IPAA applauds Interior plan to reverse offshore financial assurance rule
(WO) - The Independent Petroleum Association of America (IPAA) welcomed the U.S. Department of the Interior’s move to roll back a Biden-era offshore financial assurance rule that would have required companies to set aside billions of dollars in supplemental bonding for offshore operations.
IPAA Executive Vice President and Chief Policy Officer Dan Naatz said the rule would have placed a disproportionate burden on independent offshore producers. “Had it been fully implemented, the Biden rule would have disproportionately affected independent offshore oil and gas producers and had them bear most of the associated costs,” Naatz said.
Naatz added that the association supports the Trump administration’s decision to revisit the policy and said IPAA will review the forthcoming Notice of Proposed Rulemaking and provide comments to the Bureau of Ocean Energy Management (BOEM) during the rulemaking process.
