QUATRE LTD ESMS (Exit Strategy Management Solutions) products and services PROVIDES NEW FUNDING and Environmental Liabilities SOLUTION FOR ALBERTA’S OIL & GAS WELLS, OIL SANDS, extractive Industries and environmental liabilities.
London, March 3 2017: London-based company Quatre Ltd, has produced a new solution designed to fund the decommissioning of oil and gas fields and rehabilitation of other extractive industrial locations including mines. Quatre Ltd was originally set up to meet the needs of the oil and gas industry operating in the Gulf of Mexico and the North Sea. “The flexibility of the Quatre model means that it can just as easily be applied to decommissioning of oil and gas E&P operations and other extractive industries including oil sands mining in Alberta”, says Paul Jardine, Founder & CEO, Quatre Ltd.
Alberta’s oil and gas exploration and production companies along with its government are facing the huge challenge of rehabilitating 1,400 abandoned wells. The existing financial solutions available for paying towards the rehabilitation of Alberta’s abandoned and inactive oil and gas wells are failing to meet requirements. According to the Alberta Energy Regulator, the cost of rehabilitating inactive and abandoned oil and gas wells is estimated to have reached more than $30.6 billion (as of October 2015) against its clean-up fund of only $240 million.
As a result, both the industry and the Province’s taxpayers face a potential $29 billion clean-up bill if laws and policies remain unchanged.
“Quatre’s ESMS range of solutions protects the public purse and enables clients to put aside funds for future decommissioning and rehabilitation”, says Paul Jardine. Quatre’s solutions are crafted to meet the specific challenges facing both industry and government in funding the cost of decommissioning and rehabilitation, while also providing useful environmental and economic benefits.
Quatre Ltd provides its clients with the following solutions:
- The setting up of a Special Purpose Trust, designed to protect the public purse from decommissioning liabilities and ensure that economic recovery is maximized.
- Post Decommissioning/Reinstatement environmental liabilities
Quatre Ltd provides services and products that support the Financial Risk Management associated with the decommissioning of oil, gas and other extractive industry assets. Quatre’s services and products allow industry to:
- Maximize economic recovery
- Manage post-decommissioning liability
- Protect the public purse
Paul Jardine, an oil and gas industry veteran founded Quatre Ltd, in 2013. Quatre’s integrated team of professionals, covering Insurance Brokerage, Investment Management, Legal, Taxation, Trust Management and E&P Operations, provides for the financial requirements associated with on- and off-shore decommissioning liabilities. Quatre is an Appointed Representative of Property Insurance Initiatives, regulated by the Financial Conduct Authority.
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