Description
The 2011 legislative session passed two critically important bills affecting the oil and gas industry. One, the hydraulic fracturing bill that outlines hydraulic fracturing chemical disclosure requirements and two, the creation of the Oil and Gas Regulation and Cleanup Fund and to provide for the imposition of reasonable surcharges as necessary on fees imposed by the Commission. The RRC is currently moving forward with rule making and procedural changes to implement these legislation changes and both could directly impact oil and gas companies’ daily operations.
The proposed rules, Statewide Rule 29 for fracturing disclosures and Statewide Rule 78 for the new surcharges and fees and how the RRC intends to implement them will be the subject of the February 14, 2012 lunch talk. The new Statewide Rule 29 requires an operator to submit information about the chemical ingredients and volume of water used in the hydraulic fracturing treatment of a well. Revisions to Statewide Rule 78 add an additional surcharge of 150% to severance fees, drilling permits, and exception fees, along with other charges. By February 2012, we should have some details of how the Railroad Commission will be implementing these changes.
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