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A Permittee Capability Assessment (PCA) is being implemented to determine security deposit requirements for permit holders under Section 30 of the Oil and Gas Activities Act (OGAA). To support the PCA, the Commission is launching online submission for Corporate Financial and Reserves Information.

DATE ISSUED: Jan. 4, 2021

EFFECTIVE DATE: Feb. 1, 2021

The BC Oil and Gas Commission (Commission) is implementing a Permittee Capability Assessment (PCA) to determine security deposit requirements for permit holders under Section 30 of the Oil and Gas Activities Act (OGAA). To support the PCA, the Commission is launching online submission for Corporate Financial and Reserves Information.

The implementation of the PCA will occur over the next year to strengthen the Commission’s ability to monitor and ensure the corporate health of permit holders. Once fully implemented, the PCA will replace the Liability Management Rating (LMR) program for determining security deposit requirements under Section 30 of OGAA.

Beginning Feb. 1, 2021, the Commission will request permit holders submit certain corporate financial and reserves information annually and quarterly.

For the first round of submissions, the Commission requests permit holders submit annual financial statements from the last two years and quarterly financial statements where available for the last two quarters. Moving forward, the Commission requests permit holders submit annual and quarterly financial statements as they are released. In cases where this information is not provided, the Commission may require additional financial security.

To access online submissions for the Corporate Financial and Reserves Information, please visit the eSubmission online portal and select PCA. Note that submissions are locked until Feb. 1, 2021. Permit holders are able to administer access to the submission portal within their own organization. Users submitting financial and reserves information will require the “Liability Management Representative” security role assigned in KERMIT. Users who do not have this role should contact their company administrator to have this role assigned. Refer to the Company Administrator resource document for details on the company administrator role.

If you have any questions regarding the PCA online submissions, please contact Liability.Management@BCOGC.ca.

If you have any questions regarding this Industry Bulletin, please contact:

Wade Abbott

Manager, Financial Risk and Liability

BC Oil and Gas Commission

Wade.Abbott@bcogc.ca

250-419-4355

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