Bill > HB257

This bill amends the powers of the Oil Conservation Division by expanding its regulatory authority to include specific rules governing the transfer of oil and gas wells. The bill allows the division to place limitations on well transfers under certain conditions, such as when the transferor or transferee has outstanding violations of the Oil and Gas Act, has been involved in enforcement actions related to spills or releases, or is not in compliance with natural gas capture or reporting requirements. The division can also restrict transfers if the transferee fails to provide adequate financial assurance, lacks sufficient financial capacity to manage well-related liabilities, or if the division determines that transfer limitations are necessary to mitigate potential risks to the state from inactive or abandoned wells. This expanded authority aims to ensure more responsible ownership and management of oil and gas wells by giving the Oil Conservation Division greater oversight and control during ownership transfers, with the ultimate goal of protecting public resources, environmental safety, and the state's financial interests.

Agriculture and Natural Resources

https://www.nmlegis.gov/Legislation/Legislation?chamber=H&legtype=B&legno=257&year=25