Bud's Offshore Energy (BOE)

Mr. Jacob (PTTEP COO): I don’t think you’ll find that, necessarily, the American system would have stopped this event happening, and there are other events that happen all the time there as well.

This comment (cheap shot?) by Mr. Jacob followed several others that served only to demonstrate that both the witness and the Commission are poorly informed about international regulatory regimes, in the US and elsewhere.   Indeed, Mr. Jacob  may be even less informed about regulatory systems than he is about well barriers and safety management systems.  “May I suggest to you, Mr. Jacob” (language favored by Mr. Howe) that companies like PTTEP are the reason a certain level of prescription is necessary.  Indeed PTTEP may be the new poster child for supporters of prescriptive regulatory regimes. Oh, and please tell us about these events that “happen all the time” in the US.

In the US offshore regime, prescription is largely in the form of industry standards and best practices.  Is that such a bad thing?  The public interest and the interest of responsible companies needs to be protected from the likes of PTTEP – companies that are willing to cut corners without regard (beyond lip service) to safety, the environment, and the importance of offshore oil and gas to our economy and national security.

More to follow after I have calmed down 🙂