Oil or gas well bond cost
The West Virginia Department of Environmental Protection requires surety bonds from operators of:* single oil or gas well* single liquid injection well * single waste disposal well * multiple wells
Bond amounts for single oil or gas well, single liquid injection well or single waste disposal well are typically $5,000. Blanket bonds for these wells are usually $50,000. Applicants should verify their required bond amount with the state prior to bonding.
Why this bond
Oil and gas well bonds in West Virginia are put in place to ensure that principals (oil and gas well operators) perform all duties in accordance with all laws of the state. Under this bond, well workers must:
- plug and abandon wells after the work has been completed in full in accordance with Chapter 22, Article 6 of the West Virginia Code
- commence the reclamation of the area of land disturbed in siting, drilling, completing or producing the well
- clear all waste and excess materials from the site after completion of the project
If the principal violates the terms of his or her bond agreement and the state or individual is harmed as a result, the bond will cover all financial losses up to the full penal sum of the bond. The principal must reimburse the surety for all damages paid out.
West Virginia oil, gas or waste disposal well bonds run continuously unless otherwise canceled.The applicant must indicate on the bond form if he or she is an individual, a partnership, a corporation or a limited liability company. A notary public must acknowledge the surety bond contract.
Apply for your surety bond
Get a FREE West Virginia oil or gas well bond Quote Today! Click here to begin