Our reforms seek to ensure industry decommissions offshore infrastructure in a timely, safe and environmentally responsible way. This includes remaining responsible for the risks and liabilities of offshore activities.
We consulted publicly earlier this year on proposed areas for reforms. These included:
- decommissioning planning
- financial planning and assurance
- decommissioning and financial capacity risk assessments
- compliance and enforcement tools
- title surrender.
We received 38 submissions and published 30 responses.
Common themes from stakeholders included the need for:
- earlier and regularly updated decommissioning planning
- robust and credible decommissioning cost estimates
- greater public transparency of decommissioning information
- stronger financial assurance requirements
- clear and effective enforcement options capable of intervening where required
- clear regulatory triggers and expectations.
These issues have directly shaped the proposed model, including its emphasis on:
- staged planning
- greater transparency
- effective compliance and enforcement tools
- a proportionate, risk-based regulatory approach.
We are now conducting roundtables and meetings with stakeholders to test the regulatory design for the reforms. The focus of this consultation is on technical and implementation issues. This includes how the model would operate in practice across different project types and life cycle stages.
This targeted feedback will help reduce the risks of unintended consequences and ensure a robust, proportionate and balanced regulatory regime.
