New Zealand’s regulations governing offshore petroleum exploration and production aim to minimise safety and ecological risks, reduce negative effects on the environment, and ensure operators are able to meet the costs of their proposed activities and their legal obligations.
In the event of a spill, owners and operators of offshore installations are liable for the full costs of regaining control of a well; pollution damage to other parties; and the costs incurred by public agencies in preventing, mitigating, and cleaning up the spill.
The financial security regime aims to ensure operators of offshore installations are able to cover their potential liabilities in the event of unplanned events. The Government has undertaken a review of the financial security regime to improve its effectiveness and efficiency.
Following consultation, earlier this year, on options to improve the financial security regime, the Ministry of Transport and the Ministry of Business, Innovation and Employment have now released a draft Rule amendment to Marine Protection Rule Part 102, and invite feedback from interested people and organisations. Submissions on this draft Rule closed on Wednesday 2 August 2017.
- Read the draft Rule [PDF, 2.9 MB]
- Read the Cabinet Paper: Amendments to the Financial Security Regime for Offshore Installations [PDF, 66 KB]
- Read questions and answers about the Financial security regime for offshore installations [PDF, 314 KB]