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End of hydrocarbon activities in Quebec: Utica Resources attacks the State

End of hydrocarbon activities in Quebec: Utica Resources attacks the State
End of hydrocarbon activities in Quebec: Utica Resources attacks the State

MONTREAL — The Quebec company Utica Resources announces Wednesday that it has filed a lawsuit in the Superior Court against the Quebec government in order to obtain the nullity of Bill 21 adopted last April by the National Assembly which provides for the end of all hydrocarbon exploration and exploitation activities in Québec.

The law also reserves compensation for oil and gas companies up to $100 million.

Utica Resources adds that failing to obtain the nullity of the law, it will claim compensation of $18 billion which, it specifies, corresponds to the present value of future profits estimated by an appraiser that it claims to be independent.

The company claims that the law violates its right to peaceful enjoyment and free disposal of its property under the Charter of Human Rights and Freedoms and the Civil Code of Quebec.

The president of Utica Resources, Mario Lévesque, adds that the law is a disguised expropriation whose public utility has never been demonstrated.

He relates that for years, the Government of Quebec has invited companies to invest in order to explore and exploit oil and natural gas. Utica Resources acted in good faith, according to Mr. Lévesque, by finding local and foreign investors and respecting the regulatory framework of Quebec.

He criticizes the government for having changed its mind overnight.

Shortly before the adoption of the law by the deputies, Utica Resources had pointed out that in the context of the invasion of Ukraine by Russia, Quebec, with its untapped gas reserves, should instead supply Europe seeking to free itself from its gas dependence on Russia.

As for compensation, the law provided when it was adopted that it would cover the expenses incurred since 2015 by five companies, for a sum of $66 million out of the $100 million planned, and three-quarters of the costs of closing wells and restoring them. sites, for a total of $33 million.

The article is in French

Canada

Tags: hydrocarbon activities Quebec Utica Resources attacks State

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