Guidance
Financial assurance for petroleum titles guideline
Financial assurance for petroleum titles guideline
- NOPSEMA
- Guidance
- EnvironmentHydrocarbon ReleaseRegulation and Legislation
- Environmental protectionHydrocarbon releaseRegulation and legislation
- Environmental permittingIndependent audit and verification
- Upstream oil and gas
Summary
Guidance explains petroleum titleholders’ ongoing financial assurance duties for costs and liabilities arising from petroleum escapes. It covers robust cost estimation, independent validation and endorsement of methods, accessible assurance arrangements, environment-plan submissions and regular review. Assurance does not cap liability, and registered titleholders retain individual responsibility for compliance.
Classifications: Environmental protection; environmental safety; pollution prevention.
Classifications: Hydrocarbon release; hydrocarbon leak; oil and gas release.
Classifications: Regulation and legislation; safety legislation; regulatory requirements.
Classifications: Environmental permitting.
Classifications: Independent audit and verification.
Classifications: Upstream oil and gas; oil and gas extraction; upstream petroleum.
Summary
The guideline explains how petroleum titleholders must demonstrate and maintain financial assurance for pollution response and other liabilities.
Themes: environment, hydrocarbon release, regulation and legislation.