"We would like to work with industry and others to determine how to improve our regulatory regime to better align with the realities of aging offshore infrastructure, hazard risks, and increasing costs of decommissioning," said BOEM acting Director
Existing regulations require lessees on the Outer Continental Shelf to provide bonds or other alternative forms of financial assurance to cover current and future operations, such as decommissioning oil and gas infrastructure. Since the current bonding requirements were set nearly a quarter of a century ago, offshore operations have changed significantly, such as increased advancements in the scale and complexity of deepwater and subsea operations, and the costs of decommissioning have dramatically increased. In light of the infrastructure and operational changes, BOEM has recognized the need to update its requirements and develop a comprehensive program to assist in identifying, prioritizing, and managing the risks associated with industry activities on the Outer Continental Shelf.
BOEM is seeking stakeholder comments regarding various risk management and monitoring activities related to offshore energy development on the Outer Continental Shelf. The advanced notice of proposed rulemaking seeks comment on the bonding and financial assurance program for BOEM's offshore oil and gas program. The bureau is also accepting comments on the analogous bonding and financial assurance program for BOEM's offshore renewable energy and hard minerals programs. The notice also solicits comments on best practices to mitigate risks, as well as whether, or to what extent, the current forms of financial assurance are adequate and appropriate.
The Advanced Notice Proposed Rulemaking will be published in the
TNS 30VianaGem - 140816-4831294 30VianaGem
Hispanic #1 Breaking News for Entrepreneurs, Professionals and Small Business Owners - HispanicBusiness.com
OCTOBER 31, 2014
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