Section 30:88.2 - [Effective Until 7/1/2025] Orphan well rework programA. Orphan wells. (1) For purposes of this Section, an orphan well shall mean an oil well that is designated as part of an orphaned oilfield site and that has had no reported production for a period of greater than twelve months immediately prior to the production of oil to which this Section applies.(2) The monies paid to the state treasury in accordance with R.S. 47:633(7)(c)(iv)(cc) derived from oil produced from an orphaned well as defined in this Section shall be credited to the associated site-specific trust account.B. New production. In the event of new production from a formerly orphaned well meeting the requirements of Paragraph (A)(1) of this Section, a site-specific trust account shall be established to separately account for each such site for the purpose of providing a source of funds for future site restoration of that oilfield site when restoration of the oilfield site is required. The site-specific trust account shall remain in effect until completion of site restoration of the associated oilfield site.C. Site restoration assessment. When establishing a site-specific trust account under this Section, the assistant secretary shall require an oilfield site restoration assessment to be made to determine the site restoration requirements existing at the time the site-specific trust account is established. The oilfield site restoration assessment shall be conducted by approved site assessment contractors appearing on a list approved by the trust authority or acceptable to the trust authority. The oilfield site restoration assessment shall specifically detail the site's restoration needs and shall provide an estimate of the restoration costs needed to restore the oilfield site based on the conditions existing at the time the site-specific trust account is established.D. Trust account monitoring. The assistant secretary shall monitor each trust account to assure that it is being properly funded. The funds in each trust account shall remain the property of the trust authority. In the event that the site-specific trust account is not funded through the payment of the severance tax due the state for a period of greater than six months from the date of first production following designation of the well as part of an orphaned oilfield site, the assistant secretary shall require financial security in accordance with the office of conservation's rules and regulations. E. Unusable oilfield sites. For unusable oilfield sites, after site restoration has been completed and approved by the assistant secretary, funds from a site-specific trust account shall be disbursed as follows: (1) If the site restoration has been completed by the operator of record on file with the assistant secretary, the balance of the funds existing in the site-specific trust account shall be remitted to that operator of record.(2) If the site restoration has been completed using monies from the Oilfield Site Restoration Fund and monies from the site-specific trust account, any balance in the site-specific trust account shall be transferred into the Oilfield Site Restoration Fund for use on any oilfield site in accordance with this Chapter.(3) The site-specific trust account shall thereafter be closed.F. Rules, regulations, and orders. The assistant secretary shall promulgate, after notice and public hearings as provided in this Chapter, any reasonable rules, regulations, and orders that are necessary to implement this Section. Acts 2021, No. 391, §1, eff. June 16, 2021.Added by Acts 2021, No. 391,s. 1, eff. 6/16/2021.This section is set out more than once due to postponed, multiple, or conflicting amendments.