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Irrevocable Letter of Credit for Reclamation Security Required by Ors 520.095 - Permit to Drill Oil / Gas Well - Oregon
Irrevocable Letter of Credit for Reclamation Security Required by Ors 520.095 - Permit to Drill Oil/Gas Well is a legal document that was released by the Oregon Department of Geology and Mineral Industries - a government authority operating within Oregon.
FAQ
Q: What is an irrevocable letter of credit?
A: An irrevocable letter of credit is a guarantee provided by a bank to ensure payment to a beneficiary according to specified terms and conditions.
Q: What is reclamation security?
A: Reclamation security refers to the financial assurance required by Ors 520.095 in Oregon for the reclamation of land after drilling an oil or gas well.
Q: Why is an irrevocable letter of credit required for reclamation security?
A: An irrevocable letter of credit is required as a form of financial assurance to ensure that funds are available for the reclamation of land after drilling an oil or gas well.
Q: What is Ors 520.095?
A: Ors 520.095 is a specific provision in the Oregon Revised Statutes that pertains to the requirements for obtaining a permit to drill an oil or gas well.
Q: What is the purpose of the Ors 520.095 provision?
A: The purpose of the Ors 520.095 provision is to ensure that adequate financial assurance is provided for the reclamation of land after drilling an oil or gas well.
Q: What is a permit to drill an oil/gas well?
A: A permit to drill an oil or gas well is a document issued by the relevant authority that grants permission to conduct drilling operations for the extraction of oil or gas.
Q: Is an irrevocable letter of credit the only option for reclamation security?
A: No, there may be other acceptable forms of financial assurance for reclamation security, but an irrevocable letter of credit is a common option.
Q: Is the requirement for reclamation security specific to Oregon?
A: Yes, the requirement for reclamation security is specifically mandated by the Ors 520.095 provision in Oregon.
Form Details:
- The latest edition currently provided by the Oregon Department of Geology and Mineral Industries;
- Ready to use and print;
- Easy to customize;
- Compatible with most PDF-viewing applications;
- Fill out the form in our online filing application.
Download a printable version of the form by clicking the link below or browse more documents and templates provided by the Oregon Department of Geology and Mineral Industries.
