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Examples
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Under the OPOL Agreement, a company is fully responsible for the cost of oil spills from its offshore facilities.
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But if it can't meet its liabilities for example, because of bankruptcy other OPOL signatories step in to guarantee the payment of costs of as much as $120 million.
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A U.K. government spokesperson said the Energy Department was reviewing this figure with OPOL and the industry "to ensure that the sum available actually aligns with the revised estimates that may result from a Gulf-type incident."
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The process of indemnifying oil spills in the U.K. is handled by the Offshore Pollution Liability Association, an industry body that administers a voluntary compensation plan known as OPOL.
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While membership of OPOL remains voluntary-despite it being a pre-requisite for a licence-its voluntary nature weakens its legality and the control and deployment of its funds.
Telegraph.co.uk - Telegraph online, Daily Telegraph and Sunday Telegraph 2011
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We are concerned that the OPOL provisions only cover direct damage and also that the precise definition of "direct damage" is unclear.
Telegraph.co.uk - Telegraph online, Daily Telegraph and Sunday Telegraph 2011
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While companies must join OPOL, which provides a fund to respond to spills, to receive drilling licenses in the U.K., lawmakers said that the organization still lacked legal stature.
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Given the high costs of the incident in the Gulf of Mexico, we believe that the OPOL (Offshore Pollution Liability Association) limit of $250m (£m) is insufficient.
Telegraph.co.uk - Telegraph online, Daily Telegraph and Sunday Telegraph 2011
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While companies must join OPOL, which provides a fund to respond to spills, to receive drilling licenses in the U.K., lawmakers said that the organization still lacked legal stature.
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Note: This diary is dedicated to one of my fav Kossacks, OPOL
Benny's World 2009
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