EU’s Oettinger to issue oil spill rules – report

FRANKFURT, July 2 (BestGrowthStock) – EU Energy Commissioner
Guenther Oettinger plans to issue additional requirements for
operators of oil platforms in European waters in the autumn, he
said in a German media interview published on Friday.

The requirements would include recommendations for
prevention and compensation to help the bloc manage oil spill
risks following the BP (BP.N: ) oil well in the Gulf of Mexico, he
said in the Frankfurter Rundschau daily.

“Every oil exploring company operating here must have the
necessary credit rating and capital strength to pay for all
damage caused by it to humans and nature in a worst case
scenario,” he said.

Oettinger also said a comprehensive liability insurance
model might be a consideration, perhaps similar to the funds
that nuclear power station operators must build for potential
accidents.

Those have certain tax waivers tied to them which Oettinger
said would be borne in mind when thinking up new models for oil.

His considerations at EU level come 10 weeks into efforts to
clean up and contain BP’s ruptured deep-sea oil well, which
continues to gush oil into the Gulf of Mexico.

The spill has caused an environmental and economic disaster
along the U.S. Gulf Coast.

Investors have seen billions of dollars wiped off the value
of BP shares and concerns are growing in investment communities
that oil and gas majors may not be the reliable blue chips
delivering steady dividends they have been seen as in the past.

(Reporting by Vera Eckert; editing by Keiron Henderson)

EU’s Oettinger to issue oil spill rules – report