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 Regulator is launching online submission for Corporate Financial and Reserves Information.
DATE ISSUED: Jan. 4, 2021
EFFECTIVE DATE: Feb. 1, 2021
The BC Energy Regulator (Regulator) 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 Regulator is launching online submission for Corporate Financial and Reserves Information.
The implementation of the PCA will occur over the next year to strengthen the Regulator’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 Regulator will request permit holders submit certain corporate financial and reserves information annually and quarterly.
For the first round of submissions, the Regulator 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 Regulator requests permit holders submit annual and quarterly financial statements as they are released. In cases where this information is not provided, the Regulator 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 Energy Regulator
250-419-4355