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On June 29, 2023, the Division proposed a whole new rule in lieu of finalizing the BOEM provisions on the 2020 joint proposal. The brand new proposed rule delivered recommended revisions to the polices about chance management and monetary assurance for OCS lease and grant obligations.
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BOEM acknowledges the commenters' support, and also the Section is finalizing, as proposed in thirty CFR 556.901(d), the choice for firms with no issuer credit ratings to ask for the Regional Director to ascertain a proxy credit rating ranking dependant on audited financial information for the most recent fiscal yr and the S&P credit model. 3. Valuing Proved Oil and Gas Reserves
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Commenters encouraged that BOEM ought to be consistent and intentional in its usage of “economic assurance,” “security,” and “bond” within the remaining rule.