Louisiana Revised Statutes Tit. 30, § 83. Oilfield site restoration; administration by the Department of Conservation and Energy

(1) Approve and evaluate a priority list for site restoration annually.

(2) Pledge the revenues available to fund authorized purposes and to secure the issuance of bonds to fund such purposes provided in R.S. 30:83.1, provided that annual debt service shall not be in excess of fifty percent of the pledged revenues estimated to be received in the calendar year the bonds are issued.

(3) Approve lists of contractors acceptable to conduct site assessment and site restoration.

(4) Approve a cooperative endeavor agreement between the trust authority and an organization seeking to assist with plugging orphaned wells in order to alleviate the burden on operators in meeting financial security requirements.

(5) Review administration of site restoration activities and review the adequacy of site restoration assessments and reopen the funding needs and arrangements for site-specific trust accounts every four years. However, unless the oilfield site is transferred from one party to another after the adoption of a standard for evaluation, site-specific trust accounts established prior to the adoption of a standard for evaluation by the Department of Conservation and Energy shall not be reassessed if the operator of record provides to the office on an annual basis, utilizing the methodology in use at the time that the site-specific trust account was established, proof that the security is adequate to ensure proper closure of the wells upon completion of activity.

(6) Provide general administration and management of the Oilfield Site Restoration Fund, funds collected from financial security instruments previously tied to a specific well or wells that have since been plugged or are otherwise not tied to a specific well or wells, and all site-specific trust accounts.

(7) Perform any function authorized by this Part or which is consistent with its purpose and not otherwise assigned by this Part to the secretary.