Alberta Energy Regulator forecasts the mandated spend will jump to $992-million by 2027, though the regulator may revisit that number depending on commodity pricing, market conditions and other factors
The oil and gas sector in Alberta will be required to increase spending on cleanup activities to at least $700-million in 2023, as rural municipalities say that companies aren’t spending enough on remediation efforts, particularly as the industry enjoys record profits thanks to sky-high commodity prices.
“Companies have really embraced the notion that … Albertans expect them to do better,” he said. “But also, their financial realities are that they need to be attending to this like any other obligation.” “You would think at a price point that we are right now with [strong] free cash flow, that would be a priority. Instead, what the priority for a lot of oil and gas businesses is, is share buybacks and dividends,” he said.still concernedsum hit $250-million at the end of last year, according to the group – up 3 per cent over the previous year.
He has high hopes that the government will force the issue, he said, “because this starts to become a conversation of, ‘Seriously, how long can this go on?’”
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