ANNOUNCEMENT 20 Mar 2020
This was part of a package of measures responding to the COVID-19 outbreak and declining oil prices.
NUMBER OF INTERVENTIONS
On March 20, 2020 the government of Alberta announced that the “challenges resulting from the COVID-19 outbreak and declining oil prices due to an international price war” led it to implement a series of energy sector initiatives aimed at assisting the province’s energy companies. Chief among these was government’s decision to fund the industry levy for the Alberta Energy Regulator for a period of six months, amounting to Can.$113 million (US$80.8 million) in tax relief for the industry. It also announced other measures that do not constitute trade-distorting measures by GTA standards; these include extending the term of mineral agreements expiring in 2020 by one year (without estimating the cost or value of this action); providing a Can.$100 million (US$71.5 million) loan to the Orphan Well Association (a non-profit operation that decommissions abandoned wells); and “continu[ing] to cut unnecessary red tape to reduce the burden of doing business.”