DEP Oil&Gas Form 2B Irrevocable Letter of Credit for Single Well or Geophysical Permit - Florida

What Is DEP Oil&Gas Form 2B?

This is a legal form that was released by the Florida Department of Environmental Protection - a government authority operating within Florida. As of today, no separate filing guidelines for the form are provided by the issuing department.

FAQ

Q: What is the DEP Oil&Gas Form 2B?
A: The DEP Oil&Gas Form 2B is a type of letter of credit specifically designed for single well or geophysical permit operations in Florida.

Q: What is an irrevocable letter of credit?
A: An irrevocable letter of credit is a financial instrument that guarantees payment to the beneficiary (in this case, the Florida Department of Environmental Protection) by the issuing bank.

Q: What is the purpose of the DEP Oil&Gas Form 2B?
A: The purpose of the DEP Oil&Gas Form 2B is to ensure financial security for the State of Florida in case of any violations, damages, or non-compliance by the permit holder during the operation of a single well or geophysical permit.

Q: Who needs to provide the DEP Oil&Gas Form 2B?
A: Any entity or individual applying for a single well or geophysical permit in Florida needs to provide the DEP Oil&Gas Form 2B.

Q: How does the DEP Oil&Gas Form 2B work?
A: The permit holder's bank issues an irrevocable letter of credit in favor of the Florida Department of Environmental Protection. If any violations or damages occur during the operation, the DEP can draw funds from the letter of credit to cover the costs of remediation or penalties.