Civil liability and financial security for offshore oil and gas activities

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Civil liability and financial security for offshore oil and gas activities

edited by Michael Faure

Cambridge University Press, 2017

  • : hardback

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Summary: "Civil Liability and Financial Security for Offshore Oil and Gas Activities provides insights into the liability and compensation regime for offshore- related damage. The book analyses the legal regime in a variety of states (including the US and the UK) as well as the EU regime. In addition the various compensation mechanisms and amounts available today to compensate offshore-related damage are described and critically analysed. Moreover, based on in-depth interviews with a wide variety of relevant stakeholders including insurers, representatives from supervisory authorities, and oil and gas producer. This volume also provides a variety of policy recommendations, formulated to provide an optimal compensation regime for offshore-related damage"-- Provided by publisher

Includes bibliographical references (p. 388-405) and index

Description and Table of Contents

Description

Civil Liability and Financial Security for Offshore Oil and Gas Activities provides insights into the liability and compensation regime for offshore-related damage. The book analyses the legal regime in a variety of states (including the US and the UK) as well as the EU regime. In addition, the various compensation mechanisms and amounts available today to compensate offshore-related damage are described and critically analysed. Moreover, the book is based on in-depth interviews with a wide variety of relevant stakeholders including insurers, representatives from supervisory authorities, and oil and gas producers. This volume also provides a variety of policy recommendations, formulated to provide an optimal compensation regime for offshore-related damage.

Table of Contents

  • List of abbreviations
  • Contributors
  • List of figures and tables
  • 1. Introduction Michael Faure, Niels Philipsen and Hui Wang: 1.1 Background for this book
  • 1.2 Objective of this book
  • 1.3 Methodology
  • 1.4 Structure
  • 2. Offshore-related damage: facts and figures Kristel De Smedt and Hui Wang: 2.1 General issues concerning offshore activities
  • 2.2 Location of installations and facilities in the EU
  • 2.3 Overview of major offshore accidents
  • 2.4 Analysis of recent offshore accidents in Europe: case studies
  • 2.5 Analysis of recent offshore accidents outside EU waters
  • 3. Analysis of existing legal regimes Michael Faure, Jing Liu and Hui Wang: 3.1 Introduction
  • 3.2 International legal framework
  • 3.3 Offshore liability regimes
  • 3.4 The current EU regime on offshore activities
  • 3.5 Offshore liability regimes: country studies
  • 3.6 Another high risk sector: the nuclear
  • 3.7 Concluding observations
  • 4. Pooling mechanisms for offshore liability Michael Faure and Jing Liu: 4.1 Theory: pooling versus insurance
  • 4.2 OPOL
  • 4.3 OIL and OCIL
  • 4.4 Protection and indemnity clubs
  • 4.5 Risk pooling in the nuclear sector
  • 4.6 Concluding observations
  • 5. The use of financial market instruments to cover liability following a major offshore accident Michael Faure and Hui Wang: 5.1 Self-insurance
  • 5.2 Capital market
  • 5.3 Guarantees
  • 5.4 (Re-) insurance
  • 5.5 Risk pooling schemes
  • 5.6 OPOL
  • 5.7 Combinations
  • 6. Potential of financial and insurance instruments to cover liability following a major offshore accident Michael Faure and Hui Wang: 6.1 Potential costs of an offshore incident
  • 6.2 Self-guarantee through tax
  • 6.3 Expanding possibility of insurance?
  • 6.4 Potential of expanding risk pooling schemes
  • 6.5 Summary: flexibility
  • 7. Toward optimal liability and compensation for offshore oil and gas activities Kristel De Smedt, Hui Wang and Michael Faure: 7.1 Principles of efficient compensation and liability rules
  • 7.2 Efficient liability rules
  • 7.3 Liability versus regulation
  • 7.4 Mandatory financial security
  • 7.5 Compensation instrument
  • 7.6 Rapid claims management
  • 7.7 Transboundary harm
  • 7.8 Scenarios
  • 8. Concluding remarks Michael Faure, Niels Philipsen and Hui Wang: 8.1 General
  • 8.2 Efficient liability rules
  • 8.3 Mandatory financial security
  • 8.4 A role for government?
  • 8.5 Rapid claims mechanism
  • List of references
  • Annex 1. Overview of interviews with stakeholders
  • Annex 2. Checklist for country studies
  • Annex 3. Oil Pollution Act Liability Limits 2013.

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