Government launches support package for besieged oil and gas sector

The Federal Government's support package is a first step in the right direction. 

Government measures will be comprised of:

• $1.7 billion to clean up orphan and inactive oil wells in Alberta, Saskatchewan and B.C. It is estimated that cleaning those wells will maintain 5,200 jobs in Alberta, while also creating jobs in those other provinces.
• $750 million emissions reduction fund, focused on methane, will include $75 million specifically for the offshore industry in Newfoundland and Labrador. The fund will provide repayable contributions to firms to make them more competitive and reduce pollution. It is estimated that it will help maintain 10,000 jobs.
• Expansion of credit support for at-risk medium size energy companies through EDC and BDC so they can maintain operations and keep employees.

For small and medium-sized businesses in all sectors, the government announced:

• $962 million to the Federal regional economic development agencies and to the Community Futures Network of Canada to help small businesses that don’t qualify for the Canada Emergency Wage Subsidy (CEWS) or the Canada Emergency Business Account (CEBA).
• $270 million to Futurpreneur Canada and to the Industrial Research Assistance Program to support innovators who don’t qualify for the CEWS and the CEBA.

For further information, view:

• Support to Canada's Petroleum Sector During COVID-19
• PM announces new support to protect Canadian jobs
• Canada’s COVID-19 Economic Response Plan: New Support to Protect Canadian Jobs - Canada's Energy Sector.