Governor signs bill into law increasing financial responsibilities of oil and gas well operators ...Middle East

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Governor signs bill into law increasing financial responsibilities of oil and gas well operators
SACRAMENTO, Calif. – Governor Newsom signed Assembly Bill 1167, the Orphaned Well Prevention Act, into law on Saturday expanding the financial responsibilities required of companies in the state before they abandon oil wells. The California Council on Science and Technology estimates that there are currently 5,540 oil wells without a viable operator and a potential 69,425 economically marginal and idle wells that could be abandoned in the future. Assembly Bill 1167 (AB 1167), would require that oil wells changing ownership to file a request with the State Oil and Gas Supervisor to determine the cost of an individual or blanket indemnity bond instead of a predetermined price. The bi

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