"The Obama administration on Friday proposed standards on exploratory drilling for oil and gas in U.S. Arctic waters that would add costs for energy companies but aim to protect against catastrophic spills.

The rules, proposed by the Department of Interior, require for the first time that energy companies have access to equipment to contain potential well blowouts, such as rigs that can drill so-called relief wells. The companies would also need to ensure quick access to capping stacks and containment domes while drilling in the Chukchi and Beaufort seas off Alaska.

The costs of the rules would be about $1.2 billion over 10 years, the department estimated. The benefits of preventing or reducing the severity of an oil spill are difficult to quantify, it said."

Timothy Gardner reports for Reuters February 20, 2015. [2]

SEE ALSO:

"Arctic Oil Drillers Face Tighter Us Rules To Stop Spills" (Bloomberg) [3]

"Interior Department Rolls Out First Rules For Arctic Drilling" (Huffington Post) [4]

"New Safety Rules for Offshore Arctic Drilling Proposed To Avoid Repeat of Shell Disaster" (Guardian) [5]