Abandoned & Orphaned Wells | Part 2: Orphan by Design
Автор: Commission Shift
Загружено: 2023-04-14
Просмотров: 189
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Orphaned by Design! In this episode of our five part series, Virginia Palacios and Megan Miliken Biven discuss how state policies are set up to allow operators to orphan wells.
Video includes: low operator standards, easy pathways to drilling permits, no oversight in transferring well leases between companies. Selling and transferring wells from large operators to small operators is an especially risky transition, as many small operators may not be able to afford to plug the well, or meaningfully contribute to the state's energy supply from the marginal production. The state oil and gas agency (Railroad Commission) does not scrutinize these transactions or make operators prove financial solvency before aquiring a well.
Many companies intentionally offload these marginal wells to smaller operators, even though the well is a liability to the new operator and the public. This is known as a "Fraudulent Transfer."
Virginia and Megan discuss solutions to these problems, and how the state oil and gas agency has the ability to address these problems with existing tools and oversight.
All recommendations come from Megan and Virginia's January 2022 co-authored report, Eliminating Orphan Wells and Sites in Texas. https://commissionshift.org/news/orph...
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