1. Short title This Act may be cited as the Offshore Pipeline Safety Act . 2. Finalization of regulations related to offshore pipelines Not later than 18 months after the date of enactment of this Act, the Secretary of the Interior, acting through the Director of the Bureau of Safety and Environmental Enforcement, shall issue final regulations relating to Oil and Gas and Sulphur Operations in the Outer Continental Shelf—Pipelines and Pipeline Rights-of-Way (72 Fed. Reg. 56,442 (Oct. 3, 2007)). Such regulations shall require owners of oil and gas pipelines subject to such regulations— (1) to provide for internal and external inspections of pipelines by a third-party no less frequently than every two years, unless the Director of the Bureau determines that any such inspection is not required; and (2) to equip such pipelines with a leak detection system or device that provides continuous volumetric comparison between the pipeline’s product input and output and includes alarms and adequate sensitivity to detect variations between input and discharge volumes to enable any leaks from the pipeline to be detected as quickly as possible. 3. Addressing environmental risks of decommissioning pipelines (a) Study on environmental risks of decommissioning pipelines versus removing pipelines (1) Study The Directors of the Bureau of Safety and Environmental Enforcement and the Bureau of Ocean Energy Management shall jointly conduct a study to evaluate the environmental benefits and risks associated with decommissioning oil and gas pipelines in place on the sea floor compared to removing such pipelines. Such study shall include— (A) an evaluation of pipelines that have been decommissioned in place, identifying decommissioned pipelines at high-risk of causing safety and environmental harm, causing obstructions, or otherwise unduly interfering with present or future uses of the outer continental shelf