setting move with significant implications for extractive industries in Australia.
The government decided to impose the levy as it did not want taxpayers to have to cover the cost of rehabilitating the Laminaria-Corallina field in the Timor Sea after the owner, Northern Oil & Gas Australia (NOGA), went into liquidation in 2019.