— The Department of the Interior today announced a final rule from the Bureau of Ocean Energy Management to protect taxpayers from covering costs that should be borne by the oil and gas industry when offshore platforms require decommissioning. With this action — which updates 20-year-old regulations — BOEM has substantially strengthened financial assurance requirements for the offshore oil and gas industry operating on the U.S. Outer Continental Shelf .
“For far too long, the federal government has failed to follow through on measures to ensure accountability for oil and gas companies operating offshore,” saidBureau of Land Management Companies without an investment-grade credit rating or sufficient proved reserves will need to provide supplemental financial assurance to comply with the new rule.
Source: News Formal (newsformal.com)
Department Of The Interior Final Rule Bureau Of Ocean Energy Management Offshore Oil And Gas Industry Financial Assurance Requirements Decommissioning American Taxpayers
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