BOEM will not think the phrase “fiscal assurance” is at any time used as being a “approach for furnishing stability” During this rulemaking and, as an alternative, is utilised to explain any of a number of different types of securities that BOEM will take to guarantee general performance of obligations. As such, BOEM believes the expression and linked definition is appropriate. BOEM has elected to simplify the rule by regularly utilizing the time period financial assurance rather than referring to the different types of economic securities.
Also, the Department proposed the use of a ratio of the value of proved reserves to decommissioning liability linked to People reserves that satisfies or exceeds a price of 3-to-1. As talked about while in the preamble to your proposed rule (88 FR 42148), BOEM thinks that a assets which has a ample “reserves-to-decommissioning cost” ratio would most likely be procured by another business if a present lessee defaults on its obligations, therefore minimizing the danger that decommissioning fees for that house can be borne by The federal government, and For that reason lessening the necessity for supplemental money assurance.
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A few days in the past, the ISA Council regarded as these functions in its 29th Session (18-29 March 2024). To justify its steps before the Council, Greenpeace cited the Arctic Dawn arbitral award, invoking the correct to protest at sea to be a “lawful use of seabet The ocean connected to the freedom of navigation” (p.
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These proposed criteria much better align BOEM's evaluation approach with acknowledged money risk evaluation approaches employed by the banking and finance business. As discussed inside the preamble to the proposed rule (88 FR 42142), getting rid of subjective or considerably less specific conditions—like the period of time in Procedure to ascertain enterprise security or trade references to ascertain reliability in Assembly obligations—will simplify the procedure and take away criteria that often never accurately or persistently forecast economic distress.
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, the “liberty to protest” is often a destructive ideal of the flag State. It can't enter into conflict with rights “with respect to actions in the Area.” Though some level of nuisance is tolerable, protests at sea can't interfere with these rights.
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