Immediate action will protect jobs and provide economic relief to the oil and gas industry
Overview
The Government is providing economic relief to Alberta’s energy industry to address challenges resulting from the COVID-19 pandemic and declining oil prices due to an international price war. The energy sector supports more than 500,000 jobs across Canada
Initiatives
Funding the Alberta Energy Regulator levy
The Government is funding the Alberta Energy Regulator industry levy for a 6 months, achieving $113 million in industry relief.
Extensions for oil and gas tenures
The Government is extending the term of mineral agreements expiring in 2020 by 1 year to provide increased certainty for industry by allowing additional time to raise capital and plan future activities.
Orphan Well Association loan
A $100 million loan was recently extended to the Orphan Well Association to bolster immediate reclamation efforts, decommission about 1,000 wells, and start more than 1,000 environmental assessments – creating up to 500 direct and indirect jobs.
News
Protecting jobs, providing economic relief for the energy sector (March 20, 2020)
All information is from Government web pages: www.alberta.ca and www.canada.ca
