A recent report from the Louisiana Legislative Auditor reveals the state’s challenges in managing orphaned oil and gas wells in the state, The Center Square reports. The number of orphaned wells has increased 68% since 2013. Two audits examined the Louisiana Office of Conservation and the Louisiana Oil Field Restoration Association’s efforts to secure funding and mitigate environmental risks. Despite improvements in financial regulations, the available funds remain inadequate to cover the estimated $542.9 million needed to remediate the wells. Financial security acts like insurance for sealing abandoned wells, but until 2015, it wasn’t mandated for all operators. From fiscal years 2020 to 2023, efforts resulted in plugging 976 orphaned wells, including 396 plugged with federal grants. However, the total number of orphaned wells only decreased by 0.9% during this period, rising again by 12.4% to 4,785 by April 2024. The audit concluded with 17 recommendations, including raising the fund cap and improving oversight and fee structures, all of which the Department of Energy and Natural Resources agreed to implement. Read the full article.