Oil and Gas Bonding Reform and Orphaned Well Remediation Act

Oil and Gas Bonding Reform and Orphaned Well Remediation Act

This bill establishes incentives and requirements to clean up orphaned oil and gas wells, including by (1) establishing a program to remediate, reclaim, and permanently plug such wells located on federal land, state land, or land under the jurisdiction of Indian tribes; and (2) revising bonding requirements for oil and gas development on public land leased from the federal government. Such bonds are required to ensure developers have adequate financial resources to remediate and reclaim public land, water, or other resources after wells are abandoned or oil and gas development ceases.