Latest news with #ChinaGuoxin
Sydney Morning Herald
a day ago
- Business
- Sydney Morning Herald
Moving on before cleaning up: Gas wells spark fears for the Kimberley
The regulator has now listed both the well-containing leases as pending cancellation, and said it prefers sites to be decommissioned and rehabilitated before cancellation takes place, because this facilitates access arrangements. Rey Resources, which sold the subsidiary and wells but remains their operator, has no apparent use for them and ascribes little value to them; before the sale it wrote down their value from nearly $5 million to $400,000 and its latest shareholder update gives no mention of them in its text or tenements map. But rather than plan decommissioning or rehabilitation, after the government knocked back its last environmental plans for the sites, Rey Resources lodged two fresh plans for only annual inspections and maintenance. Environmental group Lock the Gate says they also contain multiple inaccuracies; they do not reference or address the 44 breaches the regulator identified in 2021 that gave rise to the recent government directions notice, instead referencing a nearly decade-old inspection. They also refer to tanks and fences that Lock the Gate says no longer exist on the sites, and security measures Lock the Gate says were also not executed. Lock the Gate also says they contain passages that are obvious remnants of older documents. DEMIRS has estimated the cost to close an abandoned gas well at $1.5 million but that was in 2021 and an easier location, leading Lock the Gate to estimate that the clean-up for these three wells could exceed $5 million given their greater number. Operator Rey Resources hopes to strike it rich from its other leases, including the huge Derby Block tenement covering King Sound and the land adjacent to the wells. Shortly before announcing the China Guoxin deal, Rey applied to clear more than 3000 kilometres of grid lines across Derby Block for seismic testing, prompting fears from Lock the Gate that it lacked either the serious intention or capabilities to safely carry out such work in this high-value location, which is also subject to floods, extreme tides and cyclones. The applications then disappeared and in March, Rey lodged a new plan for Derby Block, which the regulator says it is 'screening'. The WA government has also listed the Derby Block tenement as under 12-month suspension with an extension application lodged in September 2024 for a second year. Rey Resources recently advised investors it was 'actively contacting with Native Title holders and landowners for the land access for the proposed 3D Seismic survey' and 'working with consultant [sic] for the update of [Derby Block's] seismic environmental plan.' It remains unclear whether the department intends to issue further directions notices to China Guoxin/Gulliver Productions regarding the two other wells. Rey Resources did not respond to a request for comment. Attempts to contact China Guoxin Investment Holdings were unsuccessful. Environs Kimberley executive director Martin Pritchard said Minister for Mines and Petroleum David Michael needed to take charge before this evolved into a 'Northern Endeavour' situation, referring to the ageing disused oil vessel Woodside sold to an inexperienced company that failed and left the federal government with an enormous clean-up bill. 'We're calling on Minister Michael to explain how taxpayers will not become liable,' Pritchard said. 'Oil and gas companies appear to have free rein in the Kimberley to undertake exploration, but it looks like existing legislation is failing to ensure that industry cleans up the mess.' Lock the Gate says the government should permanently remove these tenements, which could represent the beginning of an extensive fracking industry in the region. Minister Michael said the safe, timely and responsible decommissioning of oil and gas infrastructure was a government priority. He said the complexity of ownership and operational history at particular sites often required thorough due diligence to resolve liability, which DEMIRS prioritised to ensure compliance. In March 2024, he said, DEMIRS released a new guideline outlining the requirements for decommissioning of petroleum and geothermal energy assets, including wells, in WA's onshore areas and state coastal waters.
The Age
a day ago
- Business
- The Age
Moving on before cleaning up: Gas wells spark fears for the Kimberley
The regulator has now listed both the well-containing leases as pending cancellation, and said it prefers sites to be decommissioned and rehabilitated before cancellation takes place, because this facilitates access arrangements. Rey Resources, which sold the subsidiary and wells but remains their operator, has no apparent use for them and ascribes little value to them; before the sale it wrote down their value from nearly $5 million to $400,000 and its latest shareholder update gives no mention of them in its text or tenements map. But rather than plan decommissioning or rehabilitation, after the government knocked back its last environmental plans for the sites, Rey Resources lodged two fresh plans for only annual inspections and maintenance. Environmental group Lock the Gate says they also contain multiple inaccuracies; they do not reference or address the 44 breaches the regulator identified in 2021 that gave rise to the recent government directions notice, instead referencing a nearly decade-old inspection. They also refer to tanks and fences that Lock the Gate says no longer exist on the sites, and security measures Lock the Gate says were also not executed. Lock the Gate also says they contain passages that are obvious remnants of older documents. DEMIRS has estimated the cost to close an abandoned gas well at $1.5 million but that was in 2021 and an easier location, leading Lock the Gate to estimate that the clean-up for these three wells could exceed $5 million given their greater number. Operator Rey Resources hopes to strike it rich from its other leases, including the huge Derby Block tenement covering King Sound and the land adjacent to the wells. Shortly before announcing the China Guoxin deal, Rey applied to clear more than 3000 kilometres of grid lines across Derby Block for seismic testing, prompting fears from Lock the Gate that it lacked either the serious intention or capabilities to safely carry out such work in this high-value location, which is also subject to floods, extreme tides and cyclones. The applications then disappeared and in March, Rey lodged a new plan for Derby Block, which the regulator says it is 'screening'. The WA government has also listed the Derby Block tenement as under 12-month suspension with an extension application lodged in September 2024 for a second year. Rey Resources recently advised investors it was 'actively contacting with Native Title holders and landowners for the land access for the proposed 3D Seismic survey' and 'working with consultant [sic] for the update of [Derby Block's] seismic environmental plan.' It remains unclear whether the department intends to issue further directions notices to China Guoxin/Gulliver Productions regarding the two other wells. Rey Resources did not respond to a request for comment. Attempts to contact China Guoxin Investment Holdings were unsuccessful. Environs Kimberley executive director Martin Pritchard said Minister for Mines and Petroleum David Michael needed to take charge before this evolved into a 'Northern Endeavour' situation, referring to the ageing disused oil vessel Woodside sold to an inexperienced company that failed and left the federal government with an enormous clean-up bill. 'We're calling on Minister Michael to explain how taxpayers will not become liable,' Pritchard said. 'Oil and gas companies appear to have free rein in the Kimberley to undertake exploration, but it looks like existing legislation is failing to ensure that industry cleans up the mess.' Lock the Gate says the government should permanently remove these tenements, which could represent the beginning of an extensive fracking industry in the region. Minister Michael said the safe, timely and responsible decommissioning of oil and gas infrastructure was a government priority. He said the complexity of ownership and operational history at particular sites often required thorough due diligence to resolve liability, which DEMIRS prioritised to ensure compliance. In March 2024, he said, DEMIRS released a new guideline outlining the requirements for decommissioning of petroleum and geothermal energy assets, including wells, in WA's onshore areas and state coastal waters.
Yahoo
28-01-2025
- Business
- Yahoo
FBI ‘handed dossier' on Lord Mandelson's alleged China links
A dossier detailing Lord Mandelson's alleged links to China has reportedly been handed to the FBI and could further complicate his chances of being accepted as ambassador to the US by Donald Trump. The memo, compiled using open source information from the Chinese web and delivered by US senators, is said to contain multiple examples of the Labour grandee's links to the state and its top-ranking officials. It is the latest step in a long-running furore since Lord Mandelson was picked by Sir Keir Starmer to be Britain's representative in the US. Downing Street rejected the details in the report, and insisted Lord Mandelson's appointment would go ahead. A spokesman for Sir Keir Starmer, the Prime Minister, said: 'On that specific report, the Foreign Office don't recognise the reports of a dossier.' He added: 'Whilst we do not usually comment on individuals, Lord Mandelson has made all relevant declarations as part of this process, and this ensures that steps are taken to avoid or mitigate any potential or perceived conflicts of interest.' The dossier, published in Australian media, includes details of Lord Mandelson's meetings from 2013 to 2019 with Chinese officials and businessmen, who praised him for his 'co-operation'. The memo also notes that the politician was described as an 'adviser' to a Chinese-headquartered global bank, something which is not listed on the House of Lords register of interests. According to The Nightly, an Australian publication, the Chinese published photographs of a meeting that took place between Lord Mandelson and Huang Shuhe, the then deputy director of the State-owned Assets Supervision and Administration Commission of the State Council in March 2014. A read-out of the meeting posted on a Chinese website said Lord Mandelson 'introduced the business situation of Global Counsel and the cases of co-operation with central enterprises'. In response, Huang Shuhe said he 'hoped that Global Counsel would continue to provide quality services for central enterprises to further enhance their international competitiveness'. More recently, in 2019, Lord Mandelson met Zhou Yubo, then secretary of China's ruling communist party's committee and chairman of China Guoxin, an asset management firm. A post on the Chinese web said: 'Mr Mandelson … said that China Guoxin has established a good image as an institutional investor and that Global Counsel is very willing to strengthen the all-round co-operation with China Guoxin.' In another example, Lord Mandelson was described as an 'adviser' to the Chinese-headquartered global investment bank China International Capital Corporation (CICC). In 2013, Song Yufang, the then chairman of China Railway Materials Corporation met the Labour peer and described him as an 'adviser' of CICC. He said he 'hoped that Lord Mandelson would continue to pay attention to and support China Railway's development in the future'. This is despite it not being listed on the House of Lords register of interests. The memo was prepared by Chung Ching Kwong of the Inter-parliamentary Alliance on China and was subsequently passed to the FBI. Lord Mandelson, who is expected to arrive in the US in the coming weeks, told The Nightly: 'I have had no business dealings in China.' The peer found himself in hot water just hours after his appointment was announced last month, when The Telegraph revealed he previously described Mr Trump as a 'danger to the world' and 'little short of a white nationalist and racist'. That led Chris LaCivita, the campaign manager who masterminded Mr Trump's presidential run, to call Lord Mandelson an 'absolute moron'. In a post on X, formerly Twitter, the Republican wrote: 'This UK government is special. Replace a professional universally respected [ambassador] with an absolute moron – he should stay home! Sad!' Lord Mandelson, nicknamed the 'Prince of Darkness' during his time as a Labour spin doctor, insisted he had never held such views about the president, claiming he was merely describing the thoughts and feelings of British people. Sources within the Trump team reportedly said it was still not certain the former Cabinet minister would be accepted by the president. Previous reports have suggested Lord Mandelson's perceived links to China, combined with his past comments on Mr Trump, now US president once more, could scupper his chances. While Lord Mandelson has been confirmed as the UK's choice for ambassador, he could still be rejected by the Trump administration. The US could refuse 'agrément' – the formal acceptance of an envoy by a host country – vetoing the nomination without explanation, under the terms of the Vienna Convention. Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more.
