Data / Federal rules / 2024-08309
Risk Management and Financial Assurance for OCS Lease and Grant Obligations
The Ocean Energy Management Bureau published this final rule in the Federal Register on April 24, 2024. It took effect on June 24, 2024. Comments closed on May 24, 2024.
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What the agency says
The Department of the Interior (the Department or DOI), acting through the Bureau of Ocean Energy Management (BOEM), is amending its risk management and financial assurance regulations. This final rule revises criteria for determining whether oil, gas, and sulfur lessees, right-of-use and easement (RUE) grant holders, and pipeline right-of- way (ROW) grant holders are required to provide financial assurance above the current minimum bonding levels to ensure compliance with their Outer Continental Shelf Lands Act (OCSLA) obligations. This final rule streamlines the criteria for evaluating the financial health of lessees and grantees, codifies the use of the Bureau of Safety and Environmental Enforcement's (BSEE) probabilistic estimates of decommissioning costs in setting the level of demands for supplemental financial assurance, removes restrictive provisions for third-party guarantees and decommissioning accounts, adds new criteria for cancelling supplemental financial assurance, and clarifies bonding requirements for RUEs serving Federal leases. BOEM estimates that a total of $6.9 billion in new supplemental financial assurance will be required from lessees and grant holders under this final rule to cover potential costs of decommissioning activities. This final rule significantly increases the amount of financial assurance available to the U.S. Government in the case of a lessee default and meaningfully reduces the risk to the government and consequently to the U.S. taxpayer. This final rulemaking does not apply to renewable energy activities.
Key facts
- Document number
- 2024-08309
- Type
- Final rule
- Action
- Final rule
- Agency
- Interior Department; Ocean Energy Management Bureau
- Published
- April 24, 2024
- Takes effect
- June 24, 2024
- Comments due
- May 24, 2024
- Dates
- This final rule is effective on June 24, 2024. You may make comments on the information collection (IC) burden in this rulemaking and the Office of Management and Budget (OMB) and BOEM must receive such comments on or before May 24, 2024. The IC burden comment opportunity does not affect the final rule effective date.
- Docket
- Docket No. BOEM-2023-0027
- Regulation ID (RIN)
- 1010-AE14
- Code of Federal Regulations
- 30 CFR 550; 30 CFR 556; 30 CFR 590
- Topics
- Administrative practice and procedure; Continental shelf; Environmental protection; Government contracts; Intergovernmental relations; Investigations; Mineral resources; Oil and gas exploration; Oil pollution; Penalties; Pipelines; Reporting and recordkeeping requirements; Rights-of-way; Sulfur
- Pages
- 56
Other documents from the Ocean Energy Management Bureau
| Document | Type | Published |
|---|---|---|
| Outer Continental Shelf Oil and Gas Leasing; Corrections 2026-21346 | Final rule | Oct 19 |
| Oil and Gas and Sulfur Operations on the Outer Continental Shelf-Revisions to the Requirements for Exploratory Drilling on the Arctic Outer Continental Shelf 2026-15953 | Proposed rule | Aug 6 |
| Risk Management and Financial Assurance for OCS Lease and Grant Obligations; Extension of Public Comment Period 2026-09208 · significant | Proposed rule | May 8 |
| Risk Management and Financial Assurance for OCS Lease and Grant Obligations 2026-04517 · significant | Proposed rule | Mar 9 |
| Administrative Revisions to Regulations Related to Outer Continental Shelf Minerals Other Than Oil, Gas, and Sulphur 2026-03690 | Proposed rule | Feb 24 |
| Oil and Gas and Sulfur Operations in the Outer Continental Shelf 2025-22767 | Final rule | Dec 15, 2025 |
| Rescission of Expired 1-Year Grace Period for Data Extensions; Corrections 2025-18561 | Final rule | Sep 25, 2025 |
| Rescission of Expired 1-Year Grace Period for Data Extensions 2025-15325 | Final rule | Aug 12, 2025 |
Everything from the Ocean Energy Management Bureau · Rules on administrative practice and procedure · Rules on continental shelf · Rules on environmental protection · Published in April 2024
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