AUSTRALIA—SOVEREIGN RISK AND THE PETROLEUM INDUSTRY

2005 ◽  
Vol 45 (1) ◽  
pp. 191
Author(s):  
D. Young ◽  
R. Brockett ◽  
J. Smart

Australia has rejoiced in its reputation for having low sovereign risk and corresponding rating, for decades. This reputation was bruised in the first decade after the High Court introduced Native Title into Australian law by the legislative response of the then Government, but has since recovered, and enjoys the world’s lowest country risk rating, and shares the worlds best sovereign risk rating with the USA. A number of government precipitated occurrences in recent times, however, raise the question: for how long can this continue?This paper tracks the long history of occasional broken resource commitments—for both petroleum and mining interests—by governments at both State and Federal level, and the policies which have driven these breaches. It also discusses the notorious recent cancellation of a resource lease by the Queensland Government, first by purporting to cancel the bauxite lease and, after legal action had commenced, by a special Act of Parliament to repeal a State Agreement Act. This has raised concerns in boardrooms around the world of the security of assets held in Australia on a retention, or care and maintenance basis.The paper also looks at the cancellation of the offshore prospecting rights held by WMC, with no compensation. This was a result of the concept that rights extinguished by the Commonwealth, with no gain to the Commonwealth or any other party do not constitute an acquisition of property, thereby denying access to the constitutional guarantee of ’just terms’ supposedly enshrined in the Australian Constitution where an acquisition has occurred.Some other examples are the prohibition on exploration in Queensland national parks last November. This cost some companies with existing tenures a lot of money as exploration permits were granted, but then permission to do seismic exploration refused (Victoria). Several losses of rights occurred as a result of the new Queensland Petroleum and Other Acts Amendment Act after investments have been made.Changes in fiscal policy can also impact on project viability, and some instances of this are considered.This paper also explores ways these risks can be minimised, and how and when compensation might be recovered.

2002 ◽  
Vol 42 (2) ◽  
pp. 163
Author(s):  
Doug Young ◽  
Stuart MacGregor

This year is the 10th anniversary of the High Court’s decision in Mabo [No 2]. This paper presents a potted version of what has occurred over the past decade and then a more detailed summary of what has happened over the past year, including recent native title and cultural heritage cases and legislative amendments and their impact on both onshore and offshore petroleum explores and producers. It also looks at the issues likely to be considered by the High Court in the long-awaited decision in the Miriuwung Gajerrong (Ward) case.


2006 ◽  
Vol 46 (1) ◽  
pp. 611 ◽  
Author(s):  
G. Scott

Since the introduction of the Native Title Act 1993 (Cth) and its subsequent amendment in 1998, the main focus for developing pipeline projects was on native title issues. Cultural heritage was seen as a more operational matter and not one that would affect the ability to operate or construct pipelines. With higher standards being set by the High Court for native title claimants to maintain a claim, the management of cultural heritage issues (as opposed to the protection of native title rights) are now forming a significant part of negotiations between project proponents and indigenous groups for the development of petroleum projects.State, Territory and Commonwealth legislation dealing with Aboriginal cultural heritage also provides a more immediate source of obligations on project proponents. Even when all regulatory authorities and approvals are held, this legislation can provide affected parties the ability to stop projects if proponents ignore the requirements to protect and manage Aboriginal cultural heritage.This paper briefly examines how cultural heritage issues and native title issues interact from a practical viewpoint and then goes on to provide an overview of cultural heritage legislation throughout Australia including a focus on the unique model adopted in Queensland through the introduction of the ‘cultural heritage duty of care’.This paper then provides examples of what companies will need to do to comply with statutory obligations in minimising harm to cultural heritage through examples of common inclusions in cultural heritage management plans, together with identifying issues that are often forgotten to the detriment of a project in such plans. It also points out why cultural heritage issues may need more immediate actions in comparison with native title issues for the development and construction of new petroleum projects.


1994 ◽  
Vol 34 (2) ◽  
pp. 174
Author(s):  
Frank M. Hooke

The judgement of the High Court of Australia in 1992 in Mabo v. Queensland has had a major impact on land law in Australia.The Native Titles Act, 1993, is the first of what will be many steps in a long, complex legislative program to integrate 'native title', into Australia's land law.Those drafting the Native Title Act seemed to have concentrated on dealing with 'native title' issues in isolation and to have ignored or put to one side the need for it to mesh with other aspects of land law. This has created uncertainty for many users of land and will require review.Although the contrary was intended, the Act creates, in practical terms, significant uncertainty for renewal of existing oil and gas exploration and production titles. It also has implications for applicants for new titles and in due course for farmouts and assignments.Eventually additional legislation will be required to clarify the relationship of native title with the other areas of land law.


Author(s):  
Terence Young ◽  
Alan MacEachern ◽  
Lary Dilsaver

This essay explores the evolving international relationship of the two national park agencies that in 1968 began to offer joint training classes for protected-area managers from around the world. Within the British settler societies that dominated nineteenth century park-making, the United States’ National Park Service (NPS) and Canada’s National Parks Branch were the most closely linked and most frequently cooperative. Contrary to campfire myths and nationalist narratives, however, the relationship was not a one-way flow of information and motivation from the US to Canada. Indeed, the latter boasted a park bureaucracy before the NPS was established. The relationship of the two nations’ park leaders in the half century leading up to 1968 demonstrates the complexity of defining the influences on park management and its diffusion from one country to another.


1987 ◽  
Vol 19 (3-4) ◽  
pp. 633-643
Author(s):  
William F. Garber

The history of human society is replete with examples of advances in technology overrunning the ability of societal organizations to efficiently handle the resulting massive societal dislocations. The social impacts of the “Industrial Revolution of the 18th and 19th Centuries” illustrate how profound such effects can be. The automation-computer-robotics revolution now underway also has the potential for serious societal changes. In this regard public works activities are subject to increasing amounts of automation with impacts upon current and net total employment and training needs. To evaluate the present status of automation in the USA, questionnaires were sent to public works authorities in 110 cities or agencies. The current degree of automation, the impact upon employment and the skills now needed by public works employers were queried. It was found that in most cases automation was just starting; but that as complete automation as was possible was inevitable given the increasing complexity of the tasks, the demands of the public and the long term prospects for public works funding. In many cases the candidates now in the work force were not properly trained for automation needs. Retraining and changes in the educational system appeared necessary if the employees now needed were to be continuously available. Public works management as well as several labor organizations appeared to be aware of this need and were organizing to handle the training problem and the changes in employment qualifications now necessary. It appeared to be a consensus that the larger societal effects of automation should be handled by society as a whole.


Author(s):  
Alan D. Roe

Into Russian Nature examines the history of the Russian national park movement. Russian biologists and geographers had been intrigued with the idea of establishing national parks before the Great October Revolution but pushed the Soviet government successfully to establish nature reserves (zapovedniki) during the USSR’s first decades. However, as the state pushed scientists to make zapovedniki more “useful” during the 1930s, some of the system’s staunchest defenders started supporting tourism in them. In the decades after World War II, the USSR experienced a tourism boom and faced a chronic shortage of tourism facilities. Also during these years, Soviet scientists took active part in Western-dominated international environmental protection organizations, where they became more familiar with national parks. In turn, they enthusiastically promoted parks for the USSR as a means to reconcile environmental protection and economic development goals, bring international respect to Soviet nature protection efforts, and help instill a love for the country’s nature and a desire to protect it in Russian/Soviet citizens. By the late 1980s, their supporters pushed transformative, and in some cases quixotic, park proposals. At the same time, national park opponents presented them as an unaffordable luxury during a time of economic struggle, especially after the USSR’s collapse. Despite unprecedented collaboration with international organizations, Russian national parks received little governmental support as they became mired in land-use conflicts with local populations. While the history of Russia’s national parks illustrates a bold attempt at reform, the state’s failure’s to support them has left Russian park supporters deeply disillusioned.


2020 ◽  
Vol 21 (2) ◽  
pp. 143-148
Author(s):  
Michael W. Overton

AbstractBovine respiratory disease (BRD) is a frequent disease concern in dairy cattle and is most commonly diagnosed in young dairy heifers. The impact of BRD is highly variable, depending on the accuracy and completeness of detection, effectiveness of treatment, and on-farm culling practices. Consequences include decreased rate of weight gain, a higher culling risk either as heifers or as cows, delayed age at first service, delayed age at first calving, and in some cases, lower future milk production. In this data set of 104,100 dairy replacement heifers from across the USA, 36.6% had one or more cases diagnosed within the first 120 days of age with the highest risk of new cases occurring prior to weaning. Comparison of the raising cost for heifers with BRD and those without a recorded history of BRD resulted in an estimated cost per incident case occurring in the first 120 days of age of $252 or $282, depending upon whether anticipated future milk production differences were considered or not. Current market conditions contributed to a cost estimate that is significantly higher than previously published estimates, driven in part by the losses associated with selective culling of a subset of heifers that experienced BRD.


2019 ◽  
Vol 12 (11) ◽  
pp. e231694 ◽  
Author(s):  
Harry Ross Powers ◽  
Mark Anthony Diaz ◽  
Julio C Mendez

A 25-year-old Filipino woman living in the USA was evaluated for a 5-month history of left eye pain and a subsequent orbital mass. Histopathological analysis of the lacrimal mass showed a mixed inflammatory process with necrotising granulomas and positive cultures for Mycobacterium tuberculosis. She was treated with antituberculosis therapy, with resolution of symptoms. Tuberculosis dacryoadenitis is extremely rare in the USA and other developed countries. It requires a high degree of clinical suspicion with special attention to the patient’s history to make the correct diagnosis. It can be treated successfully with antituberculosis therapy.


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