Brussels to address safety of offshore oil and gas activities

The European Commission will present a communication on “Facing the challenges of the safety of offshore oil and gas activities” on Wednesday. the document will outline changes to EU legislation as well as non-legislative initiatives to be taken with member states’ regulatory authorities and industry in response to the Gulf of Mexico oil spill in April, when the Deepwater Horizon drilling rig exploded in the Gulf of Mexico – resulting in a massive oil leak from the drilled oil on the sea bottom that lasted for over 85 days.

The government plans to offer tax incentives in the next round of bidding for oil and gas blocks, to be launched later this month, to attract global firms. At present, oil companies get a seven-year tax waiver on their income for selling crude from a block. However, there is no such benefit for natural gas production.

Jude    Maritime News, News     Deepwater Horizon drilling rig, drilled oil, economic and social damage, EU legislation, European Commission, Gulf of Mexico, Gulf of Mexico oil spill, massive environmental, natural gas production, New Exploration Licensing Policy, oil and gas activities, safety of offshore, sea bottom, US coast

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