This bill amends Louisiana's Revised Statutes concerning oilfield site restoration by transferring the responsibilities from the Oilfield Site Restoration Commission to the Natural Resources Trust Authority. It establishes the Oilfield Site Restoration Fund, which will be managed by the Trust Authority under the oversight of the State Mineral and Energy Board. Key provisions include the calculation and collection of increased oilfield site restoration fees, the administration of federal funds for site restoration and orphan well plugging, and the authority to execute financial agreements related to these activities. The bill also introduces new definitions, such as "Trust authority," and outlines the functions and powers of the Trust Authority, including contractor approval for site restoration and the issuance of bonds for funding.

Significant changes include the repeal of the Oilfield Site Restoration Commission and the replacement of the term "commission" with "trust authority" throughout the relevant sections. The bill allows for emergency fund expenditures without impacting administrative limits and establishes a fee structure for crude oil and gas production based on market prices, with proceeds directed to the Oilfield Site Restoration Fund. It also sets requirements for site-specific trust accounts, emphasizing the need for assessments by approved contractors and ensuring proper funding and monitoring. Importantly, the Trust Authority will not be liable for restoration costs beyond available funds, limiting the state's financial responsibility. The act is scheduled to take effect on July 1, 2025, with provisions for updating relevant definitions and cross-references in the law.

Statutes affected:
HB23 Original: 30:81(B), 30:83(F)(2), 30:1(B)(3), 30:86(A)(2), 30:87(A)
HB23 Engrossed: 30:82(3), 30:83(B)
HB23 Reengrossed: 30:82(3), 30:83(C)
HB23 Enrolled: 30:82(3), 30:83(C), 30:86(C)
HB23 Act 16: 30:82(3), 30:83(C), 30:86(C)