Canada offers financial relief for oil and gas sector
Published by Nicholas Woodroof,
Editor
Oilfield Technology,
The sector, which accounts for 10.6% of Canada’s gross domestic product, has urged the government to free up credit and cash to tackle the effects of the pandemic and rock-bottom oil prices.
Trudeau said energy sector workers have faced “layers of calamity” and the government would invest CAN$1.7 billion to clean up orphan and abandoned wells in three provinces.
“Our goal is to create immediate jobs in these provinces while helping companies avoid bankruptcy and supporting our environmental targets,” he told reporters, saying the measures would maintain 10 000 jobs.
The government is also setting up a CAN$750 million fund to provide repayable loans to companies so they can cut emissions of gases such as methane.
The government said later that the Business Development Bank of Canada will offer energy companies commercial loans, worth CAN$15 million to CAN$60 million each, to supply cash flow for 12 months.
Read the article online at: https://www.oilfieldtechnology.com/special-reports/20042020/canada-offers-financial-relief-for-oil-and-gas-sector/
You might also like
3t achieves TGA accreditation for maritime training in Saudi Arabia, strengthening regional workforce development
3t, a global leading provider of safety critical training and blended learning solutions for high-hazard industries, has achieved official accreditation by the Transport General Authority (TGA) for its maritime training programmes to be delivered at its Dammam training centre.