Alberta company falsified documents relating to well abandonment and reclaimation

[Type_S1]

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I would lay a lot of blame on industry itself.

How so? Left to itself, any industry will act in its own self-interest for gain. A set of rules is required to protect all stakeholders (shareholders, public, tax-payers, etc.). When your rules suck and have no repercussions to clear cases of fraud then the system is as much to blame as the companies.

If you let the flames and oilers get on the ice together without refs, a set of rules, and no penalties you would be watching a completely different game then that of hockey.

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We should have stayed like the Wild West of Texas and stop pretending regulation is a high-end thing. At least in Texas they stand by it with their saying, "jackrabbits don't have lawyers."

Texas is hilarious when it comes to regulation surrounding abandonment and reclamation, because, basically there is none. Liberals in Canada would be calling for heads if any Albertan company operated like they do in Texas.

[msommers]

^^^ To add to that, the surface well spacing is something I've personally never seen in Alberta.

[dirtsniffer]

god bless the permian

[ExtraSlow]

Nearly as ugly and damaging as a solar farm. Gross.

[msommers]

That's why wind is the answer!!!......

[killramos]

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That's why wind is the answer!!!......

I laughed a bit there. Good one

[lasimmon]

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How so? Left to itself, any industry will act in its own self-interest for gain. A set of rules is required to protect all stakeholders (shareholders, public, tax-payers, etc.). When your rules suck and have no repercussions to clear cases of fraud then the system is as much to blame as the companies.

If you let the flames and oilers get on the ice together without refs, a set of rules, and no penalties you would be watching a completely different game then that of hockey.

I don't disagree about how industry will look after themselves.. and they should to protect stakeholders like you said. However, with an industry like O&G there is significantly more involved than just leaving it to industry.

What happens when we start seeing more defunct companies that the orphan levy has to increase significantly? To an amount that companies can no longer afford?

What happens when taxpayers realize loans industry has received for orphaned sites likely aren't going to be repaid?

The answer is you don't get to operate anymore. The public opinion will shift (is already shifting).

The worst thing that is happening is the UCP is in power. They are likely to lose next election and cause a massive policy swing.

Prior to the pandemic I attended a breakfast with a bunch of people in industry in positions that decide on money spending, and the prevailing opinion was they needed another pipeline so the industry can make more money as a whole and they can all spend more money on decommissioning - because that's been top of mind ever before.


There is a lot of pain coming to the industry in Canada. And a lot of it is going to be brought on by industry itself. I am a little drunk so my rumblings are hopefully readable.

[ExtraSlow]

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I don't disagree about how industry will look after themselves.. and they should to protect stakeholders like you said. However, with an industry like O&G there is significantly more involved than just leaving it to industry.

What happens when we start seeing more defunct companies that the orphan levy has to increase significantly? To an amount that companies can no longer afford?

What happens when taxpayers realize loans industry has received for orphaned sites likely aren't going to be repaid?

The answer is you don't get to operate anymore. The public opinion will shift (is already shifting).

The worst thing that is happening is the UCP is in power. They are likely to lose next election and cause a massive policy swing.

Prior to the pandemic I attended a breakfast with a bunch of people in industry in positions that decide on money spending, and the prevailing opinion was they needed another pipeline so the industry can make more money as a whole and they can all spend more money on decommissioning - because that's been top of mind ever before.


There is a lot of pain coming to the industry in Canada. And a lot of it is going to be brought on by industry itself. I am a little drunk so my rumblings are hopefully readable.

You might have been a little drunk but your thoughts are pretty understandable. I use the term "self inflicted wounds" for many of the industry problems.

[killramos]

https://boereport.com/2021/03/05/aer...-s-operations/

Surprised these jokers have limped along this long. Big surprise as to what happens when you buy your teenage son an oil company to run so he stops sitting in the basement playing video games.