In reaction to commenters' strategies that BOEM insert clarification that this feature is accessible for transformed conditions or for obtaining new lease interests, BOEM believes the proposed text in thirty CFR 556.
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BOEM doesn't believe the expression “monetary assurance” is at any time applied like a “process for furnishing safety” in this rulemaking and, as a substitute, is employed to describe any of many differing types of securities which BOEM accepts to guarantee efficiency of obligations. Therefore, BOEM believes the time period and involved definition is suitable.
No comments ended up obtained particularly to the proposed amendment to rename the lease-unique abandonment accounts in thirty CFR 556.904 as “Decommissioning Accounts” or even the proposed Modification to get rid of the requirement to pledge Treasury securities to fund the account ahead of the money equivalent the most volume insurable from the FDIC/FSLIC.
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Commenters typically supported the proposal to permit BOEM to withhold approval of any new transfer or assignment of any lease interest until eventually monetary assurance obligations are happy. Response:
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