• 4 minutes Nord Stream 2 Halt Possible Over Navalny Poisoning
  • 8 minutes America Could Go Fully Electric Right Now
  • 11 minutes JP Morgan says investors should prepare for rising odds of Trump win
  • 23 hours Daniel Yergin Book is a Reality Check on Energy
  • 2 days Permian in for Prosperous and Bright Future
  • 1 day Famine, Economic Collapse of China on the Horizon?
  • 1 day Oil giants partner with environmental group to track Permian Basin's methane emissions
  • 2 mins US after 4 more years of Trump?
  • 2 days Gepthermal fracking: how to confuse a greenie
  • 2 days YPF to redeploy rigs in Vaca Muerta on export potential
  • 2 days Top HHS official takes leave of absence after Facebook rant about CDC conspiracies
  • 2 hours Something wicked this way comes
  • 1 hour Why NG falling n crude up?
  • 11 mins The Perfect Solution To Remove Conflict Problems In The South China East Asia Sea
  • 23 hours Open letter from Politico about US-russian relations
  • 3 days Surviving without coal is a challenge!!

EU: Tighter Regulations for Explorers

Bottom Line: The EU’s new offshore oil and gas exploration legislation is designed to prevent another Gulf of Mexico incident and will force explorers to submit special hazard reports and emergency-response plans as well as to demonstrate extended liability coverage.

Analysis: The legislation was approved by the European Parliament last week. Specifically, the new legislation requires exploration companies to submit special hazard reports and emergency-response plans BEFORE getting approval to launch offshore operations. Explorers will also be required to prove their ability to cover liabilities in an extended zone of operations up to 370 kilometers off the coast. Previous legislation put this at 22 kilometers off the coast. Affected will be some 1,000 offshore installations across Europe, with the bulk on the United Kingdom (486).

Recommendation: EU governments are expected to support the new law across the board, and its final approval is expected to be just a formality at this point and most likely to be achieved before the end of the year, if not sooner.

Intel Notes are provided by ISA Intel. For more information, contact ISA Intel Executive Director Anes Alic (anesalic@gmail.com)




Oilprice - The No. 1 Source for Oil & Energy News