Oil companies drilling offshore in the Gulf of Mexico will have to set more money aside to ensure their drilling platforms and rigs are properly cleaned up as the costs of decommissioning decades-old infrastructure rise under a new rule finalized Monday.
The Bureau of Ocean Energy Management published its final updated bonding and financial assurance requirements for offshore drillers based on the financial health of the company and the value of the oil and gas the company is tapping.
The agency said it expects oil and gas drillers to pay $6.9 billion in new financial assurances to pay for offshore ...
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