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Cleanup of Cameron Hills project hangs in balance as Strategic Oil and Gas in receivership – CBC

by ahnationtalk on February 19, 202053 Views

Company’s restructuring plan rejected, oil and gas regulator concerned cleanup costs could fall on taxpayers

Feb 19, 2020

A troubled oil and gas company that has wells in the Northwest Territories has gone into receivership, and the territory’s oil and gas regulator is worried taxpayers will be left to clean up the property.

Strategic Oil and Gas Ltd. has been under creditor protection for 10 months, but its efforts to restructure have failed, its directors have resigned and it is now winding down and selling off all of its assets.

But the Office of the Regulator of Oil and Gas Operations (OROGO) for the territory has grave concerns about the company’s plan to transition from creditor protection to receivership. Those concerns are laid out in a Jan. 28 affidavit submitted by OROGO’s chief conservation officer to the Alberta Court handling Strategic’s dissolution.

“Of particular concern to OROGO is the suggestion … that all of the Cameron Hills Wells can safely be left in their current condition for an indefinite period of time, as the transition plan provides that Strategic’s intention to ‘defer previously scheduled suspension and abandonment work,'” Pauline de Jong says in her affidavit.

Read More: https://www.cbc.ca/news/canada/north/strategic-oil-and-gas-in-receivership-1.5467922

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