RE:Shell, Pieridae to try again after energy regulator blocks lIf you believe the AER did not reject the application because of Pieridae's extreme financial weakness (to say the least), then I have a couple bridges I am willing to say.
I'm sure they will apply again. And that they have a financial proposal they hope will be acceptable to the AER. But at the very least, to keep any credibility, the AER had to rject the application as it stands.
RaniQuebec wrote: Shell, Pieridae to try again after energy regulator blocks licence transfers May 15, 2020 The Canadian Press EmailFacebookTwitterLinkedIn Two energy companies whose controversial deal over aging assets in southern Alberta failed to win approval from Albertas energy regulator say they will try again. Theregulator refused Thursday to allow licences for wells, pipelines andother facilties to be transferred to Pieridae Energy, a small Calgary company, from Shell Canada. The regulator said it wasnt happy with how the deal would have allowed the companies to dividecleanupliabilities. It addedthe dealappeared to reduce Shells responsibility forcleaning up two gas processing sites. But Shell says in a statement thatit will look for a way to transfer the licences to Pieridae and keep the cleanup liabilities. Pieridae also says the hundreds of wells, pipelines and processing plants can bebrought into its operations in a way that satisifies the regulator. The company says the decision has nothing to do with its financial position nor its cleanup ability. The regulators ruling on the dealis seen as a test case of its determination toprevent more cleanup costs for energy facilities falling to the taxpayer. This report by The Canadian Press was first published May 15, 2020 The Canadian Press