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SB18-063

Oil Gas Higher Financial Assurance Reclamation Requirements

Concerning increased requirements for oil and gas operators, and, in connection therewith, adding financial assurance and reclamation requirements.
Session:
2018 Regular Session
Subject:
Natural Resources & Environment

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.)

Status

Introduced
Lost

Bill Text

Sponsors

Sponsor Type Legislators
Prime Sponsor

Sen. M. Jones
Rep. A. Benavidez

Sponsor

Co-sponsor