2018 SB 189 Assurance for Plugging Oil & Gas Wells

CVNM Position:

Support

Priority:

CVNM Priority Vote

Year:

2018

Sponsors:

Richard C. Martinez

Topics:

Land
Water

Legislative Info:

SB 189 on nmlegis.gov »

Description

SB 189 increases the cap of the amount of the surety bond a company must post for the plugging of an inactive oil or gas well from $50,000 to $250,000. This increased amount is more in line with the cost of plugging a well and remediating a plugged well that leaks, blows out or otherwise fails.

Outcome

SB 189 passed the Senate 40-0 and passed the House 54-11. The bill was signed by the Governor on February 28, 2018.