Doug Burgum unveils major deregulatory shift to boost Gulf oil and gas production

EXCLUSIVE: Interior Secretary Doug Burgum on Friday will update a Biden-era federal rule regarding energy development as a major cost-saving measure to private firms, one day after taking a visit to a liquefied natural gas (LNG) export facility on the Gulf Coast.

A source familiar with the workings of the rule said it essentially will "massively deregulate" a rule passed between the two Trump administrations and should further bolster Gulf Coast oil and gas production by providing lower startup costs for energy firms.

The rule outlines criteria that producers and grantholders must provide as financial assurance, with a 2024 Bureau of Ocean Energy Management (BOEM) estimate that $6.9 billion in new supplemental assurance would be required to protect against oil lessees' ...