The Offshore Leasing Standards and Accountability Act of 2026 amends federal law governing offshore oil and gas drilling by imposing new "fitness to operate" requirements that companies must meet to receive or maintain leases on the outer Continental Shelf. Companies seeking new leases, extensions, or transfers must demonstrate a 10-year clean compliance record with environmental and safety laws, maintain investment-grade credit ratings, possess sufficient financial capacity to cover cleanup costs when operations end, and disclose detailed information about past safety incidents and liabilities. The bill also restricts temporary well abandonment to a maximum of 3 years, with limited one-time extensions to 5 years only if justified by operational or environmental needs, and requires the Secretary of the Interior to conduct annual compliance reviews with enforcement powers including lease suspension and mandatory decommissioning orders. Companies that fail to meet these standards face penalties, and the Secretary must submit annual reports to Congress detailing which companies fail to comply and what enforcement actions were taken.
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