The bill proposes a major restructuring of energy governance in Oklahoma by transferring the responsibilities of the Oklahoma Energy Resources Board to the Corporation Commission, effective November 1, 2026. A transitional period from July 1, 2026, to October 31, 2026, will allow the Corporation Commission to gradually assume these duties, with current employees of the Board retaining their positions unless otherwise agreed. Key amendments include the modification of definitions related to energy resources, the removal of references to the Oklahoma Energy Resources Board, and the establishment of new terms such as "abandoned well." The bill also repeals sections concerning the composition and functions of the Oklahoma Energy Resources Board, streamlining the governance structure and allowing the Corporation Commission to coordinate educational programs and manage funds related to energy resources.

Additionally, the bill mandates that at least seventy-five percent (75%) of funds collected from assessments on oil and gas production be allocated for environmental cleanup and remediation projects, including the plugging of abandoned wells. It sets limits on expenditures for advertising and public education, while allowing for modifications to these restrictions once all identified abandoned wells are plugged. The bill updates the responsible authority for overseeing the collection of assessments and the refund process from the Oklahoma Energy Resources Board to the Corporation Commission, which will also have the authority to take legal action for unpaid assessments. Furthermore, it clarifies that collected funds cannot be used for the travel expenses of Oklahoma legislators, with the act set to take effect on November 1, 2026.

Statutes affected:
Introduced: 52-288.3, 52-288.4, 52-13., 52-2021, 52-288.6