AB 2503 allows for the partial removal of offshore oil structures. The new law requires the owner or operator of the structure to provide financial assurance in connection with its removal, for which a surety bond can be posted, among other forms of security. The bond serves as financial assurance that the permit applicant will provide sufficient funds to the Department of Fish and Game, the Ocean Protection Council, the State Coastal Conservancy and the State Lands Commission to perform all of the necessary activities for removal of the offshore oil structures. Such activities will include all of the following: an
environmental review, a determination of the project’s net environmental benefit, determining the project’s costs savings, preparing a management plan and implementing it, as well as any other necessary expenses for meeting the law’s requirements.