VICTORIA - A new agreement between British Columbia and Alberta makes it easier for oil and gas companies to operate in both provinces while continuing to ensure the protection of public safety, the environment and resource conservation.
Alberta and British Columbia share some of the strongest environmental protection regulations in the world. The two provinces are also committed to reducing trade barriers and increasing labour mobility between provinces.
This mutual recognition agreement allows for standards and regulations to be reconciled so that trade, investment and labour mobility is not restricted between the provinces. This will allow more economic benefits for both provinces including tax revenues and investment and employment opportunities.
The agreement involves changing residency requirements for oil and gas companies operating in Alberta and British Columbia. As a result of the agreement, oil and gas companies operating in one province are not required to be resident or have an agent resident in the other province - so long as certain conditions are met.
With the two provinces standards and regulations recognized as substantially equivalent under the agreement, the former requirements were no longer necessary. All companies operating in Alberta and British Columbia will continue to be required to comply with regulations and respond promptly to any safety or environmental concerns.
"Alberta and British Columbia have been involved together in oil and gas development for years. This agreement further solidifies our strong relations and helps our economies grow while continuing to protect the environment," said Alberta Energy Minister Frank Oberle.
"The changes to residency requirements in this agreement will give British Columbia oil and gas companies the flexibility to grow their business to meet market demands, creating new job opportunities and revenue for British Columbians," said British Columbia Minister of International Trade Teresa Wat.
Copy of Mutual Recognition Agreement: http://www.newsroom.gov.bc.ca/downloads/Mutual_Recognition_Agreement.pdf
British Columbia Ministry of International Trade
Government Communications and Public Engagement