SB18-063 - Oil Gas Higher Financial Assurance Reclamation Requirements

Postponed Indefinitely
Concerning increased requirements for oil and gas operators, and, in connection therewith, adding financial assurance and reclamation requirements.

Section 2 of the bill prohibits the Colorado oil and gas conservation commission from accepting any of the available types of financial assurance unless the operator demonstrates, by clear and convincing evidence, that the financial assurance will be sufficient to finance all reasonably foreseeable expenses related to ensuring compliance with the oil and gas law if the operator fails to meet its compliance obligations. The commission shall calculate the total financial assurance required by multiplying the number of oil and gas facilities subject to the application by the projected cost to finance every reasonably foreseeable eventuality related to ensuring compliance with regard to each type of facility.

Section 4 adds reclamation requirements that are adapted from the reclamation requirements applicable to hard rock mines.
(Note: This summary applies to this bill as introduced.)

Latest update: February 1, 2018
02/01/2018 - Senate Committee on Agriculture, Natural Resources, & Energy Postpone Indefinitely
01/12/2018 - Introduced In Senate - Assigned to Agriculture, Natural Resources, & Energy