A Wave Of Change – Alberta Continues To Implement A New Liability Management Framework - Energy and Natural Resources
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 inact...
Source: mondaq.com