Trying to balance a mandate to ensure the state is not stuck with abandoned oil and gas wells against the financial needs of the industry, Colorado regulators have issued a revised plan that has buoyed operators and left environmentalists in despair. Gone from the Colorado Oil and Gas Conservation Commission’s initial draft rule for financial […]
Posted inBusiness, Energy, Environment, News, Politics and Government
Nearly half of Colorado’s 52,000 wells produce little or no oil. Who’ll pay to plug them?
Sticking out like a sore thumb in the otherwise bucolic, rolling pastures and fields of hay, sit four rusting oil tanks, “Out of Service” stenciled on their sides, along with a scattering of other weathered and unusable equipment. For the better part of three years, Jon and Susanne Stephens have, without success, been trying to […]
Posted inBusiness, Climate, Economy, Energy, Environment, News, Politics and Government
Colorado doesn’t want to foot the bill for abandoned oil and gas wells. Here’s how it will avoid picking up the tab.
Colorado oil and gas regulators looking to avoid a rash of abandoned and unplugged oil and gas wells are proposing to increase financial guarantees by operators for each of their wells — a price tag that could add up to billions of dollars. The draft financial assurance regulations, released by the Colorado Oil and Gas […]