Where the demonstration of financial assurance is a prior condition of acceptance of an environmental plan, the potential costs, expenses and liabilities resulting from offshore petroleum activities need to be justifiably assured.
Our Oil Spill Financial Assurance service draws on our combined expertise across well operations, drilling engineering, environmental assessment and data auditing.
What we offer
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 that would be 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 impact of the incident.
What are the 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
- Full service reach
Why choose LR?
Our service streamlines the financial assurance process, and 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 benefit from robust results that bring all the necessary disciplines together to satisfy regulatory requirements. This 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.