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New Regulations Likely to Spur More Oil and Gas M&A
Date:5/16/2013

Merger" onclick="linkClick(this.href)">M&A activity, in order to create larger entities that are more capable of withstanding and meeting regulatory requirements.

GL Noble Denton’s Executive Vice President for the Americas, Arthur Stoddart, said that the strong regulatory reaction to the oil spill was inevitable and, while the new regulations will certainly be challenging for the industry, they are crucial steps to prevent future similar disasters.

“As the new rules continue to come into force over the next two years, the sector will need to adapt to survive in a new climate,” he explained. “Increasing compliance costs, burgeoning legal risks and a greater administrative workload are just some of the effects that industry professionals expect to encounter. Our research shows that smaller oil and gas companies operating in the US are most likely to feel the impact of these burdens.”

The Deepwater Horizon oil spill – referred to in the report as the Macondo oil spill, due to the Deepwater Horizon’s location on the Macondo prospect – is considered to be the largest accidental marine oil spill in the history of the petroleum industry. It released an estimated 4.9 million barrels of crude oil into the Gulf of Mexico over 87 days after the Deepwater Horizon exploded and sank in April 2010. It also claimed the lives of 11 workers on the rig.

The incident prompted one of the most extensive reforms of offshore oil and gas regulation in US history. Among the new requirements for offshore operators are stringent measures governing blowout and worst-case discharge plans, including subsea secondary blowout preventer (BOP) intervention and extensive testing. Companies must also provide corporate compliance statements and reviews of subsea blowout containment resources for deepwater drilling, and also maintain comprehensive safety programs, incorporating performance-based standards for operations, including equipment,

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