QUEBEC, Oct. 25, 2021 /CNW Telbec/ - The government of Quebec has just announced its intention to expropriate the rights of companies which, in good faith and strongly encouraged by the government, have over the decades invested several hundred million dollars in Quebec. These investments notably led to the discovery of the Utica Shale, a huge gas field that could meet Quebec's consumption needs for more than a hundred years and whose value of gas is calculated in the hundreds of billions of dollars.
Expropriation and property laws are clear that fair value must be paid
The Hydrocarbon Act makes it clear that the rights are real property rights as described in the Chapter H-4.2. Division II.
IMMOVABLE REAL RIGHTS 2016, c.35, a 23
15. The exploration, production and storage rights conferred by a licence and the right to produce brine conferred by an authorization are immovable real rights.
Further, the laws of Quebec are clear on expropriation. Here are extracts from the Civil Code of Quebec and the Expropriation Act:
Civil Code of Quebec, CQLR c CCQ-1991
952. The owner cannot be forced to cede his property, except by means of expropriation made in accordance with the law for a cause of public utility and in return for fair and prior compensation.
Expropriation Act, CQLR c E-24
58. Compensation is set on the basis of the value of the expropriated property and the damage directly caused by the expropriation.
About Utica Resources
Utica Resources is a Quebec company whose mission is to participate in the energy transition currently underway by developing a diversified portfolio that includes, in addition to light oil and natural gas, renewable energy projects such as hydrogen and CO2 storage. All our projects are carried out with a view to sustainable development, optimal use of available resources, respect for host communities and maximization of local economic benefits.
SOURCE Ressources Utica
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