Category: Oil & Gas

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LNG Equipment and Buildings: Canadian Government Proposes Accelerated Writeoff

March 9, 2015

  On February 19, 2015, the Canadian government released draft regulations introducing accelerated capital cost allowance (CCA) for facilities in Canada that liquefy natural gas. The government’s intention is to encourage investment in new facilities to support the liquefied natural gas (LNG) industry in Canada.   The draft regulations provide for an additional 22-per-cent CCA allowance for equipment and structures…

CSA Implements Amendments to Oil and Gas Disclosure Requirements

January 7, 2015

  The Canadian Securities Administrators (CSA) have implemented significant amendments to the oil and gas disclosure requirements contained in National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities (NI 51-101), its Companion Policy (CP 51-101) and related forms and notices. The changes affect both general, ongoing disclosure relating to oil and gas activities and specific annual disclosure requirements….

Alberta Court Sheds Light on Gross Negligence Standard Required of Oil & Gas Operators

November 19, 2014

  The Alberta Court of Queen’s Bench recently addressed whether an operator of oil wells was grossly negligent in its development of a well, and in so doing added clarity to that term.   BACKGROUND In Bernum Petroleum Ltd v. Birch Lake Energy Inc, (Bernum), Bernum Petroleum Ltd. (Bernum), the operator, sought to recover the share of drilling costs of…

B.C.’s Draft Legislation to Implement LNG Tax – Many Answers, Some Questions

November 3, 2014

  On October 21, 2014, the B.C. government released draft legislation introducing a liquefied natural gas (LNG) income tax (LNG Tax) on liquefaction activities that take place at LNG facilities in the province. The draft legislation provides details of the proposed new tax and answers questions that were left open in the high level discussion of the tax in the…

B.C. Introduces New GHG Regulations, Focuses on LNG Facilities

October 23, 2014

  On October 20, 2014 the British Columbia government introduced new legislation to control greenhouse gas (GHG) emissions from industrial operations. Bill 2, the Greenhouse Gas Industrial Reporting and Control Actmarks a significant shift in the province’s approach to GHGs and more closely aligns B.C. with the approach taken by Alberta and the federal government. Of note, the bill proposes…

B.C. to release LNG tax laws next month

October 3, 2014

VANCOUVER British Columbia will unveil tax rules for the province’s fledgling liquefied natural gas industry next month, during a pivotal point in the race to export LNG. The timing is crucial because B.C. LNG proponents are edging closer to making their final investment decisions on whether to forge ahead with their massive projects. Rivals such as Australia, Qatar, Nigeria and…

New Regulations a Gas for B.C.’s LNG Participants

August 28, 2014

  British Columbia’s oil and gas regulator, the BC Oil & Gas Commission (Commission), recently enacted theLiquefied Natural Gas Facility Regulation (Regulation) pursuant to section 111(2) of the Oil and Gas Activities Act. The Regulation is the latest in a series of regulatory developments aimed at formalizing and clarifying the provincial government’s Liquefied Natural Gas (LNG) Strategy that was released…

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