Thank you, Mr. Chairman.
One of the key premises is that there be at least two well barriers against flow at all times. One of the concepts of a well barrier is that a barrier is not a barrier until it's been tested and confirmed to be so.
So in the case of all well operations, the drilling regulations specify clearly the requirement for two well barriers. The guidelines expand on and clarify exactly what is needed by way of testing of those barriers for them to be effective.
In the case of well barriers in particular, we have decided to draw upon a standard issued by the Norwegian industry, the NORSOK standard D-010, which outlines very clearly exactly what the expectations are for well barriers during all phases of an operation. Provided you have two independently verified, tested barriers, then that is the standard we expect of operators. We intend to ensure that during all phases of the operation, from drilling through to the final termination of the well, there are procedures, mechanisms, and policies in place to verify those barriers.
One of the key elements is the BOP stack. The BOP stack is equipped with a number of mechanisms and barriers itself. It typically consists of three pipe rams, a shear ram, and what's known in the industry as a super-shear ram, which is capable of cutting through large-diameter, high-strength tubular goods. A systematic method of pressure testing the BOPs is the mechanism to verify the well barrier and the same concept applies to all well barriers. They have to be tested and verified to be functioning to qualify as a well barrier and two of them must be in place at all times. There is no compromise on that whatsoever.