CA AB2716

Allows oil and gas well operators to use self-insurance or corporate guarantees as financial assurance for plugging, abandonment, and site restoration costs, reversing the current prohibition on these methods

Expands acceptable forms of financial assurance to include any method approved by the Geologic Energy Management Division, in addition to existing options like deposits, letters of credit, and trust funds

Exempts persons who acquire wells or production facilities solely for the purpose of plugging and abandoning them from bonding and financial assurance requirements

Prohibits any oil or gas production or injection at wells or facilities acquired under the plugging/abandonment exemption, with violations constituting a crime

Amends Section 3205.8 of the Public Resources Code; requires majority vote and fiscal committee review