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Energy Companies To Receive Tougher Regulations On Offshore Oil And Natural-Gas Drilling Equipment

Apr 13, 2015 03:56 PM EDT | By Michael Smith

United States energy companies are expected to receive tougher regulations on offshore oil and natural-gas drilling equipment. 

President Barack Obama announced on Monday that the Interior Department has drafted a proposal including new rules designed to protect the environment, inspired by efforts to prevent incidents like the BP Deepwater Horizon rig fire in 2010. 

"Both industry and government have taken important strides to better protect human lives and the environment from oil spills, and these proposed measures are designed to further build on critical lessons learned from the Deepwater Horizon tragedy and to ensure that offshore operations are safe," United States Interior Secretary Sally Jewell said on a conference call Monday, according to the Wall Street Journal

The new regulations include real-time monitoring of high-intensity drilling in deep water and the construction of blowout preventers. The proposal will be finalized later this year and will become effective three months after its implementation. 

The Interior Department is also exploring the possibility of granting specific companies extensions for boosting their oil and natural-gas drilling equipment in order to comply with federal standards. 

"We are reviewing the proposed rules and hope they will complement industry's own efforts to enhance safety," American Petroleum Institute official Erik Milito said, the Wall Street Journal also reports. 

"Improved standards for blowout preventers are one of the many ways industry has led the charge to make offshore operations even safer."BP's Deepwater Horizon oil spill occurred from April 20, 2010 to July 15, 2010 and is regarded as the largest accidental maine oil spill in history. 

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