13:44:08 EDT Wed 16 Jul 2025
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Cenovus Energy Inc
Symbol CVE
Shares Issued 1,837,202,685
Close 2024-09-25 C$ 22.94
Market Cap C$ 42,145,429,594
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Globe says MEG, rivals hear Smith mulling orphan wells

2024-09-26 07:48 ET - In the News

See In the News (C-MEG) MEG Energy Corp

The Globe and Mail reports in its Thursday, Sept. 26, edition that Alberta Premier Danielle Smith is mulling using taxpayer funds to clean up old oil and gas wells in the province. The Globe's Emma Graney writes that there are nearly half a million wells, two-thirds of which are not producing. Estimates for the cleanup cost range from $33-billion to hundreds of billions of dollars. Oil and gas companies are responsible for reclaiming their well sites, but this has not always happened. When companies face financial trouble or go under, their wells can end up on the books of the Orphan Well Association, an industry-funded group tasked with cleaning them up. Ms. Smith said that is "not a sustainable approach." Asked Wednesday whether she would take taxpayer-funded cleanup off the table, Ms. Smith did not answer yes or no. Instead, she said ideally, companies would pay to clean up their own messes. Ms. Smith said the polluter-pay principle is important but it has not been followed over the past 70 years. Ms. Smith has tasked the chair of the Premier's Advisory Council on Energy Future, David Yager, to consult with industry, municipalities, landowners and indigenous partners about how Alberta should address the problem.

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