Economic assessment and compensation for marine oil releases

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This document considers the effects of oil on the fisheries and tourism sectors, as well as other commercial activities, and identifies the sources of money that may be available to compensate for such damages.

IOGP Report 524

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Description

Despite the best efforts of those involved in a response, a release of oil has the potential to affect property and impair commercial activity, resulting in economic loss. This document considers the effects of oil on the fisheries and tourism sectors, as well as other commercial activities, and identifies the sources of money that may be available to compensate for such damages.

The legislation and compensation schemes that enable payments are explained, and the methods by which the various types of economic damage can be quantified and calculated under the schemes and the procedures necessary for submitting claims for losses are outlined, including claims for the costs of a response, as well as for property damage and for economic loss.

IOGP Report 524

Additional information

Publication Date

2016