AB 2716: Oil and gas: bonding requirements.

The bill aims to amend the oil and gas regulations in California. It would require oil and gas operators to provide additional security to cover potential risks and threats to life, health, property, and natural resources. This security can be in the form of an indemnity bond, deposit, or other means of financial assurance approved by the state. The bill would also exempt certain individuals from filing a bond when acquiring the right to operate a well or production facility. These individuals include those who have provided additional security approved by the state and those who acquire the rights solely for plugging and abandoning a well or decommissioning a production facility. The bill would also require the state supervisor to release the bond and the acquiring person from liability once the well or facility has been properly plugged and abandoned or decommissioned. However, indivi…