Florida Geophysical Exploration Surety Bond

The State of Florida Department of Environmental Protection, Oil and Gas Program is the permitting authority for mining and minerals regulation programs. The program is tasked with conservation of oil and gas resources, health and human safety, environmental protection and rights protection. Through a process of permits and field inspections, the program ensures compliance of state laws. The oil and gas program, Geophysical Exploration details can be found in Chapter 377 of the Florida Statutes and Rules 62C-26.007 of the Florida Administrative Code.

Performance Bond and License Requirements:

1. Payment of the application fee.
2. Payment of additional fee for each observer coordinator (if explosives are used).
3. Completion of the Geophysical Permit Application (Form 4).
4. Completion of the Organization Report (Form 1).
5. Provide 15 copies of Detailed Plat Map showing location of lines along which geophysical operations are to be conducted.
6. Provide 15 copies of Generalized Plat Map showing the general vicinity of the geophysical operations.
7. Provide 8 copies of operational plans in detail that provides all work to be performed, personnel required, equipment, sources of energy, use of explosives (if any), and restoration plans.
8. Written plan approval from the Division of State Lands prior to conducting any field operation on state lands.
9. A performance surety bond is one form of security that will fullfill the bond requirement. The surety bond amount is $25,000 per field crew or $100,000 per operation (Oil & Gas Form 5) or a blanket permit surety bond for oil wells (Oil & Gas Form 2A) with a Geophysical Rider is another approved surety bond.
10. Other forms of security the state will accept include a Letter of Credit; Trust Fund payment; or other form of financial security.

How Much Will a Geophysical Exploration Bond Cost?

The premium that you pay for a Florida Performance Surety Bond for Geophysical Exploration is dependent on: the number of field crew members or for each operation, credit of each owner, personal financials, business financials and experience. Rates start at 1% with good credit.

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