This bill amends the Natural Resources and Environmental Protection Act by introducing new definitions and provisions related to abandoned oil and gas wells, specifically focusing on a new partnership program for bitcoin mining. Key insertions include the definition of "bitcoin mining" and the establishment of a "bitcoin program" that allows participants to use oil and gas from abandoned wells for bitcoin mining in exchange for their commitment to plug the wells and conduct necessary site restoration. The bill also outlines the responsibilities of the supervisor in managing this program, including identifying suitable wells, soliciting bids, and ensuring compliance with environmental standards.

Additionally, the bill specifies the funding mechanisms for the program, allowing the supervisor to allocate funds for both traditional well plugging activities and those associated with the bitcoin program. It mandates that the supervisor prepare an annual list of wells prioritized for plugging and restoration, which will include projects under the bitcoin program. The legislation also includes provisions for program participants to obtain bonds to ensure compliance with restoration obligations and allows for the potential transfer of ownership of the wells after fulfilling their responsibilities. Overall, the bill aims to address environmental concerns while leveraging abandoned oil and gas wells for innovative energy production through bitcoin mining.

Statutes affected:
House Introduced Bill: 324.61601