Mexico’s oil and gas regulator The National Hydrocarbon Commission has introduced new rules for deepwater drilling to prevent disasters similar to BP‘s Gulf of Mexico oil spill last year.

As per the new rules, state oil monopoly Pemex will produce a series of reports about its safety measures over the next eight months and will have its procedures certified by an independent expert.

Pemex will also need to certify that it has insurance or other available financial resources to cover any losses or compensation claims in the event of a deepwater accident, according to Reuters.

Mexico has ventured into the deeper waters of the Gulf of Mexico, seeking new oilfields as it struggles to replace ageing shallow-water deposits.

Pemex estimates that the Mexican section of the Gulf’s deep waters has potential reserves of 30 billion barrels of oil equivalent.