Changes and Updates to the Alberta Site Rehabilitation Program
At the January 13th, 2022 SRP Industry Advisory Committee, Alberta Energy announced a number of program funding modifications in hopes of accelerating program spending. The changes announced include:
Sequencing requirements will be removed for all applications being submitted in open and active Periods (Period 4, 5,6,7,8)
Going forward, bench-marking requirements for all new applications will be removed, allowing for larger and more complex projects to be considered.
The clause requiring work must begin within 3 months of an application being approved has been removed to allow for future planning/seasonal work to take place, as well to accommodate removal of the sequencing requirement.
Additionally, they notified the IAC of the following updates regarding the re-allocation of funds:
Period 5: An additional $100 million will be added to this period. Notification from Alberta Energy to Licensees will be sent out shortly to notify them of their allocated amounts.
Period 6: An additional $33.33 million will be added to this period as well.
The additional amounts for both Period 5 and 6 work out to approximately 1/3rd of their original funding.
Period 5 and 6 were chosen as these periods have larger scopes of work and have had the most active number of applications.
It is worthwhile to note that Alberta Energy will be requesting Licensee’s review all allocated funds and if Licensees do not feel some of the received funds will be spent that they will be asked to return these funds for future re-allocation.