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A summary of all reviews gained regarding transfers and BOEM's corresponding responses concerning revisions to transfers can be found in portion six.two with the Reaction to Community Reviews.
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Other commenters asserted that BOEM have to consider the obligations in the predecessors inside the chain-of-title right before looking for more monetary assurance from existing lessees, if not the result is requiring “double bonding.” Response:
That path is thought to are already due to the significant 6-ton anchor of Newnew Polar Bear, which was later retrieved from your seabed through the Finnish Navy.
BOEM acknowledges the commenters' tips the Department really should involve economic assurance from all co-lessees that do not sustain an expense grade credit rating rating for his or her respective Operating interests but concludes that it is impractical to evaluate co-lessees and functioning rights proprietors due to the fact Every single co-lessee is liable for the whole obligation and never their proportional share. DOI is finalizing, as proposed in thirty CFR 556.
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The amendments in this remaining rule are predicted to enhance the overall sum of financial assurance expected from OCS lessees and grant holders. All those lessees that do not meet the current standards to prevent providing supplemental financial assurance should have a heightened compliance Charge in the form of bond premiums. BOEM has drafted an RIA detailing the approximated impacts of the Start Printed Page 31564 respective provisions of the last rule. These impacts replicate equally monetized and non-monetized impacts; The prices and benefits of the non-monetized impacts are talked over qualitatively while in the RIA and in the subsequent paragraphs. The table below summarizes BOEM's monetized estimate of the price of improved bonding premiums compensated by lessees in excess of a 20-calendar year time period.
On October sixteen, 2020, DOI issued a detect of proposed rulemaking (eighty five FR 65904) to revise selected BSEE procedures relating to decommissioning orders plus the Section's money assurance restrictions that happen to be administered by BOEM. During the joint proposed rule, the Office proposed to regulate the supplemental money assurance standards to mirror the danger mitigation previously supplied by the joint and a number of other legal responsibility of fiscally secure co-lessees and predecessor lessees. The Section's here rules maintain predecessors liable for some or each of the decommissioning each time a existing lessee is unable to carry out its obligations.