Oklahoma regulators approve voluntary well shut-ins
Kallanish Energy
Oklahoma regulators on Wednesday gave oil producers the legal liability protection to voluntarily shut-in wells as prices for oil remain under $40 per barrel, Kallanish Energy has learned.
The move was approved by a 2-1 vote of the Oklahoma Corporation Commission with little discussion, reported Oklahoma Energy Today, a media outlet.
Commissioners Todd Hiett and Dana Murphy supported the request made by Tulsa-based LPD Energy Co. Commissioner Bob Anthony voted against the measure.
The problem may be less severe and state action less needed because oil prices have risen in the last two weeks, officials said.