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An oil and gas company just left behind an estimated $476M cleanup bill in Alberta (thenarwhal.ca)
submitted 5 months ago by to c/canada@lemmy.ca
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cross-posted from: https://news.abolish.capital/post/42980

The orphan wells trace back to a tangled web of foreign investors, a company based in the British Virgin Islands and a last-ditch effort to sell to a Chinese company for $22M

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[–] 5 points 5 months ago (1 child)

Just so long as they aren't pre-paying with IOU's. There is lots of cases with pension funds having a bunch of company bonds or other debt instruments that become worthless when the company folds (Nortel comes to mind).

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  • [–] 5 points 5 months ago

    Canadian dollars only. In a trust or financial device that pays out to the government not the company. Non refundable but transferrable if you don't end up drilling that well then it can move to another proposed well.

    In case they think of asking for the money back if they clean up themselves, it still needs a third party inspection after a 5 year period to insure the clean up wasn't half assed before payout of initial deposit. All interest goes to environmental protection agencies.

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