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The OCSLA Does Not Provide Federal Jurisdiction for Insurance Disputes

The Energy Law

The Eastern District of Louisiana recently held that insurance claims for damage to a Gulf of Mexico production facility will not support federal court jurisdiction under the Outer Continental Shelf Lands Act. Accordingly, the district court remanded the case of LLOG Exploration Co. 1349(B)(1). 1349(B)(1).

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Department of Interior Proposes New Financial Assurance and Decommissioning Regulations

The Energy Law

The net present value of proved reserves on the lease is less than or equal to three times the cost of the BSEE decommissioning estimate associated with production of those reserves; Or. BOEM determined that the risk of loss through a bank failure is minimal, and, practically speaking, BOEM’s security does not depend on FDIC insurance.

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New Business Courts: Strategic Considerations for Oil and Gas Counsel

Producer's Edge

We'll examine the structure, jurisdiction, and procedural aspects of the new system, explore potential strate-gic considerations, and discuss the possible implications for the energy industry.

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DOI Announcement of a Proposed Rule on Risk Management, Financial Assurance and Loss Prevention

The Energy Law

In addition, the Proposed Rule removes the requirements that Treasury securities be pledged to fund the decommissioning account before the amount of funds in the account equals the maximum amount insurable by the Federal Deposit Insurance Corporation (FDIC).