CA AB1057

Renames the Division of Oil, Gas, and Geothermal Resources to the Geologic Energy Management Division and updates all references throughout state law accordingly.

Authorizes the division to require operators to provide additional security beyond standard indemnity bonds, capped at the lesser of $30,000,000 or estimated reasonable costs to plug, abandon, and decommission all wells and facilities, based on risk evaluation and financial capacity assessment.

Requires operators to provide additional information when disposing of or acquiring wells, including documentation of sales and transfers, and mandates biennial notifications of any changes in rights; establishes 180-day deadline for providing additional security after notice.

Allows operators to satisfy additional security requirements through indemnity bonds, deposits, letters of credit, corporate guarantees, trust funds, or division-approved self-insurance, with financial information kept confidential.

Permits multiple operators to form liability sharing agreements to be treated as a single operator for bonding purposes, making all participants jointly and severally liable for five years following withdrawal from the agreement.

Makes the Oil and Gas Environmental Remediation Account and related provisions permanent, eliminating the January 1, 2021 sunset date, to fund plugging and abandonment of orphaned wells and remediation of sites without responsible operators.