The US Bureau of Ocean Energy Management (BOEM) has tightened requirements for operators on plug and abandonment obligations in the country’s offshore sector, but outlined a framework for “tailored” plans to provide more flexibility in assessing risk and costs on different leases.
The agency has done away with a previous provision that allowed companies of certain financial strength — a net worth more than $65 million and at least double its P&A obligation — to self-insure for the liability.
Now
