Energy and Environment

Obama surprises offshore drillers with costly changes

By John Siciliano
Published July 14, 2016 8:53pm ET
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Obama surprises offshore drillers with costly changes
The BOEM will be requiring more upfront capital to cover the risks posed by each oil and gas lessee not fulfilling its permit obligations and decommissioning wells. (AP Photo) | Elaine Thompson

The Interior Department issued new rules Thursday that will make it harder for the oil and gas industry to drill offshore.

The Bureau of Ocean Energy Management issued a notice to all federal permit holders announcing it will be changing the financial rules of the road.

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Interior John Siciliano Minusextra Offshore Drilling