Supplemental commenters asked for that BOEM include a phased provision for get-togethers that were exempt but then later on could not satisfy the exemption criteria due to modified instances and that BOEM involve these provisions for functions that acquire OCS lease or grant interests in the first 3 many years after implementation of the ultimate rule. Reaction:
Moreover, the Section proposed the use of a ratio of the value of proved reserves to decommissioning liability connected to These reserves that meets or exceeds a worth of 3-to-1. As talked about during the preamble into the proposed rule (88 FR 42148), BOEM believes that a home using a ample “reserves-to-decommissioning Price tag” ratio would probably be ordered by A different company if a present-day lessee defaults on its obligations, thus decreasing the risk that decommissioning expenses for that home can be borne by the government, and For that reason cutting down the need for supplemental monetary assurance.
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Using this rulemaking, the Office is finalizing an Modification to revise the criteria used To judge the necessity for supplemental financial assurance from the present 5 conditions—financial ability, projected financial power, company security, trustworthiness in meeting obligations based upon credit history rating or trade references, and document of compliance with regulations, polices, and lease terms—to 1 of two conditions: (1) credit history ranking and (2) the ratio of the value of proved reserves to decommissioning liability associated with Individuals reserves. Exclusively, the Section is finalizing the usage of an financial commitment quality credit history score threshold (or proxy credit rating score equivalent) plus a least three-to-one ratio of the value of proved reserves to decommissioning liability linked to All those reserves to determine if a lessee is required to provide here supplemental economic assurance.
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BOEM disagrees Together with the commenters' assertion that it must emphasis only on sole legal responsibility Qualities, an strategy that could not adequately shield the taxpayer. As talked about during the RIA, you will discover approximately $fourteen.six billion in decommissioning liabilities associated with leases without the need of an financial commitment grade predecessor within the chain of title, of which only $460 million is related to sole legal responsibility Homes. Therefore, the Department is finalizing an solution that retains all existing lessees accountable for supplying supplemental economical assurance Until they satisfy the waiver criteria or are Start off Printed Page 31554 connected to an financial commitment grade co-lessee.
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The current bonding restrictions at thirty CFR 556.901(d) provide five conditions that the Regional Director makes use of to ascertain irrespective of whether a lessee's likely incapacity to carry out current and upcoming decommissioning obligations warrants a demand from customers for supplemental fiscal assurance; having said that, The existing bonding laws usually do not specifically describe how the factors are weighted.
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Commenters supported the proposal To judge the economic wellbeing of pipeline ROW grant holders utilizing the similar criterion as was proposed for oil and fuel lessees ( i.e.,
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