The agency strengthened financial requirements for oil and gas companies
The Bureau of Ocean Energy Management (BOEM) released policy updates to make oil and gas companies to cover the costs of decommissioning offshore oil rigs.
These updates modernize 20-year-old regulations, requiring companies applying for offshore oil and gas leases to incorporate the cost of decommissioning oil rigs into their financial assurance agreements. It also solidifies the deadlines for decommissioning offshore oil rigs once companies are done using them.
“The American taxpayer should not be held responsible when oil and gas companies are unable to clean up after their own operations,” said Secretary of the Interior Deb Haaland. “This final rule updates, simplifies and strengthens outdated requirements to ensure that taxpayers are protected and current operators are held responsible for their end-of-lease cleanup obligations on the Outer Continental Shelf.”
As the Lord Leads, Pray with Us…
- For Director Elizabeth Klein to receive God’s guidance as she heads the Bureau of Ocean Energy Management.
- For Secretary Haaland to seek God’s wisdom as she oversees updates to land use regulations in the Interior Department.
Sources: Department of the Interior
