2019 is a fundamental point in the transition of the global energy sector to a low carbon future. With climate change taking on a renewed urgency in the public consciousness, the decarbonization of the energy sector will only accelerate in the coming years.
In Europe, Africa, Middle East, Asia, the primary renewable energy sources are wood, water, wind, wave, and some wastes. Others include tidal power, solar power (thermal and PV), biomass, and biofuels.
Ireland continues to move toward growth in the renewable energy sector moving from a combination of fossil fuels, including peat & coal burning station to alternative sources. These sources including wind, solar power, tidal and hydroelectric are becoming some of the country’s fastest-growing alternatives to fossil fuels in meeting the island’s energy demands today and for the future.
Government entities and private industry often require some type of surety bond as a prerequisite to license, operate, construct or obtain a contract to perform a service or to deliver a supply of energy to the grid. Surety Bonds have been very active serving businesses in this sector. We represent several surety carriers with dedicated energy teams and are in a position to handle any bonding challenge for clients in this dynamic evolving industry quickly and professionally.
Oil & Gas
Surety bonds are usually required from oil and gas well operators as a prerequisite to obtaining permission to explore or drill in a particular area. The surety bond ensures strict compliance with EPA and/or State regulations on operating an oil & gas well, disposing of waste, decommissioning of the operation, and more.
Oil and gas bonds serve two main purposes:
The first is to ensure that businesses operating in the industry follow all of the applicable EPA and/or State regulations in regards to the operation and clean-up of all gas and oil drilling activities. This helps protect the environment from contamination caused by the industry.
The second purpose is to protect the state from financial loss. The bond will pay compensation up to the bond amount should the business fail to follow required regulations or pay the necessary taxes.
Other risks include the provision of fuel pipeline supply, the requirements may not just be for bonds but title policies to cover against loss and legal expenses where there is deemed a planning breach or easement/servitude issues. The list is endless, however whether it is tied to title or capacity our team of specialists at Surety Bonds will find a solution for your requirements. Contact us today, we would be happy to discuss the various options available.