Nova Scotia to Raise Spill Liability for Oil and Gas Companies

Oil and Gas Investing

CBC News reported that the government of Nova Scotia has introduced legislation that will increase to $1 billion the liability oil and gas companies will face for spills or other environmentally harmful mishaps — even if they aren’t to blame.

CBC News reported that the government of Nova Scotia has introduced legislation that will increase to $1 billion the liability oil and gas companies will face for spills or other environmentally harmful mishaps — even if they aren’t to blame.

As quoted in the market news:

The amendment to the Canada Nova Scotia Offshore Petroleum Accord mirrors a federal law making its way through the House of Commons.

The current limit is $30 million. Energy Minister Andrew Younger says the changes will mean taxpayers won’t get stuck with huge cleanup costs if there’s a spill.

‘They make explicit in the legislation the polluter pays principle upon which the regime is founded,’ he said Tuesday.

‘And this means that if an operator pollutes our waters, no matter what the cost they’re responsible for the cleanup.’

Click here to read the full CBC News report.

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