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Kick PTTEP out of Australia? – not likely
The Montara inquiry report has led to a bit of push and shove from the minister responsible, Martin Ferguson. He is making noises about the cancellation of operator, PTTEP’s, Australian licences.
This won’t happen for a couple of reasons. PTTEP is exactly the kind of mid-tier petroleum company the Australian industry needs to attract to our coast. While the ExxonMobils and Chevrons are needed for the heavy lifting, it’s those companies a tier down such as Apache and - more recently - Hess that are creating another level of significant activity in the regional industry. Being a relatively small and remote market on a world scale, Australia has relied on political and regulatory stability as one of the main attractions for foreign-based companies to do
business here. It doesn’t want to be associated with headlines such as “Australian government revokes exploration licences …” on top of the mining tax royalty issue.
Also the regulators have painted themselves into a corner by continuing to allow PTTEP to expand its Australian presence via acquisitions and farmins following the Montara spill. Since the incident in August 2009, PTTEP increased its holdings in Browse Basin WA-378-P, WA-396-P & WA-397-P; acquired Timor Sea AC-P-33; and purchased OMV’s Timor Sea assets. Meanwhile it blithely continues with its plans to restart production at Montara in the second half of next year.
Oil & Gas Radar thinks most of Ferguson’s headmaster-like bluster is a show for the Greens, with PTTEP playing its role as the naughty pupil. The Greens have for several months asked for the inquiry report to be released, and questioned why PTTEP was allowed to continue expanding in the industry with Montara hanging over its head. In the new political paradigm in federal parliament, the government needs to keep its Greens mates on side.
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29 พ.ย. 53 09:22:13
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Daily TFEX and DW Discussion 29/11/2010
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