News & Alerts
June 15, 2021 COGCC NOTICES FINANCIAL ASSURANCE RULEMAKING
On June 15, 2021, the COGCC noticed the Financial Assurance Rulemaking with proposed modifications to the 100 through 900-Series Rules. Pursuant to Senate Bill 19-181, the Rulemaking must consider the following issues: increasing financial assurance for inactive wells and for wells transferred to a new owner; requiring a financial assurance account, which must remain tied to the well in the event of a transfer of ownership, to be fully funded in the initial years of operation for each new well to cover future costs to plug, reclaim, and remediate the well; and creating a pooled fund to address orphaned wells for which no owner, operator, or responsible party is capable of covering the costs of plugging, reclamation, and remediation. The Rulemaking Hearings will take place from September 21, 2021 through October 28, 2021. The COGCC Staff’s proposed Rules, Statement of Basis and Purpose, Notice of Hearing and associated Rulemaking documents can be found here:
https://cogcc.state.co.us/sb19181_calendar.html#/rulemaking_financial_assurance.