Bill > SB1976

This bill modifies existing regulations for oil and gas operators in Oklahoma regarding financial assurance for well plugging and site cleanup, allowing certain operators to voluntarily switch from a less stringent financial requirement, known as Category A surety, to a more robust one, Category B surety, which includes options like letters of credit or bonds. Operators who elect to switch to Category B surety retain the right to revert to Category A for a limited time, provided they remain in good standing, but will eventually be permanently subject to Category B requirements. The bill also updates the financial amounts required for Category B surety based on the number of wells an operator manages, with a phased-in approach to reach full amounts by 2028, and clarifies that the Corporation Commission can require higher surety amounts based on an operator's compliance history. The legislation also defines terms like "affiliate" and "insider" in relation to operators and includes provisions for new operators, those with outstanding fines, and situations involving pollution or improper plugging. Finally, it declares an emergency, meaning the act will take effect immediately upon passage and approval.

Agriculture and Natural Resources

http://www.oklegislature.gov/BillInfo.aspx?Bill=sb1976&Session=2600