Redwater ).
Redwater is
now a sentinel decision for the energy industry in Alberta,
confirming the importance of environmental, reclamation and
remediation obligations and liabilities. In
Redwater,
the SCC determined that a trustee in bankruptcy is not permitted to
renounce uneconomical oil and gas assets and leave these assets to
be remediated by the Orphan Well Association
(
OWA ) to avoid the environmental
liabilities of the estate it is administering.
Following the
Redwater decision and since
early 2020, Alberta committed to actively reducing the inventories
of orphan and inactive well sites in the province. According to
the OWA, as of January 1, 2021, orphan inventory
New report shows optimism this year for oil and gas
Last Updated Jan 13, 2021 at 1:00 pm MDT
A pumpjack works at a well head on an oil and gas installation near Cremona, Alta., Saturday, Oct. 29, 2016. Federal financing relief for large Canadian companies announced Monday was welcomed by the oil and gas sector and the Alberta government despite conditions that linked the aid to climate change goals. THE CANADIAN PRESS/Jeff McIntosh
Summary
Prices for WCS are rebounding after trading in the negative almost a year ago
CALGARY (660 NEWS) – It’s something we haven’t heard of for quite some time: optimism about the oil and gas industry.
Minister of Energy Sonya Savage issued the following statement on the Canadian Association of Petroleum Producers’ (CAPP) projected 2021 energy sector capital investment increase of almost $3.4 billion: