CA SB1147

Requires the State Oil and Gas Supervisor to provide operators an opportunity to submit cost estimates before determining required security amounts for plugging and abandoning offshore wells.

Mandates the supervisor evaluate and estimate decommissioning costs for offshore oil and gas wells under its jurisdiction and develop a schedule to increase bond amounts or financial surety by July 1, 2020, if necessary.

Requires oil and gas leases that are assigned, transferred, or sublet to include the same protective provisions as executed leases, including bonding for plugging, abandonment, and decommissioning costs.

Directs the State Lands Commission to seek additional infrastructure bonding or financial assurance when offshore oil and gas lease terms are negotiated or renegotiated.

Addresses state concerns about inadequate bonding to cover an estimated $100,000,000 in decommissioning costs for offshore wells and infrastructure following recent operator bankruptcies.