In a statement posted on its website, the U.S. Department of the Interior (DOI) 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”.
“Under the new rule, BOEM estimates industry will be required to provide $6.9 billion in new financial assurances to protect American taxpayers from assuming industry decommissioning costs,” the DOI said in the statement.
“To provide industry with flexibility to meet the new financial assurance requirements, BOEM will allow current lessees and grant holders to request phased-in payments over three years to meet the new supplemental financial assurance demands required by the rule,” it added.
News article on 17 April 2024 by Andreas Exarheas from rigzone.com
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