This bill requires the Bureau of Safety and Environmental Enforcement (BSEE) to finalize updated regulations for offshore oil and gas pipelines within 18 months. These new regulations will mandate third-party internal and external inspections of pipelines at least every two years and require pipelines to be equipped with continuous leak detection systems that provide volumetric comparison and alarms to quickly identify leaks. The legislation also addresses the environmental and safety risks associated with decommissioning offshore pipelines . It directs BSEE and the Bureau of Ocean Energy Management to conduct a joint study evaluating the benefits and risks of decommissioning pipelines in place versus removal, with a report due in 18 months. To fund potential removal, the bill establishes an annual fee on pipeline owners , ranging from $1,000 to $10,000 per mile based on water depth, specifically for decommissioning or removal in cases of owner bankruptcy. Additionally, BSEE must continually monitor decommissioned pipelines that remain in place and ensure any exposed segments of active or decommissioned pipelines are properly addressed. The bill also mandates a study on the environmental risks of chemical products used in oil and gas operations, with a report to Congress within two years.