Oil and gas; modifying Category B surety amount. Effective date.
Impact
The revisions proposed in SB1368 are designed to enhance the state’s ability to ensure operators are financially capable of complying with the necessary regulations surrounding the plugging of wells and related environmental concerns. By implementing these tiered surety amounts, the bill could potentially strengthen the financial accountability of oil and gas operators, thereby reducing the risks associated with poorly maintained or abandoned wells and ensuring compliance with environmental protections.
Summary
Senate Bill 1368 amends existing regulations related to oil and gas operations in Oklahoma, specifically addressing the financial surety required for drilling and operating wells. The bill modifies the existing amounts for Category B surety—financial assurances that operators must provide to demonstrate their ability to meet environmental and operational standards. It establishes a tiered system for surety amounts based on the number of wells operated, which ranges from $25,000 for operators of one to ten wells, up to $150,000 for those operating over two hundred wells.
Sentiment
The sentiment surrounding SB1368 appears generally positive among supporters who view it as a practical move towards improving regulatory compliance without disproportionately burdening smaller operators. Proponents argue that establishing a clear financial requirement aligns with the state's goals of safety and environmental preservation. However, there may be concerns among smaller operators about the increased financial guarantees required, particularly in the context of economic pressures faced by the oil and gas industry.
Contention
Notable points of contention stem from the potential economic impact on smaller operators who may find the tiered surety amounts burdensome. While the bill aims to promote accountability and environmental protection, some stakeholders may argue that the increased financial requirements could deter smaller entities from participating in the market. The balance between regulatory compliance and economic feasibility remains a key debate point among industry voices.
Schools; allocation of State Aid; calculation of weighted membership; modifying certain category weights; modifying calculation of small school district formula; effective date; emergency.
Schools; allocation of State Aid; calculation of weighted membership; modifying certain category weights; modifying calculation of small school district formula; effective date; emergency.
Requesting Each Branch Of The United States Military In The State To Provide Shelters That Can Withstand Hurricanes With Winds Of Over Two Hundred Miles-per-hour For All Of Their Active And Retired Personnel And Families Living In The State.
Requesting Each Branch Of The United States Military In The State To Provide Shelters That Can Withstand Hurricanes With Winds Of Over Two Hundred Miles-per-hour For All Of Their Active And Retired Personnel And Families Living In The State.