Offshore Leasing Standards and Accountability Act of 2026
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed House
- To President
- Became Law
Overview
This bill, the Offshore Leasing Standards and Accountability Act of 2026, aims to improve safety and accountability in offshore oil and gas operations. It requires the Secretary of the Interior to certify operators as ‘fit to operate’ based on their past compliance with environmental and safety regulations, financial solvency, and other criteria. The bill also establishes decommissioning escrow accounts to ensure funds are available for the eventual removal of oil and gas infrastructure, and restricts the temporary abandonment of wells to no more than three years.
Key provisions
- Requires certification of ‘recipient responsible parties’ as ‘fit to operate’ based on compliance, financial solvency, and other criteria.
- Establishes decommissioning escrow accounts to cover the costs of removing offshore oil and gas infrastructure.
- Limits the duration of temporary well abandonment to a maximum of three years.
- Mandates annual assessments of operator compliance with fitness to operate standards.
- Requires operators to disclose decommissioning liabilities and costs.
- Establishes a process for recipient responsible parties to request certification.
- Defines ‘recipient responsible party’ and ‘covered entity’ for clarity.
- Authorizes appropriations for the implementation of the bill.
Who is affected
- Oil and gas operators on the Outer Continental Shelf
- The Department of the Interior
Bill text
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Sponsors
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2 on record
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