ASIC has signed a new Memorandum of Understanding (MoU) with the National Offshore Petroleum Safety and Environmental Management Authority (NOPSEMA), regarding mutual assistance in the supervision and oversight of offshore oil and gas companies in Australia.

Through the MoU, ASIC and NOPSEMA express their willingness to cooperate with each other in the interest of fulfilling their respective regulatory mandates. This includes ensuring that companies in this sector comply with their obligations to remediate their sites, including appropriately accounting for these obligations in their financial reports and other regulatory documents that are under ASIC’s remit.