The Alaska Oil and Gas Conservation Commission adopted regulations to increase the bond amount required for a permit for an oil or gas well. Under prior regulations, the bond had to be for $100,000 for a single well or for $200,000 to cover all wells in the State.
The revised regulations establish a schedule for the required bond amounts based on the number of wells in an amount ranging from a minimum of $400,000 to $30 million. The revised regulations establish procedures for permittees to increase their existing bonds in installments to meet the new amount required.
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If you’re ready to get a free surety bond quote to meet this new surety bond requirement, you can simply apply online. We are the nation’s largest volume bond producer, and provide the lowest rates in the industry.