§ 502. Purposes
(a) The prevention of waste of oil and gas, the promotion of conservation, and the protection of correlative rights of owners are declared to be in the public interest.
(b) The purposes of this chapter are to:
(1) encourage oil and gas exploration and production;
(2) protect property rights and interests of all citizens;
(3) prevent long-term harm to the environment and other resources that might occur through oil and gas activities;
(4) protect correlative rights;
(5) prevent undue waste of oil and gas;
(6) promote greatest ultimate recovery of oil and gas, consistent with technology and economic conditions.
(c) This purpose requires the creation of a Vermont Natural Gas and Oil Resources Board to administer and enforce the provisions of this chapter.
(d) Whenever the Board exercises discretion and authority under this act, it shall do so only under the standards and purposes described in subsection (b) of this section. (Added 1981, No. 240 (Adj. Sess.), § 2, eff. April 28, 1982.)