Bill to increase funds for plugging of abandoned gas wells approved by Senate committee

A bill calling for more funding by the oil and gas industry to help plug gas wells that are no longer in production won approval Thursday in the Senate Energy Committee.

HB1370 by Rep. Brad Boles and Sen. Grant Green would increase funds from the state’s Gross Production Tax on gas well production to be used toward plugging of wells. Since the funding would come from the GPT, it would not involve any more state expenditures.

“It would increase the formula from $2.5 million to about $20 million,” explained Sen. Green during the Energy Committee hearing.

Bill to increase funds for plugging of abandoned gas wells approved by Senate committee - Oklahoma Energy Today