This bill creates a new program allowing companies to convert abandoned or inactive offshore oil and gas platforms and pipelines into artificial reefs instead of fully removing them. Under the program, a company can submit a request to convert an inactive structure into a reef, triggering a federal assessment process that includes evaluating existing marine life and comparing the cost savings of reefing versus removal. If the Bureau of Safety and Environmental Enforcement determines the structure is suitable for reefing and meets safety and environmental standards, it becomes approved for conversion. The bill protects companies from removal orders during this process, which can take up to three years, and allows states to assume long-term responsibility for maintaining the reefs in exchange for a portion of the company's cost savings (up to 50 percent). The goal is to create new fish habitats while reducing decommissioning expenses, though the bill preserves existing removal procedures and does not apply to structures posing navigation or environmental hazards.
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