The Impact of Oil and Gas Drilling Accidents on EU Fisheries

15-01-2014

Accidents occurring offshore in relation to the Oil and Gas (O&G) industry may produce significant damaging effects on the marine environment, and particularly on the fishing and aquaculture industries. The economic cost of the impact that major offshore accidents have on fisheries is most frequently assessed with the Social Cost method, accepted by the current international compensation framework. The cost of the impact of minor incidents is evaluated by the Compensation mechanism, and therefore known by the value of settled claims. Recently approved European legislation aims to maximize safety conditions in all stages of the offshore O&G industry, minimizing the number of incidents and alleviating harmful impacts to the environment.

Accidents occurring offshore in relation to the Oil and Gas (O&G) industry may produce significant damaging effects on the marine environment, and particularly on the fishing and aquaculture industries. The economic cost of the impact that major offshore accidents have on fisheries is most frequently assessed with the Social Cost method, accepted by the current international compensation framework. The cost of the impact of minor incidents is evaluated by the Compensation mechanism, and therefore known by the value of settled claims. Recently approved European legislation aims to maximize safety conditions in all stages of the offshore O&G industry, minimizing the number of incidents and alleviating harmful impacts to the environment.