Protecting and Supporting the Orphan Fund: Recent Legislative and AEUB Policy Amendments Designed to Address Unfunded Liabilities of Oil and Gas Faculities in Alberta
AbstractRecent changes to the Oil and Gas Conservation Act have given regulatory bodies a broader mandate in relation to abandoned wells in Alberta; as set out primarily in Part 11, "Orphan Fund, " but elsewhere as well. These legislative changes have important implications for the oil and gas industry due to the expanded scope of the Orphan Fund as regards liability, suspension and abandonment obligations and costs, and the related accountability of directors, officers and agents. This article discusses these changes and how they have been given substance through policy developments and regulatory decisions.
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