City Council to Discuss Amortization of Oil Field – August 13

On August 13, 2020, the City Council will meet to discuss and consider public input on the following items:

Presentation of an Amortization Study for the Culver City Portion of the Inglewood Oil Field. City’s consultant, Baker & O’Brien, prepared a Capital Investment Amortization Study for the Culver City portion of the Inglewood Oil Field, which will be presented to the City Council and the public. The Amortization Study is available for review.

Discussion of Potential Amortization Program, Future Steps, and Subcommittee Recommendations. At the June 4, 2020 meeting of the City Council Oil Drilling Subcommittee (Vice-Mayor Fisch and Council Member Sahli-Wells), the Subcommittee considered how the financial analysis, findings and conclusions presented in the Amortization Study could be used to inform future decisions related to the Culver City portion of the Inglewood Oil Field, including options for a potential amortization program of oil and gas operations within the City, and made the following recommendations to the City Council:

Recommend the City Council receive and consider the information contained in the Capital Investment Amortization Study.
Recommend the City Council direct staff to study other factors relating to amortization and to develop and return to City Council with a framework that: (1) resolves the incompatibility of this non-conforming use, such as through an amortization program; and (2) identifies an appropriate period to phase out oil and gas activity.
Recommend the City Council authorize the Oil Drilling Subcommittee to work directly with staff to develop details of this framework and potential amortization program.
At the August 13th Special Meeting, the City Council will discuss the Amortization Study, other pertinent information, and the Subcommittee’s recommendations, and provide further direction to staff.

For information on how to attend, go to culvercity.org

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