The LCWA Board met on August 8th and approved the Option Agreement which grants LCWA the option to exchange its 5-acre site for 78 acres of the Synergy Oil Field, and future conveyance of an additional 72 acres.
Long Beach Councilwoman Suzie Price, in whose district the Los Cerritos Wetlands and Synergy Oil Field are located, voted to approve the Option Agreement as a member of the LCWA Board. As structured, in exchange for its 5-acre site, LCWA would receive the 78 acre wetlands mitigation bank site that includes Steamshovel Slough which Councilwoman Price as “the most important part” of the future land exchange.
The Option Agreement is the first step in achieving the goal of relocating and consolidating oil operations and significantly reducing the oil production footprint from 187 acres to 10 acres. At the same time, the project is proposing a comprehensive wetlands and habitat restoration, which will restore portions of the Synergy Oil Field through the creation of a wetlands mitigation bank.