WASHINGTON—Regulators in the Trump administration are proposing to roll back safety measures put in place after the 2010 Deepwater Horizon oil spill, a revision that would reduce the role of government in offshore oil production and return more responsibility to private companies.

The Bureau of Safety and Environmental Enforcement, which regulates offshore oil and gas drilling, estimates its proposed changes could save the industry US:CLG8 more than $900 million over the next 10 years and reverse some risk-reduction measures the industry considered burdensome.