On June 27, 2023, BOEM announced proposed changes to modernize financial assurance requirements for the offshore oil and gas industry, in order to better protect American taxpayers from incurring the costs associated with the oil and gas industry’s responsibility to decommission offshore wells and infrastructure, once they are no longer in use. The proposed changes will publish in the Federal Register on June 29, 2023, which will open a 60-day public comment period that ends on August 28, 2023.
The proposed rule can be found here: Risk Management and Financial Assurance for Outer Continental Shelf Lease and Grant Obligations
To view supporting documentation and to comment on the proposed revisions, go to: Docket BOEM-2023-0027
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