RRC Accepting Comments on Revisions to Form P-5 LC and Consolidation of Forms P-5 PB1 and P-5 PB2August 26, 2021
The Railroad Commission of Texas (RRC) is accepting public comment on proposed revisions to the Form P-5 LC (Irrevocable Documentary Letter of Credit) and the proposed consolidation of the Form P-5 PB1 (Individual Performance Bond) and Form P-5 PB2 (Blanket Performance Bond) into the new Form P-5 PB (Performance Bond).
Proposed revisions the Form P-5 LC will remove references to terms/items no longer in use by the RRC; update the estimated plugging costs; and correct the final time of day that drafts may be presented at the bank (from 2 p.m. to 5 p.m.).
The proposed consolidation of the Forms P-5 PB1 and P-5 PB2 into the new Form P-5 PB is due to the similarity and redundancy of information requested between both forms. A new consolidated form will provide an operator the ability to select either “individual” or “blanket” performance bond via a check box at the top of the form and then only fill out the information required for the selected option.
Public comments will be accepted through Monday, September 27, 2021. To view the proposed revisions and submit a comment, visit the RRC website at https://www.rrc.texas.gov/forms/proposed-form-amendments/.