NEB Clarifies Financial Filing Requirements
May 24, 2014 § Leave a comment
On May 22, 2014, the National Energy Board (NEB) of Canada issued a letter outlining next steps in developing financial filing requirements for all NEB-authorized activities and regions covered by the Canada Oil and Gas Operations Act (COGOA). Draft guidance was released for public review in May 2013, with a comment period that closed October 31, 2013. The letter outlines NEB’s intent to invite interested persons to provide specific comment on a draft risk matrix in the fall 2014. The draft risk matrix will set out prescribed Financial Resources and Financial Responsibility requirements for operations based on level of risk. The Board does not anticipate releasing a draft of its Financial Filing Requirements for comment, until after Parliament has considered Bill C-22.
In the interim, the Board advised Applicants to demonstrate Financial Responsibility for spills and debris pursuant to section 27 of COGOA for consideration on a case-by-case basis.
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