• Sign up for the Daily Digest E-mail
  • Facebook
  • Twitter
  • LinkedIn

BOE Report

Sign up
  • Home
  • Headlines
    • Latest Headlines
    • Columns
    • Discussions
  • Well Activity Map
  • Property Listings
  • Land Sales
  • M&A Activity
    • M&A Database
    • AER Transfers
  • Markets
  • Rig Counts
    • CAODC Rig Count
    • Baker Hughes Rig Count
    • USA Rig Count
  • Industry Data
    • Canada Well Licences
    • USA Market Data
    • Data Subscription
  • Jobs

Alberta boosts oil well clean-up to create jobs

March 2, 20201:44 PM Reuters0 Comments

The oil-producing Canadian province of Alberta is increasing its financial support for cleaning up wells without owners, addressing an environmental liability as it creates jobs in the slumping industry.

Premier Jason Kenney said on Monday that Alberta would loan up to C$100 million ($74.95 million) to the Orphan Well Association, which is funded by energy companies, to decommission 1,000 additional wells, doubling its pace.

The move will create as many as 500 direct and indirect jobs for oil services companies that perform the work, Kenney said.

Alberta, which produces most of Canada’s oil, has struggled for years with low prices made worse by congested pipelines and the flight of investors and foreign oil companies. Last week, Teck Resources canceled plans for a massive oil sands mine.

There are an estimated 6,500 Alberta orphan wells, a term for wells whose owners have gone out of business, said Lars DePauw, the association’s executive director.

The latest cash injection supplements a previous C$235 million provincial loan to the association, which it started repaying last year.

Follow the BOE Report
  • Facebook
  • Twitter
  • LinkedIn
Sign up for the BOE Report Daily Digest E-mail
Latest Headlines
  • NuVista Energy Ltd. executes non-core divestitures, reduces debt significantly, and provides production and operations update
  • Imperial Oil reports one-billion-barrel drop in bitumen reserves at end of 2020
  • Oil hovers near 13-mth highs as storm hits U.S. output, Fed assures rates staying low
  • Remanufactured oilfield equipment products
  • Kelt provides results of its oil & gas reserves evaluation effective December 31, 2020

Return to Home
Alberta Gas
CAD/GJ
Market Data by TradingView





    Note: The page you are currently on will be sent with your report. If this report is about a different page, please specify.

    About
    • About BOEReport.com
    • In the News
    • Terms of Use
    • Privacy Policy
    Resources
    • App
    • Widgets
    • Notifications
    • Daily Digest E-mail
    Get In Touch
    • Advertise
    • Post a Job
    • Contribute
    • Contact
    • Report Error
    Featured In
    • CamTrader
    • Rigger Talk
    Data Partner
    • Foxterra
    BOE Network
    © 2021 Grobes Media Inc.