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Amendments Improve Management of Oil and Gas

first_imgNatural gas and oil activities in British Columbia are regulated under the OGAA.The Ministry of Natural Gas Development says, amendments will allow industry to adopt new operational improvements.Natural gas and oil activities in British Columbia are regulated under the OGAA.The Ministry of Natural Gas Development says, amendments will allow industry to adopt new operational improvements.As well, amendments will further define a landowners’ right to appeal permits issued on private land and remove the risks associated with unnecessary appeals which could delay oil and gas development.The amendments will also remove an exemption for a small number of legacy pipelines. Permits will be retroactively issued and the pipelines will continue to be subject to the requirements of the Act and compliance and enforcement actions by the BC Oil and Gas Commission.The natural gas and oil sector has changed significantly since the PNG Act was last updated in 1982. The amendments introduced today will modernize the Act and will streamline the administration of natural gas and oil subsurface rights, creating a more consistent approach for all three tenure types – permits, leases and drilling licences.Fines will be updated so they align with penalties in other jurisdictions.Changes will also permit the Province to modernize tenure practices, and remove duplication with tenure-related laws.Amendments to the Strata Property Act will make it easier for strata councils to carry out their responsibilities by removing regulatory barriers for strata corporations and owners, explaining requirements and clarifying definitions within the Act. The amendments will confirm that paying for and accruing funds to pay for a depreciation report is a legitimate operating fund expense and can be approved by a majority vote.Collectively, these amendments will increase investor confidence in natural gas and oil development, giving companies further clarity about crown land tenure management.- Advertisement –last_img read more

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