EDMONTON — Alberta’s energy minister says the current spike in oil prices isn’t enough reason to require the industry to spend more on cleaning up the tens of thousands of abandoned oil and gas wells in the province.
Sonya Savage says the province’s recently adopted plan to fix the problem, which requires industry to spend $422 million next year and slightly more after that, is a fair and balanced approach.
She says it takes into account the industry’s current troubles and its expected future growth.
Oil prices have spiked to $80 a barrel and are expected to climb higher.
Some industry analysts have said the profits those prices will generate should help fund the cleanup of nearly 100,000 abandoned wells in Alberta, a project that will cost tens of billions of dollars.
Experts like Sara Hastings-Simon at the University of Calgary’s School of Public Policy say this may be Alberta’s last chance to get the money from industry.
But Savage says current spending requirements will make a meaningful difference and could be increased two years down the road.
This report by The Canadian Press was first published Oct. 8, 2021.
The Canadian Press
- 0029 Latus Viro updated Latus phone
- 0031 Lloydminster_Heavy_Oil_Show_20220031 Lloydminster_Heavy_Oil_Show_2022
- 0027 TED_NA Helium 2021_30
- 0028 SIMSA_Energy_Forum_2022
- 0025 Kendalls
- 0026 Buffalo Potash Quinton Salt
- 0023 LC Trucking tractor picker hiring mix
- 0022 Grimes winter hiring
- 0021 OSY Rentals S8 Promo
- 0019 Jerry Mainil Ltd hiring dugout
- 0018 IWS Hiring Royal Summer
- 0014 Buffalo Potash What if PO
- 0015 Latus Viro PO Ad 01
- 0013 Panther Drilling PO ad 03 top drive rigs
- 0006 JK Junior
- 0004 Royal Helium PO Ad 02