The state will funnel $12 million of remaining CARES Act funds into the Energy Rebound Program to stimulate additional job growth in the energy sector, Wyoming Gov. Mark Gordon announced Tuesday.
The additional funding will continue to provide badly needed capital for specified oil and gas projects. These projects include drilled but uncompleted ventures, workovers, and plugging and abandonment projects, according to a June 8 press release.
Gordon’s latest announcement comes six months after he previously doubled the funding available through the program from $15 million to $30 million at the height of the COVID-19 pandemic towards the end of 2020, reportedly due to an overwhelming number of qualifying applications that quickly exhausted the original funding amount.
The program reportedly enabled the oil and gas industry to utilize services from more than 100 companies in 14 Wyoming towns, supporting thousands of local jobs and kickstarting more than $150 million in new production, per the release.
“This program will continue to provide economic benefits to this important industry, their workforce, and the entire state of Wyoming,” Gordon said in a statement.
Companies wishing to apply for funding can begin submitting their applications to the Wyoming Oil and Gas Conservation Commission (WOGCC) on June 15. All applications need to be submitted by June 25, per the release.
All projects will be capped at $500,000 and need to be identified and completed by the end of 2021, per the release, which adds that oil and gas operators will be required to certify the number of jobs created for Wyoming workers.
To qualify as a Wyoming worker, the release states, the worker must be a resident of Wyoming at the time of the application.