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Alberta Energy Regulator (AER) has released their Industry-Wide Closure Spend requirement for 2025. The Government of Alberta’s Liability Management Framework requires an annual industry-wide closure spend to ensure decommissioning, remediation, and reclamation of oil and gas sites. The 2025 closure spend requirement is set at $750 million.   Summary: ✅ Annual review and adjustment of closure spend is based on market conditions and previous spending. ✅ Closure spend requirements increase the amount of closure work, ensuring environmental responsibility. ✅ "Micro" and "junior" dry gas producers may be eligible for a deferral of their 2024 and 2025 mandatory spend due to continued low natural gas prices. ✅ Licensee-specific mandatory closure spend for 2025 will be determined based on inactive liability as of September 1, 2024, and will be available in OneStop this fall. Did you know that Explore can provide full project management and execution for facility and pipeline abandonments? Contact us today to find out more.   #AER #ClosureSpend #EnvironmentalResponsibility #AlbertaOilAndGas #Directive088 #Manual023

📌Reminder: We are seeking feedback on the revised liability directives until November 8. These changes are intended to create consistency for all Oil and Gas Conservation Rules developments and improve how liability is estimated. We are seeking feedback on: ✅ Directive 001: Requirements for Site-Specific Liability Assessments ✅ Directive 011: Estimated Liability (previously Licensee Liability Rating (LLR) Program: Updated Industry Parameters and Liability Costs) ✅ Directive 088: Licensee Life-Cycle Management ✅ Directive 068: Security Deposits 🔎 Read the bulletin to find out more, including how you can share your feedback: https://bit.ly/4eVnro1

📢 Exciting News! 📢 Starting April 11, 2024, the AER is rolling out the Conditional Adjustment of Reclamation Liability (CARL) Program! 🌱Formerly referred to as the Reclamation Liability Reduction Program, this program allows for temporary adjustments to liability estimates post-reclamation, ensuring smoother transitions for our oil and gas sites. Learn more about CARL in the updated Directive 088 & Manual 023 released today https://hubs.li/Q02sh2Qb0. Summit is here for all of your Reclamation needs, reach out to us at sales@summitearth.com for more information about how to help manage your project from start to finish or anything you may need in between. #AlbertaEnergy #EnvironmentalStewardship #CARLProgram #SummitEarth

📢 Exciting News! 📢 Starting April 11, 2024, the AER is rolling out the Conditional Adjustment of Reclamation Liability (CARL) Program! 🌱Formerly referred to as the Reclamation Liability Reduction Program, this program allows for temporary adjustments to liability estimates post-reclamation, ensuring smoother transitions for our oil and gas sites. Learn more about CARL in the updated Directive 088 & Manual 023 released today https://hubs.li/Q02shmsH0. Summit is here for all of your Reclamation needs, reach out to us at sales@summitearth.com for more information about how to help manage your project from start to finish or anything you may need in between. #AlbertaEnergy #EnvironmentalStewardship #CARLProgram #SummitEarth

In Alberta and Saskatchewan’s fast-paced oil and gas sector, the right coverage makes all the difference. At CHES Special Risk we understand the industry’s unique risks and provide tailored insurance solutions to safeguard your clients’ operations. Help your clients navigate challenges confidently with comprehensive coverage designed specifically for the demands of the oil and gas landscape. Contact us at: info@CHESSpecialrisk.ca #CHESSpecialRisk #BusinessRiskCoverage #RiskSolutions #OilGasSafety #RiskManagement #TailoredCoverage 

“[T]he regulator’s bonding estimates are so much higher than internal company assessments that none of the 37 proposed sales of wells this year has proceeded, industry executives and analysts have told Capital & Main. “The California law is now working in part to prevent companies without the necessary funds to clean up the wells from obtaining the rights to them, thus diminishing the risk that these costs would end up being paid by taxpayers in some form in the future. “But the law has also essentially stalled any oil well transactions, and none of proposed sales of 766 wells in California has been completed this year, according to Capital & Main. “The Californian regulator ‘places such high costs on abandonment and remediation that it makes the transfers impossible, unaffordable, and economically unfeasible to bond,’ Chad Hathaway, who owns Hathaway LLC, a company refurbishing oil wells operating in Kern County, told Capital & Main via email.” h/t Tsvetana Paraskova for OilPrice.com. #energy #energyindustry #oil #oilgas #oilandgas #natgas #naturalgas #hydrocarbons #shale #shaleoil #shalegas #hydrocarbons #California #Californiaeconomy #KernCounty https://lnkd.in/gAZXFBZa

We are tracking litigation on a variety of fronts that could play out in the next few months. Bookmark or sync to our midstream calendar, now updated for Q2: https://lnkd.in/eC-F532X The Energy Transfer (ET) pipeline crossing quagmire may extend from the Louisiana bayou to DC’s swamps with a recent petition urging the Commission to assess whether some intrastate gathering lines are actually interstate transmission pipelines. Additionally, we await court rulings on significant cases such as the Good Neighbor Plan and the Line 5 #pipeline litigation. Rulemakings, such as CEQ’s Phase 2 #NEPA regulations, may also be finalized and likely litigated. Lastly, the initiation of pre-filing for the new "DeLa Express Project" in Texas and Louisiana is anticipated at #FERC.

In many oil and gas disputes, experts are required to opine on what actions would typically be taken by a prudent operator in a specific set of circumstances, this could be described as ‘Good Oilfield Practice’ (“GOP”). In the same scenario, ‘Best Oilfield Practice’ (“BOP”) will typically constitute actions of a higher standard than expected in GOP. One of our Martello experts has considered the concept of BOP, and how it impacts disputes. You can read the full article here: https://lnkd.in/gDm2kGhE If you would like to learn more, or speak to the author, please don’t hesitate to get in touch at info@martelloglobal.com

Fueling the engine of your oil production endeavors requires more than just expertise and innovation. With Royal Exchange Oil & Gas insurance, you're covered against the diverse risks inherent in the industry. Reach out to us at https://lnkd.in/dC7Q46c7 or call +2347080606100. #REGIC #OilandGas #RoyalExchangeInsurance

ELEMENTS issue 5: Subsea equipment - Offshore construction and associated claims. Often, when offshore oil and gas or windfarm losses are discussed in the Insurance industry, large and complex construction claims come to mind, but this is only one aspect of the offshore construction world. To discover more aspects of Subsea equipment: offshore construction and associated claims, read Emily Spellmen’s latest article for ELEMENTS. https://lnkd.in/ddMa5KJQ #Insurance #Claims #Energy #ELEMENTSnewsletter #ELEMENTS5 #NaturalResources #SubseaEqupitment