The Australian Federal Government has taken the unprecedented step of securing the stranded floating production, storage and offtake vessel (FPSO) Northern Endeavour stationed at Laminaria/Corallina oil fields in the Timor Sea.
This follows the appointment of liquidators to the Northern Oil and Gas Australia (NOGA) group of companies which operated the FPSO.
Australia’s Resources Minister Keith Pitt, in his first week in the position following the sudden stepping down of previous minister Matt Canavan for political reasons, said he had established a temporary operations program to support the Northern Endeavour.
“It is vital that Australia’s oil and gas sector’s strong reputation for environmental safety and security is maintained,” he said.
Pitt said he regretted the absence of a commercial solution for NOGA, but the government will do everything it needs to protect the environment and the vessel which has been stationed at the field for 20 years.
The NOGA companies owe up to $164 million (Aus.) to creditors, including US lender Castleton Commodities and the Northern Endeavour’s former operator, GR Engineering’s Upstream Production Solutions.
