Texas seeks money to seal old wells

  • 05/07/2000

Operators of inactive oil and gas wells and some low-producing ones would have to put up bonds or letters of credit under a plan that was given preliminary approval today by Texas regulators. The plan requires bonds of $3 for every foot of depth for wells on land, $60,000 for wells in bays and $250,000 for offshore wells. It also calls for operators to test inactive wells yearly for environmental safety.