Questerre Energy Corporation reported that the Government of Quebec has passed Bill 21, An Act mainly to end petroleum exploration and production and the public financing of those activities.
Michael Binnion, President and Chief Executive Officer, commented, “We are incredibly disappointed that the Government of Quebec has chosen to proceed with this legislation. By blocking the development of its natural gas resources with zero-emissions technology for export, Quebec is missing an important opportunity to work with other nations to provide secure, reliable energy for our European allies. It also leaves the province highly dependent on imports of natural gas and petroleum that meet more than half their energy needs. Moreover, this does nothing to actually reduce greenhouse gas emissions in Quebec or globally.”
He added, “We were also deeply disappointed to see that the Government failed to honor their legal obligations to consult with the Wolinak of Abenaki First Nation who have partnered with us to develop their land. The Wolinak Abenaki Council has called on the Government to respect and engage with them for development on their traditional territory. If the Government declines this invitation, the Council will have no choice but to proceed with its claim by obtaining an ancestral aboriginal title.”
He further added, “As we wait for Bill 21 to come into force, we will be assessing our legal options to preserve the rights of our shareholders.”
Bill 21 was approved by the elected representatives of the National Assembly in Quebec. A provisional copy of the legislation is available online at http://www.assnat.qc.ca/en/travaux-parlementaires/projets-loi/projet-loi-21-42-2.html. It has received the assent of the Lieutenant Governor of Quebec. The law, in whole or in parts, will come into force at the Government’s discretion following the finalization of the associated regulations including the proposed compensation program.
Questerre is an energy technology and innovation company. It is leveraging its expertise gained through early exposure to low permeability reservoirs to acquire significant high-quality resources. We believe we can successfully transition our energy portfolio. With new clean technologies and innovation to responsibly produce and use energy, we can sustain both human progress and our natural environment.
Questerre is a believer that the future success of the oil and gas industry depends on a balance of economics, environment, and society. We are committed to being transparent and are respectful that the public must be part of making the important choices for our energy future.