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68th Annual Institute 2022: Allocating, Managing, and Potential Benefits of Plugging and Abandonment Costs
Alexander K. Obrecht, Brian J. Pulito
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Based on a 2019 estimate, the U.S. has about two million orphaned or abandoned oil and gas wells, an issue of heightened public and government focus. The recently passed infrastructure bill allocates $4.7 billion for well plugging and remediation. States are also taking action. For example, North Dakota allocated pandemic stimulus money to plugging costs, and Colorado is finalizing new financial assurance rules to increase the liability of operators for plugging and abandonment (P&A) costs. Companies that transfer non-core assets often seek to minimize or eliminate potential liability for future P&A costs, and the spate of oil and gas company bankruptcies during the pandemic has also increased disputes regarding the allocation and avoidance of P&A costs. But the situation may also provide some upside with potential ESG benefits for voluntarily plugging orphaned or abandoned wells. This presentation surveys the recent focus of government agencies on P&A costs and the allocation of these costs under federal and state law to the various stakeholders including operators, non-operators, mineral owners, surface owners, and former owners or operators.
0.8 CLE CO-813661
This course has been accredited for CLE credit in Colorado. CLE credit hours shown are for Colorado only. A CLE course number for Colorado will be provided to attendees on their certificates of attendance once a course has been completed. New Mexico attorneys who complete a course must notify us (cle@rmmlf.org) because we are required to report credits for you. If this course has been approved for RPL/CPL credit with the American Association of Professional Landmen (AAPL), the credits will be listed below in a separate section for AAPL. If applicable, Component Codes for AAPL recertification will also be provided. Please contact RMMLF if you need independent verification by the provider of your attendance or participation for CLE purposes. Except as provided above, RMMLF generally does not apply for accreditation from any other MCLE/CPD organizations for its online legal education program. Upon completion of a program a certificate of attendance will be issued to all attendees. Except as provided above, attendees must verify with their respective state bars and CPD organizations and their specific rules as to whether or not the certificate of attendance will be recognized by that body for MCLE/CPD purposes, and the number of CLE/CPD credits that may be available. The live presentation of the on-demand program has been accredited in most mandatory states as part of a larger course, but such accreditation does not assure recognition of the on-demand program.
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