Australian Energy Regulator Accuses Santos of Record-keeping Violations

Sameer Manekar
Thursday, October 19, 2023

Australia's energy regulator initiated on Thursday a lawsuit against Santos Ltd saying the oil and gas producer breached auction record-keeping rules between March 2019 and June 2021.

The Australian Energy Regulator (AER) started the proceedings in the Federal Court alleging that a unit of Santos failed to maintain essential records of material renominations across six different auction facilities on 4,701 occasions.

The regulator is seeking penalties, an order requiring implementation of a compliance program, and costs, among others.

At Day Ahead Auctions, companies make a nomination specifying the quantity of gas they expect to move from one location to another the next day, which allows any spare gas capacity to be auctioned.

Companies can file a renomination request to modify prior nomination subject to certain circumstances, and are required to make records of the changes and reasons.

Santos said the national gas rules introduced in March 2019 were complex, and although the regulator recognized the complexity, it implemented a strict compliance policy from day one, which is contrary to approach for other gas market regulation.

"The number of occasions alleged by the AER is of limited relevance to the outcome of these proceedings," the oil and gas producer said.

(Reuters - Reporting by Sameer Manekar in Bengaluru; Editing by Sherry Jacob-Phillips and Subhranshu Sahu)

Categories: Australia/NZ Regulations

Related Stories

CNOOC Signs Hydrocarbons Exploration and Production Deal with Kazakhstan

Thailand's PTT to Buy LNG from Glenfarne's Alaska LNG Project

Woodside and Jera Agree LNG Cargoes Supply for Japan’s Winter Period

Yinson Production Closes $1B Investment to Drive Further Growth

Petronas-Eni Upstream Joint Venture to Take Up to Two Years to Set Up

Wood JV Gets EPC Job for Shell off Brunei

Chuditch Gas Field Drilling Ops Get Delayed to Next Year

French Oil Major Acquires Interests in Multiple Blocks in Southeast Asia

UK Firm Secures Exploration Extension for Two Blocks off Vietnam

Woodside Inks Long-Term LNG Supply Deal with China Resources

Current News

Centrica and Thailand’s PTT Ink Long-Term LNG Supply Deal

Petrovietnam, Partners Sign PSC for Block Off Vietnam

Japan Protests China’s New Oil and Gas Construction Activities in East China Sea

CNOOC Signs Hydrocarbons Exploration and Production Deal with Kazakhstan

Thailand's PTT to Buy LNG from Glenfarne's Alaska LNG Project

Woodside and Jera Agree LNG Cargoes Supply for Japan’s Winter Period

Petronas Expands Suriname Portfolio with Deepwater Block Acquisition

Japanese Oil and Gas Firm Enters Two Blocks off Malaysia

Yinson Production, “K” LINE Target Europe's CCS with FSIU and LCO2 Solutions

Woodside Agrees Long-Term LNG Supply with Petronas Unit

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com