The potential of the British Columbia offshore region is largely unknown, due to a moratorium on oil and gas activities that has been imposed by both the federal and provincial governments since 1972. The moratorium was imposed due to concerns regarding interference with fishery activities and the concerns of adverse environmental impacts. However, interest in the area remains high. While there have been no significant discoveries, there are areas within the British Columbia offshore region that are considered to be highly prospective. In 2003, the federal government initiated a scientific review, a public review process and a First Nations engagement process. The scientific panel found some scientific gaps needed to be filled prior to lifting the moratorium. Strongly held and widely polarized views were identified in the public review, and all participating First Nations expressed the view that lifting the moratorium would not be in their best interest, although some qualified their response with “not at this time”. In the 2007 BC Energy Plan, the government of British Columbia committed to offshore oil and gas exploration and development, and asked the federal government to lift the moratorium. The BC government indicated the provincial moratorium would be lifted at the same time. As of August 2012, the moratoria were still in place.
Additional posts from the blog
On February 6, 2014, the Ontario Securities Commission (“OSC”) released OSC Staff Notice 51-722 Report on a Review of Mining Issuers’ Management’s Discussion and Analysis Guidance (the “Report”). The Report summarizes the results of a review conducted by the OSC of the annual and interim Management’s Discussion and Analysis (MD&A) filed by 100 mining companies with market capitalization of less than $100 million (the “Review”) and is designed to serve as a tool to assist small mining companies to navigate regulatory requirements.
Alberta Securities Commission publishes Staff Notice 91-704 Over-the-Counter Derivatives Transactions
On January 2, 2014, Alberta Securities Commission (“ASC”) staff published Staff Notice 91-704 Over-the-Counter Derivatives Transactions (“ASC Staff Notice 91-704”) summarizing the current regulatory framework governing over-the-counter (“OTC”) derivatives trades in Alberta.
On December 18, 2013, Hydro-Québec Distribution (“HQD”) officially launched call for tenders A/O 2013-01 for the purchase of a 450 MW block of wind power (“A/O 2013-01”).