What we know, what we don’t, and how it could affect developers and landowners Prime Minister Justin Trudeau announced in April 2020 that the federal government will support the cleanup of inactive oil and gas wells. The funding is primarily earmarked to help existing producers deal with large inactive well portfolios. Phase 1 of funding will begin on May 1, 2020, and is focused on small oil and gas producers that have little ability to pay for well cleanups.
Each wellsite can be funded up to $30,000 per activity. Funding requests will be submitted by environmental consultants and oilfield service companies on behalf of a wellsite owner, with the primary objective to progress sites towards a Reclamation Certificate or regulatory closure. Affected landowners can apply with the oil and gas companies to access this funding. Trace Associates Inc. (Trace) is working with developers, landowners, and oil and gas companies to leverage this funding opportunity.
This presentation will discuss:
- Funding program overview;
- Impacts on landowners and developers with historical wells on their property; and
- Opportunities for developers.
The presentation will be led by Michael Lupart and Rob Anderson from Trace.