Information for Prospective Members
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What are the obligations if no offshore operations are
being carried out?
The obligation of a party not involved in offshore operations
is to pay the annual subscription calculated in accordance with OPOL.
What action is necessary prior to the commencement of operations ?
The only obligation or action required is to provide evidence of financial responsibility to the Association per OPOL and the OPOL Rules prior to the commencement of operations.
Why is evidence of financial responsibility necessary?
As well as providing evidence of cover for all offshore facilities, this is also a protection to the party and claimants so as to ensure that the party has made adequate provision to meet the obligations assumed under OPOL. It also protects the other parties to the
extent that they have agreed jointly to contribute to the payment
of claims due from a party that fails to meet is obligations.
Who provides evidence of financial responsibility?
The operator must provide evidence of financial responsibility
in respect of the total venture irrespective of the extent of its interest in that venture.
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