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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[–] 36 points 5 months ago (6 children)

They do this literally every time and then government just goes and says, no.problem sir, thank you sir. Canada can be a real joke sometimes. Are you aware those are the resources that belong to Canadians, and you sell them for pennies on the dollar and clean up for them too, at our expense I might add.

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  • [–] 8 points 5 months ago (3 children)

    You conveniently forget that resource extraction is a provincial jurisdiction.

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  • [–] 4 points 5 months ago (2 children)

    And how does that counter anything in my statement?

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  • [–] 6 points 5 months ago (1 child)

    You're right but this is an Albertan problem not a Canadian problem.

    Canada could have nationalized their oil like Norway did. Instead they did.. this bullshit.

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  • [–] 31 points 5 months ago (8 children)

    Each and every well should not be started until a trust is set up with the cost of cleanup deposited in it. Once the company quits the well from either it drying up or the company going under, the trust is given to the government including the interest to pay for cleanup.

    Not one shovel should hit soil until the cleanup is already prepaid.

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  • [–] 19 points 5 months ago (3 children)

    Dude. Every company running a well is 99-100% foreign-owned, and STILL the AB gov isn't hardly taxing them for the mess and the loss of resources. Getting them to put up a bond for cleanup I worry is a bridge too far.

    There's so much that has to be fixed with that. Let's see if they ever get a non-con gov.

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  • [–] 13 points 5 months ago (2 children)

    It is too late to get money from these companies if they fold, especially since they are practically created to fold as soon as the aren't getting the expected return on investment.

    Prepaying is the only way to make sure they are responsible. If it leads to them not starting as many wells then they are only proving that they weren't planning on cleaning up afterwards to begin with.

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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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  • [–] 9 points 5 months ago (3 children)

    There is a cleanup fund that o&g companies are supposed to be paying in to, but miss maple maga has never enforced it, and the fund is bone dry.

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  • [–] 1 point 5 months ago (2 children)

    If provincial idiot won't do it then it is on the federal government to introduce and enforce rules to benefit the citizens of the stupid areas.

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  • [–] 2 points 5 months ago (1 child)

    Well, it used to be that the resources and mining were federally owned, thanks to Pierre Trudeau, but Mulroney had that repealed. We'd have all been way better off if we still got to keep the profits of our resource extraction.

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  • [–] 30 points 5 months ago (2 children)

    dump all the contaminated soil on the CEO's front lawns... I'd pay more in taxes if the government had some balls and actually stood up to these pricks

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  • [–] 22 points 5 months ago (3 children)

    They need to pay upfront for the cleanup.

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  • [–] 12 points 5 months ago (2 children)

    Exactly. I've got to leave a deposit with my landlord in case I leave a mess when i move out, same should go for these oil companies.

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  • [–] 15 points 5 months ago

    Uhm, that should read "ANOTHER oil and gas company just left behind..."

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  • [–] 11 points 5 months ago

    As usual the UCP is all talk and fluff. They've been talking about improving this for a long time because it keeps happening and making the news, but they know all they need to do is say they're working on it and people will forget.

    We need to tax these companies more and we need to make them pay for cleanup up front, as other have said. Anything less is doing nothing.

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  • [–] 11 points 5 months ago

    track down all the executives and directors of the companies that formerly owned them, and put them to work. don't let them make this someone else's problem.

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  • [–] 7 points 5 months ago

    Not that we actually keep up with that clean-up deal no matter who is footing the bill.

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  • [–] 7 points 5 months ago (1 child)

    the big loser is the investors.

    Don't gamble with money you can't afford to lose.

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  • [–] 3 points 5 months ago*

    A Make Alberta Great Again problem.

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