Australia to establish A$60b industry for decommissioning 1,000 offshore oil/gas wells, creating skilled jobs and supporting transition to low-carbon economy.

Australia must decommission about 1,000 offshore oil and gas wells by the early 2030s, equivalent to 110 Sydney Harbour bridges. Currently lacking decommissioning facilities, the Albanese government plans to establish a A$60 billion industry over 30-50 years to reclaim and recycle materials, creating skilled jobs. This initiative aims to support the transition to a low-carbon economy and will require enhanced regulations for transparency and public consultation.

September 24, 2024
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