EU Offshore Drilling Rules May Hamper Small Oil, Gas Cos.

Law360, New York (February 27, 2013, 7:20 PM EST) -- Proposed offshore drilling regulations recently unveiled by the European Union would require producers to prove they have sufficient financial muscle to cover potential accidents and any resulting cleanup and liability before obtaining a drilling license, which energy attorneys warn could limit the playing field to only the biggest oil and gas developers.

Before oil and gas companies could get drilling licenses, they would have to submit major hazard reports and emergency response plans, according to the directive released by the European Parliament and European Council last...
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