CA SB953

Requires the State Lands Commission to conduct an amortization study of all active oil and gas leases in California state waters by December 31, 2023, determining market value and recommending phaseout strategies.

Mandates the commission initiate negotiations with lessees before or upon publication of the study to achieve voluntary relinquishment of leases and termination of all offshore oil and gas production.

If voluntary agreements are not reached by December 31, 2024, the commission must terminate the leases and provide fair compensation to lessees as determined by the amortization study.

Requires lessees to properly plug and abandon all wells, decommission platforms and pipelines, remove all infrastructure, and restore affected tidelands and submerged lands.

Finds that the 11 remaining active oil and gas leases in state waters create unacceptable environmental and public health risks, are inconsistent with state climate policy, and that the three active platforms have largely exhausted economic lives.