This bill amends Section 180.10 of Title 17 of the Oklahoma Statutes, which pertains to the Corporation Commission Plugging Fund. It authorizes the Corporation Commission to expend funds from this Plugging Fund for emergency situations that may have critical environmental or public safety impacts, in addition to the existing provisions for responding to seeping natural gas. The bill also establishes a requirement for the Corporation Commission to maintain the Plugging Fund at a minimum level of $5 million until July 1, 2031, and outlines the process for imposing an excise tax if the fund falls below this threshold.

Additionally, the bill introduces a new section that mandates the Corporation Commission to create a system for homeowners affected by contamination from substances under its jurisdiction, such as brine or oil, to apply for remediation assistance. This assistance will be provided from the Plugging Fund without requiring a homeowner's insurance claim, but homeowners must prove that the contamination resulted from an abandoned well. The Corporation Commission is tasked with promulgating rules to implement these provisions. The act is set to take effect on November 1, 2026.

Statutes affected:
Introduced: 17-180.10