New Oil and Gas Well Plugging Assurance Act

This bill requires oil and gas operators to provide financial assurance before drilling new wells that aren’t expected to produce, either through a bond or funds held in an escrow account managed by the State Treasurer. It aims to prevent future "orphan wells" by ensuring money is available to plug wells that become abandoned without a responsible operator. The funds must be used only for plugging the well or, if the operator fails to act, for the state to plug it using the reserved funds. This directly affects operators seeking new permits after July 2026 and protects landowners from property devaluation and environmental risks linked to unplugged wells.