Spill Panel Urges Massive Drilling Shakeup

By Houston Business Journal

The Department of the Interior should strengthen its safety and pollution-prevention standards, according to the final report released Tuesday by the Presidential commission investigating the Deepwater Horizon Gulf rig disaster.

The report by the National Commission on the BP Deepwater Horizon Oil Spill and Offshore Drilling also called for the need for a ⿿new, independent agency⿝ within the Department of the Interior to regulate the offshore oil and gas industry, and calls for the U.S. oil and gas industry to cooperate internationally to promote common safety standards around the world.

What's more, the commission recommended that Congress and Interior officials should require the oil and gas industry to pay fees that support scientific and regulatory reviews related to Gulf exploration and production.

The Department of the Interior should also form a ⿿rigorous, transparent, and meaningful oil spill risk analysis and planning process⿝ in case of another spill like Deepwater Horizon⿿s.

On the financial obligation of BP Plc and its partner companies involved in a spill, the commission recommended that Congress ⿿significantly increase⿝ the liability cap for offshore facilities.

Click here to see the full report.

Copyright 2011 American City Business Journals

http://www.bizjournals.com/houston/news/2011/01/11/spill-commission-urges-massive.html?ana=thestreet

Copyright bizjournals.com 2010

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