This bill amends Louisiana's Revised Statutes concerning oilfield site restoration by transferring 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 authority to execute financial agreements, the calculation and collection of increased oilfield site restoration fees, and the administration of federal funds for site restoration and orphan well plugging. The bill also repeals the existing commission and outlines the Trust Authority's functions, such as approving contractors for site assessments and managing the restoration fund.

Furthermore, the bill introduces new definitions and provisions for fund administration, including the issuance of bonds to raise funds for restoration efforts. It specifies that the Trust Authority will oversee the fund's management and disbursements, ensuring that funds are dedicated solely to oilfield site restoration activities. The legislation emphasizes the importance of maintaining the integrity of the fund and its revenues. Additionally, it establishes a fee structure for crude oil and gas production based on market prices, mandates the creation of site-specific trust accounts, and clarifies that the Trust Authority will not be liable for costs beyond available funds. The bill is set to take effect on July 1, 2025.

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)