WebMar 3, 2024 · New bonding requirements require companies to secure larger financial guarantees for wells to make sure oil-field sites are cleaned up. Oil and gas companies … WebFeb 8, 2024 · The Colorado Oil & Gas Compact Commission (COGCC) is considering improvements to its oil and gas bonding regime. These surety bonds make a third party …
Standing at the crossroads: Colorado Commissioners facing …
WebFeb 8, 2024 · The Colorado Oil & Gas Compact Commission (COGCC) is considering improvements to its oil and gas bonding regime. These surety bonds make a third party liable to pay a fixed amount to the state if oil and gas operators fail to plug their wells, as they are legally obligated to do. WebA. 4.0. Outstanding Performance. A-3.7. Superior. B+. 3.3. Excellent. B. 3.0. Very good. B-2.7. Good. C+. 2.3. Better than satisfactory. C. 2.0. Satisfactory. D. 1.0. Passing Note: … germany attractions
Will Colorado oil and gas wells transferred to small owners be …
WebThe bill would fund orphaned well remediation on federal, state, and tribal lands as well as increase individual bonding requirements to $150,000 and establish standards for inactivity and cleanup. Currently the bond-per-well requirement in Colorado is only $10,000 for wells less than 3,000 feet deep, and $20,000 for wells deeper than 3,000 feet. WebJul 9, 2024 · Operators are required to provide financial assurance to the COGCC to help cover cleanup costs in the event that they abandon their wells, but environmental activists have long criticized these bonds as woefully inadequate. WebSurety Bond Requirements: A performance surety bond is required based on the number of wells for any well sold, transferred, drilled or permitted after May 2016. An individual bond is required for up to 3 single wells. A blanket bond is required for four or more wells. -Individual Bond: A $10,000 individual bond is required for wells less than ... germany at war with russia 2023