Oil and gas companies must pay more to drill on public lands under new Biden administration rule

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Oil And Gas Companies News

Interior Department,Public Lands,Oil And Gas

WASHINGTON (AP) — Oil and gas companies will have to pay more to drill on public lands and satisfy stronger requirements to clean up old or abandoned wells, ...

Investors are watching for the giant banks to demonstrate how they benefit if interest rates remain higher than expected this yearWASHINGTON — Oil and gas companies will have to pay more to drill on public lands and satisfy stronger requirements to clean up old or abandoned wells, according to a final rule issued Friday by the Biden administration.

Along with efforts to clean up so-called orphaned, or abandoned, wells, "these reforms will help safeguard the health of our public lands and nearby communities for generations to come,” Haaland said. The previous level was far too low to force companies to act and did not cover potential costs to reclaim a well, officials said. As a result, taxpayers frequently end up covering cleanup costs for abandoned or depleted wells if an operator refuses to do so or declares bankruptcy.

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