Oil Spill Financial Assurance

Demonstrate robust financial assurance to operate offshore with our market-leading service, providing you with independent validation of oil spill financial responsibility calculations.

Overview

Where financial assurance is a prior condition of an environmental plan being accepted, the potential costs, expenses and liabilities resulting from offshore petroleum activities need to be fully justified. Our Oil Spill Financial Assurance service draws on our combined expertise across well operations, drilling engineering, environmental assessment and data auditing.

You benefit from a streamlined financial assurance process that makes the most of our knowledge. As trusted advisors to industry and government bodies, we routinely carry out independent data validation on behalf of industry and regulators. Most recently, this includes the validation of the 2018 APPEA Method for Estimating Levels of Financial Assurance which has now been endorsed by NOPSEMA.

As well as efficiencies, you will have robust results that bring all the necessary disciplines together to satisfy regulatory requirements. Our skillset includes:

  • Well Project Management and drilling engineering expertise, providing technical insights associated with well capping, relief wells and well planning
  • environmental management expertise, encompassing oil spill modelling impact assessments, and mitigation and waste management solutions
  • specialist audit skills, particularly in validating environmental data.

Service Breakdown

When the ‘worst case’ credible spill scenario for your well exceeds the limits defined by the regulator, we validate the methodology used to calculate:

  • costs incurred by undertaking the greatest reasonably credible operational response measures required to manage, terminate or control a petroleum incident and its consequences
  • costs to clean up and remediate the greatest reasonably credible damage that could result from the incident
  • costs or expenses for environmental monitoring of the incident’s impact.

Benefits

  • Demonstrate sufficient assurance to support your well delivery and environmental plans to stakeholders, including the regulator
  • Save cost and time by using our experienced data validation team
  • Reduce the risk of regulatory delays
  • Have all the disciplines needed in one place


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