Oklahoma Energy Education Foundation

PROJECT PURPOSE

OEEF proposes establishing a grant program to be administered by the Oklahoma Department of Commerce in consultation with the Oklahoma Energy Resources Board to support crude oil and natural gas businesses that invested in incremental production enhancements or well plugging to retain workers, employ service companies, equipment manufacturers and energy professionals, and to support the state economy from March 15, 2020, through May 4, 2021. Qualifying projects could include, but should not be limited to: well completions, workovers, recompletions, enhanced oil recovery efforts, and plugging activities. Funds made available would be allocated as follows: 33.3% to companies with fewer than 50 employees; 33.3% to companies with 51-200 employees; and 33.3% to companies with more than 200 employees, with unallocated funds from each category redistributed among the other categories until all funds are expended.

EVIDENCE

There exists ample public and private evidence to validate project eligibility, including (but not limited to) required public filings at the Oklahoma Corporation Commission.

POPULATION DESCRIPTION

Unemployment among vulnerable populations within the state peaked as a result of the pandemic with disproportionate impact among those working in, or seeking work in, the oil and natural gas industry. Negative impacts among the oil and gas industry were felt statewide as it is Oklahoma's largest private sector contributor to state GDP.

PERFORMANCE MEASURING

The Oklahoma Department of Commerce would consult with the Oklahoma Energy Resources Board and the grant applicant to verify project eligibility, project dates, scope of work, project performance and company monies obligated or expended during the specified time frame March 15, 2020, through May 4, 2021.

ONGOING INVESTMENT AMOUNT

$

ONGOING INVESTMENT DESCRIPTION

None

ONGOING INVESTMENT REQUIRED

One-time project will not need continued funding