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Oil Spill Financial Assurance

Cover the worst case.

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

Offshore jack up drilling rig over the production platform
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Overview

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:

Bubbles in water and oil - gold

Making environmental plans and operations possible.

Validating APPEA’s industry method to demonstrate financial assurance before operating offshore in Australian waters.

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Aerial view of island and ocean

Manage your impact on the environment.

Across energy projects and stages, we act as a partner to operators and regulators in addressing their environmental challenges.

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