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
From The Narwhal via This RSS Feed.
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).
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.