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ESC supported a top-tier oil & gas firm to mitigate potential financial liabilities

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ESC conducted a Health, Safety, Environmental and Operational Risk Assessment for the divestiture of a downstream portfolio of fuel terminals, retail stations and refinery in Australia in 2013/14.

About the Project

Together with our partners ESC determined the potential financial liabilities related to the overall portfolio and recommendations were made for mitigation of potential liabilities by contractual protection and for issues which could impact the transition to new ownership. ESC provided transaction support throughout the sales process, liaising with interested bidders to support technical queries.

Our Approach

The assessment was carried based on the ASTM E1527-13 Standard Practice for Environmental Site Assessment: Phase I Environmental Site Assessment, an international standard adapted for use in Australia.  

The site characterization included desktop study and site visits to assess the current operations to identify site sensitivity and potential areas of concern, including evidence of below-ground contamination, presence of underground storage tanks, hazardous substances used/stored on-site and/or other storage areas, vehicle filling/ discharge areas/ Interceptor pits, drainage sumps and so forth, waste storage/ disposal areas, evidence of spills, leaks or waste disposal on-site and review of permits, licences and approvals from the relevant authorities. The due diligence also focussed on safety management practised at the main sites.


Based on the findings ESC determined the potential financial liability related to the overall portfolio and recommendations were made for mitigation of potential liabilities by contractual protection and for issues which could impact transition to new ownership.

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