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Alberta eyes 'Liquidity Package' for Oil & Gas Companies

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https://business.financialpost.com/commodities/alberta-eyes-liquidity-package-for-oilpatch-from-ottawa-as-opec-deal-underwhelms Alberta eyes 'liquidity package' for oilpatch from Ottawa as OPEC+ deal underwhelms Hopes for as much as $30 billion to help sector survive double hit Gabriel Friedman April 13, 2020 5:41 PM EDT Albertas Minister of Energy Sonya Savage expects the federal government to announce a liquidity package this week that would help oil and gas companies in her province survive through the severe price collapse caused by the COVID-19 global pandemic. I know theyre working on something thats quite significant, the minster told the Financial Post on Monday. Numbers that weve looked at, that the (Alberta) premier (Jason Kenney) has looked at, is we need $20 billion to $30 billion coming into our (oil and) gas sector, inclusive of the service sector and the drillers thats the kind of program were looking at if were going to get to the other side. Describing it as an unprecedented situation, Savage said she has been in close contact with federal Minister of Finance Bill Morneau as his office attempts to devise a package that will provide credit and liquidity to financially stretched companies in her province. She added the federal government is still studying the best way to get credit and liquidity to companies with numerous options under consideration. Chris Cox with Raymond James said it is unlikely that any banks would force Canadian oil producers into bankruptcy by calling in loans. Quite frankly, I dont think the banks want to own these assets themselves, Cox said.