On 4 January, the U.S. Office of Management & Budget released its Fall 2022 Unified Regulatory Agenda and Regulatory Plan. Issued semi-annually, this instrument outlines regulatory actions U.S. Federal agencies are considering to take up in the coming months, providing new and updated information on approximate timelines for regulations being developed and completed.
IADC will be following these regulatory items of interest, as listed in the most recent update:
- The Security & Exchange Commission’s (SEC) rulemaking efforts, originally undertaken in the spring of 2022, address climate change and cybersecurity accountability. These two separate rulemakings are listed as being completed in April of 2023. Their intentions are to mandate climate and cyber reporting as such considerations would materially affect investment and organizational financial performance.
- The Bureau of Safety & Environment Enforcement (BSEE) rulemaking effort, originally undertaken in September 2022, addresses Blowout Preventer Systems and Well Control Revisions. This rulemaking is listed as being completed in June 2023. The intention of this effort is to enhance regulations first published in 2019 addressing drilling, workover, completions, and decommissioning operations.
IADC will continue to follow these developments to engage in the consultative process as will be necessary in the coming months. Stay tuned…