The AER has announced three community engagement sessions to outline the Province’s Liability Management Framework (LMF) as part of Bulletin 2023-41. The proposed changes to the LMF are the replacement of the Licensee Liability Rating (LLR) rating program and Liability Management Rating (LMR), and introduction of a new security framework.
Session 1: Liability & Security Overview – May 30, 2024 – 9:00-10:30 a.m.
Explanation of the proposed changes to the LMF. This will include an overview of the background and context of the existing LMR, LLR program, liability, and security approaches, and information relating to the new liability management framework.
Session 2: Estimated Liabilities – June 13, 2024 – 9:00-10:30 a.m.
AER will provide a high-level review of proposed changes to the LMF and outlines the regulatory tools that will replace the Licensee Liability Rating (LLR) Program and the Liability Management Rating (LMR). The session will also outline the proposed approach to updating estimated liabilities, considerations for Regional Liability and Site-Specific Liability Assessments, and how the AER uses liabilities to make decisions.
Session 3: Security Framework – June 20, 2024 – 9:00-10:30 a.m.
The AER will provide a high-level presentation explaining the new security framework and the risks it will address in the transfer process. This will include the design principles and factors that the AER could make in determining security requirements to address specific risks.
The proposed changes to the liability framework will play a significant role in shaping the future of oil and gas operations by impacting mandatory spends and industry’s ability to acquire and divest assets. The LMF will play a critical role in the success and future competitiveness of oil and gas operations in Alberta.
Please CLICK HERE to register on the AER website
