Maritime Transport (Offshore Installations) Amendment Bill
A bill to amend the Maritime Transport Act 1994 to clarify and strengthen the requirements on owners of offshore oil and gas installations to hold insurance or other financial security in relation to their liability for clean-up and compensation resulting from an oil spill was introduced to Parliament on 20 June 2019.
The Bill clarifies that rules may specify the types of liability that will need to be insured against, and may provide for the insurance or other financial security to cover the cost of well control measures and other costs of implementing marine oil spill contingency plans. The rules will also propose the amount of insurance or financial security required to be held.
For more information please visit the Ministry of Transport website.