Sign up for daily news updates from CleanTechnica on email. Or follow us on Google News!
Updated regulations for the offshore oil and gas industry will strengthen risk management and financial assurance requirements
WASHINGTON — The Department of the Interior today announced a final rule from the Bureau of Ocean Energy Management (BOEM) 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 (OCS).
The costs to decommission oil and gas facilities on the OCS are substantial, and if companies fail to meet their decommissioning obligations those costs fall to American taxpayers. The
Read the full article originally published at cleantechnica.com.