Oil & Gas Bonding Reform and Orphaned Well Remediation Act
This act aims to clean up thousands of abandoned oil and gas wells that pose health and environmental risks and burden taxpayers. It introduces new financial assurance rules for drilling companies, ensuring they, not citizens, cover future reclamation costs. This means a cleaner environment and reduced financial risk for everyone.
Key points
Orphaned Well Program: Establishes a program to remediate abandoned wells on federal, state, and tribal lands, funded by oil and gas royalties.
Increased Financial Bonds: Requires oil and gas companies to post significantly higher bonds to fully cover the actual costs of reclaiming sites after operations, protecting taxpayers from these expenses.
No More Orphaned Wells: Sets strict deadlines for inactive wells to either resume production or be permanently plugged and reclaimed, preventing new abandoned sites.
Public Database: Creates a publicly accessible database with information on all wells, their status, financial assurances, and violations, increasing transparency and accountability.
Status:
Expired
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