The proposal developed by an industry group, has been criticized by legal experts, energy economists and the province’s own internal analysts.
The so-called RStar proposal, developed by an industry group, has been criticized by legal experts, energy economists and the province’s own internal analysts.We deliver the local news you need in these turbulent times on weekdays at 3 p.m.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails. Postmedia Network Inc.
“RStar is a pilot project that incentivizes the cleanup and reclamation of wells, and in doing so, it creates a royalty credit for future drilling,” Guthrie told the outlet. Under RStar, companies would earn credits for remediating old wells up to the total liability the well represents as calculated by Alberta’s energy regulator. That credit would then apply against revenue earned from new production to reduce royalties or be sold to another operator.
“The companies that are going to be able to take advantage of this are the companies that aren’t distressed,” he said. Boychuk said in addition to transferring wealth to companies that don’t need it, RStar would use a taxpayer-owned resource to bail out hundreds of Alberta companies that have run their wells dry without cleaning them up.Article content
“There’s no clear, straight line that it would start new work as opposed to work that’s already underway except the public would be paying for it. And they would be paying for it in a way that’s not clear to them.”In a June 30, 2021, letter obtained by The Canadian Press, Savage wrote to the Freehold Owners Association, a group representing private owners of mineral rights.Article content
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