ST Alpha - "Supreme Court of Canada rules that energy companies cannot abandon/shirk cleanup costs on old wells -- (link)" (Reading a Post)

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Supreme Court of Canada rules that energy companies cannot abandon/shirk cleanup costs on old wells -- (link)

Posted by Beaker (aka Anniebecca) Jan 31 '19, 07:01

(No message)

GOOD (www.cbc.ca)

Responses:

It's a huge problem out west. - Reagen Jan 31, 07:17 11
- word -- nm - budice Jan 31, 08:00
- The article describes an abandoned well organization that is industry funded to deal with them. That doesn't work? -- nm - Name Withheld By Request Jan 31, 07:23 9
  - It might be one of those things where the solution encourages more of the problem. - Roger More Jan 31, 07:28 6
    - Right, which is why I think the Court made a good ruling. I'm just wondering how the existing "solution" is working. -- nm - Name Withheld By Request Jan 31, 07:40 4
      - Sure, and I'm spitballing as to why the system doesn't seem to be working. -- nm - Roger More Jan 31, 07:49 3
        
        A lot of these guys are fly by night operators. -- nm - Reagen Jan 31, 07:55 2
        
        Oh yeah. I imagine there's a bunch of that. But is the sense that the Alberta Abandon Well Whatever It Is Called isn't working? -- nm - Name Withheld By Request Jan 31, 07:57 1
        
        I don't have personal experience with it but I have heard lots of stories. There's just too much volume. -- nm - Reagen Jan 31, 08:04
    - *ding* -- nm - Beaker Jan 31, 07:32
  - I wondered that too but in 2014 there were 200; now all told looks like over 4700 so I'd say no - Beaker Jan 31, 07:26 1
    - Well, the explosion is occurring at the same time the sector is weak, so no real surprise there.(Though the story didn't suggest they were... - Name Withheld By Request Jan 31, 07:41
Reading the article, it looks like this is less about getting them cleaned up and more about which costs are handled first in a bankruptcy. - Name Withheld By Request Jan 31, 07:12 4
- It'll create an interesting bit of calculus for lenders going forward. Environmental obligations will play a large role in the prospectus. -- nm - Mop Jan 31, 07:40
- Seems like there's a bit of Michael Scott's philosophy of bankruptcy involved here. -- nm - Roger More Jan 31, 07:17 1
  - I DECLARE BANKRUPTCY!!! -- nm - Mop Jan 31, 07:43
- yeah I didn't get into the details in the initial post :). but yes it does make sense and something the banks should of considered in their risk - Beaker Jan 31, 07:15

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