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“I’m delighted to state that almost everything has proceeded as planned” Considering that the pipeline’s relaunch, he mentioned.
fall inside Danish or Dutch jurisdictions, these facts are relevant through the viewpoint on the Worldwide regulation of The ocean at the same time, to evaluate regardless of whether there was “interference” With all the rights of NORI.
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Commenters usually supported the proposal to permit BOEM to withhold acceptance of any new transfer or assignment of any lease curiosity until economical assurance obligations are content. Response:
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On June 29, 2023, DOI printed an NPRM while in the Federal Sign up at 88 FR 42136, which proposed amendments to 30 CFR areas 550, 556, and 590. This NPRM proposed to streamline the standards utilized for analyzing the financial wellness of lessees, codify using the BSEE probabilistic estimates of decommissioning cost for identifying the level of supplemental financial assurance necessary, clear away restrictive provisions for 3rd-occasion guarantees and decommissioning accounts, incorporate conditions for which a bond or 3rd-celebration promise which was provided as supplemental economic assurance may very well be canceled, and clarify bonding needs for RUEs serving Federal leases. Specially, the Office proposed to revise the criteria employed To judge more info the need for supplemental monetary assurance from lessees from the present 5 conditions—financial capacity, projected money toughness, company balance, dependability in Assembly obligations dependant on credit score rating or trade references, and file of compliance with rules, laws, and lease phrases—to at least one of two criteria: (one) credit rating and (2) the ratio of the worth of proved reserves to decommissioning liability linked to All those reserves. The Office proposed the use of an expense grade credit history score threshold (or proxy credit rating score equal) as well as a least 3-to-1 ratio of the worth of proved reserves to decommissioning legal responsibility affiliated with those reserves to determine if a lessee is required to offer supplemental financial assurance.
The Office proposed and is particularly finalizing revisions to the financial evaluation requirements that can be employed for deciding supplemental money assurance necessities for oil, fuel, and sulfur leases, RUE grants, and pipeline ROW grants. The proposed analysis methodology for that revised conditions, the general public comments received, and DOI's final amendments are discussed while in the subsections under.
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