As gas runs out in the Bass Strait the debate over how to dismantle massive offshore rigs is heating up
https://www.abc.net.au/news/2024-07-12/controversy-over-essos-plans-to-dismantle-offshore-gas-rigs/104076538?utm_source=abc_news_app&utm_medium=content_shared&utm_campaign=abc_news_app&utm_content=link
by jonno_5
7 comments
I think what would be best would be for the oil companies to set up a legally separate Special Purpose Vehicle. They’d then loan the SPV the money for the SPV to buy the derelict oil rigs from then. The SPV can then do essentially nothing for ten years or so, and finally declare bankruptcy. At which point the state can pay for whatever needs to be done.
Convert to other use when possible?
https://www.bbc.com/future/article/20210126-the-richest-human-made-marine-habitats-in-the-world
Add wind turbines?
Just do what they normally do: abandon the infrastructure and take the fines as cost of business
Logic would have forced oil&gad companies to save money upfront for dismantling them, but logic ain’t part of their mantra, unless is linked to make big $$$.
Privatize profits, socialize costs.
Did somebody say *social housing?*