California AB2716 modifies oil and gas well transfer regulations to mitigate well desertion risks.
California AB2716 amends the Public Resources Code to revise requirements for oil and gas well transfers. The bill modifies financial assurance criteria for operators transferring wells, allowing for alternative financial assurance mechanisms like corporate guarantees or self-insurance under certain conditions. It also establishes a redevelopment pilot program exempting certain well transfers from bonding requirements if the wells are intended for redevelopment.
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- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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