Offshore Leasing Standards and Accountability Act of 2026

This bill establishes new federal standards requiring oil and gas companies operating on the Outer Continental Shelf to be certified as "fit to operate" before they can obtain or maintain leases. To receive this certification, companies must demonstrate a clean safety and environmental record over the past decade, maintain an investment-grade credit rating, and prove they have sufficient funds to cover future decommissioning costs. The legislation also mandates that operators place a significant portion of estimated decommissioning costs into interest-bearing escrow accounts and limits the time a well can be temporarily abandoned to three years, with a possible one-time extension to five years. Additionally, the bill requires the Department of the Interior to conduct annual compliance checks and submit detailed reports to Congress regarding enforcement actions and escrow account balances.