On June 29, 2023, the Bureau of Ocean Energy Management (BOEM) published a proposed rule in the Federal Register to modernize and strengthen the financial assurance requirements for the offshore oil and gas industry to decommission obsolete wells and infrastructure on the U.S. Outer Continental Shelf.
BOEM has extended the comment period and will accept comments on the proposed rule through 11:59 p.m. Eastern Time on Thursday, September 7, 2023.
The proposed regulations would increase transparency and better protect taxpayers from being forced to pay decommissioning costs associated with aging oil and gas infrastructure.
To view supporting documentation and to comment on the proposed revisions, go to Docket BOEM-2023-0027.
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The Department of the Interior’s Bureau of Ocean Energy Management (BOEM) is responsible for America’s offshore energy and mineral resources. The bureau promotes energy independence, environmental protection and economic development through responsible, science-based management of energy and mineral resources on the U.S. Outer Continental Shelf.