The bill amends Section 70-2-12 of the New Mexico Statutes to enhance the regulatory powers of the Oil Conservation Division. It introduces new provisions that allow the division to regulate the transfer of oil and gas wells, including the ability to impose limitations on such transfers under specific circumstances. These circumstances include situations where the transferor or transferee is subject to violations or enforcement actions related to the Oil and Gas Act, fails to provide adequate financial assurance, lacks sufficient financial capacity to manage liabilities, or when the division determines that limitations are necessary to mitigate risks associated with inactive or abandoned wells.

Additionally, the bill removes references to the "oil conservation" division and the "energy, minerals and natural resources department," streamlining the language while maintaining the division's authority to collect data, conduct inspections, and enforce regulations related to oil and gas operations. The new language emphasizes the division's role in ensuring compliance and protecting public health and the environment in the context of oil and gas well transfers.

Statutes affected:
introduced version: 70-2-12