The bill amends the Iowa Code to enhance the regulatory framework surrounding oil and gas production by introducing new definitions and requirements. Key definitions include "casing," "correlative rights," "exploratory well," and "well log," which aim to clarify industry practices. It mandates that individuals and businesses involved in oil and gas activities file specific information with the Department of Natural Resources by April 1 each year, including their business names and contact information. The bill also allows the director of the department to grant variances to departmental rules without a hearing, provided that applicants demonstrate a good faith effort or inability to comply.

Additionally, the legislation addresses the management of confidential information, requiring verification with the department before submission and maintaining confidentiality for five years, with the possibility of extension. It modifies the pooling process, granting the director authority to issue orders for pooling interests in spacing units and outlining the rights of nonconsenting owners regarding royalties and participation in pooling orders. Notably, the bill repeals the department's authority to determine market demand for oil and gas, thereby removing a previously held regulatory power. Overall, the bill aims to streamline operations while ensuring the protection of property owners' rights and responsible resource management.

Statutes affected:
Introduced: 458A.2, 458A.4, 458A.7, 458A.8, 458A.6