CALGARY, A.B. – The Government of Canada announced $1.7 billion for orphan and inactive wells and $750 million for emissions reductions technologies for the oil and gas sector and the Petroleum Services Association of Canada (PSAC) welcomes the help.
Elizabeth Aquin, the President and CEO of PSAC shares, the announcement by the Government of Canada of funding for closure and reclamation of orphan and inactive wells, is very welcome as it will create jobs for OFS workers and provides environmental benefits.
According to PSAC, the oil and gas industry supports over 530,000 direct and indirect jobs across Canada, and the oilfield services (OFS) sector represents over 400,000 of those jobs.
Aquin shares, PSAC has been advocating for four years for additional mechanisms to create jobs for OFS workers through closure activities for orphan and inactive wells. She continues to say they applaud the federal government for its measures and the efforts of Minister of Natural Resources Seamus O’Regan to work with provinces.
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According to Aquin, more support is needed, although the government’s announcements begin to mitigate some of the job losses. Canada is the fourth-largest oil and gas industry in the world and the largest exporter and represents over 11 percent of Canada’s GDP.