Development of Financial Filing Requirements on Hold

Letter to Interested Persons

File OF-EP-Gen-AODR 0301
20  May 2015

To: Interested Persons

Development of Financial Filing Requirements on Hold

On 26 February 2015, the Energy Safety and Security Act (Bill C-22) received Royal Assent. Bill C-22 amends the Canada Oil and Gas Operations Act (COGOA).

Further to our letter of May 22 2014, the National Energy Board (NEB or the Board) has decided to put on hold any additional work on drafting Financial Filing Requirements, or a draft Risk Matrix, for NEB-authorized activities and regions covered by the COGOA. This work will be on hold until finalization of the Financial Requirements Regulations and any associated Guidance Notes pursuant to Bill C-22, which are being developed in collaboration with provincial offshore regulators. 

The Board recognizes that additional clarity is required on financial requirements for all NEB-authorized activities and regions covered by the COGOA. We remain committed to consulting and working with interested parties on developing Financial Filing Requirements after the regulatory framework is updated. We will also continue to keep stakeholders and the public apprised of new developments related to this work.

Applicants are still expected to demonstrate financial responsibility for spills and debris pursuant to section 27 of the COGOA and these applications will be determined on a case-by-case basis. Applicants may request a Pre-Application Meeting with NEB staff to seek guidance on matters related to financial responsibility.

If you have questions or would like to speak with us directly, please contact Katie Johnson (403-605-7480 or katie.johnson@neb-one.gc.ca).

Yours truly,

Jim Fox
Vice-President, Strategy and Analysis

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