Aussie NWS condensate excise may herald tax breaks

Commenting on the step in the federal budget to remove the North West Shelf (NWS) project's exemption from paying crude oil excise on condensate produced with the gas, Australia's Resources Minister Martin Ferguson said the exemption was granted 25 years ago in a bipartisan agreement to he...

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Bibliographic Details
Published in:The Oil & gas journal 2008-06, Vol.106 (21), p.25
Main Author: Wilkinson, Rick
Format: Magazinearticle
Language:English
Subjects:
Capital costs
Crude oil
Excise taxes
Petroleum production
Tax exemptions
Online Access:Get full text
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Summary:Commenting on the step in the federal budget to remove the North West Shelf (NWS) project's exemption from paying crude oil excise on condensate produced with the gas, Australia's Resources Minister Martin Ferguson said the exemption was granted 25 years ago in a bipartisan agreement to help establish the NWS project. However, today, at a time of record oil prices and rising LNG prices, the exemption can no longer be justified. Meanwhile the reaction from the NWS JV, led by Woodside Petroleum, is less than favorable Woodside's CEO Don Voelte said the condensate exemption was not a loophole that was being closed, nor a free ride that was ending.
ISSN:0030-1388
1944-9151