Bill > SB1319

This bill allows the Oklahoma Corporation Commission to use its Plugging Fund, a dedicated fund for plugging abandoned oil and gas wells, to provide remediation assistance to homeowners whose residences are contaminated by substances like brine or oil, specifically from abandoned wells. This assistance can be monetary and is not contingent on the homeowner filing an insurance claim. The bill also clarifies that certain existing laws and rules related to oil and gas operations do not reduce the surety bonding requirements for well operators. Additionally, it sets a maintenance level for the Plugging Fund at $5 million until July 1, 2031, with provisions to increase an excise tax on oil and gas if the fund drops below this amount. The Corporation Commission is required to establish rules for this new remediation assistance program, which will become effective on November 1, 2026.

Agriculture and Natural Resources, Budget and Finance

http://www.oklegislature.gov/BillInfo.aspx?Bill=sb1319&Session=2600