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Amended Financial Security Requirements Directive

The Ministry of Energy and Resources has concluded consultations on proposed amendments to Directive PNG025: Financial Security Requirements (the amended Directive).

The proposed changes featured in the amended Directive will assist in flagging financially at-risk oil and gas companies and strengthen the ministry's authority to require security, set rules for closure companies, and obtain financial information from non-oil and gas licensees. The new measures are also aimed at reducing the occurrence of unfunded orphan wells and aiding in reducing industry's costs for the Orphan Fund.

The key amendments include:

  • The introduction of two new mathematical tools, the Corporate Health Assessment and the Risk Adjusted Licensee Liability Rating (LLR), which are aimed at providing greater clarity and advanced notice of when oil and gas companies may be starting to experience financial strain, better enabling the ministry to request security to ensure that these companies can meet their end-of-life asset retirement obligations.
  • New measures providing the ministry with the ability to require security and financial information from non-oil and gas licensees such as those involved in lithium, helium, hydrogen and potash production, geothermal energy or carbon sequestration.

Miscellaneous items of note:

  • A new provision codifying the ministry's practice of holding certain LLR information as confidential.
  • Revisions that introduce a five-year limit for obtaining an Acknowledgement of Reclamation (AOR) after approval of a Reclamation Declaration Application, with the option for licensees to request an extension.
  • Original section 6.2 (Use of Security Toward Annual Reduction Target) has been repealed and replaced with a new section 6.2 that includes a new table to provide clearer guidance to licensees on reporting ILRP.
  • Rules and guidance for closure companies acquiring inactive infrastructure to carry out closure work.

Consultations were held from February 25 to March 25, 2026. Feedback received during this period will inform the preparation of the final amended directives, which are expected to come into effect in 2026.

Further details on the amended directive may be found at Notice of Proposed Directive Amendments Directive PNG025: Financial Security Requirements (the amended Directive).

For inquiries regarding these amendments, please contact the ER Service Desk at er.servicedesk@gov.sk.ca.

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