EU takes a “Europe-wide approach” to offshore oil, gas safety
Licensees must have enough capital to handle disaster
The European Commission, the Council and the European Parliament have reached agreement on a new Directive that addresses the risks of major accidents from offshore oil and gas operations in EU waters.
As a Directive, the agreement must be incorporated into national legislation. The difference in format is significant in jurisdictions such as the UK, which already has a comprehensive safety regime in place for offshore operations.