Hydrocarbons Act: Utica sues Quebec for $18 billion

Hydrocarbons Act: Utica sues Quebec for $18B

UPDATE DAY

Utica Resources filed a lawsuit against Quebec on Thursday seeking $18 billion in compensation or the nullity of Bill 21, the purpose of which is to put an end to research , the production and public financing of hydrocarbons. 

According to the company, which is now relying on the Superior Court, this new law adopted on April 12 has the effect to interfere with the peaceful enjoyment and free disposal of his property. This right is protected by the Quebec Charter.

Ressources Utica also bases its lawsuit on article 952 of the Civil Code of Quebec, which provides that an owner “cannot be forced to transfer his property, if it is not by way of expropriation made according to the law for a cause of public utility and subject to fair and prior compensation”.

“We are going to defend our fundamental rights so that this disguised expropriation, of which the public utility has never been demonstrated, or compensated according to the fair value of our properties”, indicated Mario Lévesque, president of Utica Resources in a press release.

The sum of $18 billion claimed from Quebec corresponds to the present value of future profits estimated by an independent evaluator, according to the company.

Utica Resources deplores the behavior of Quebec.

“Overnight, the government changed his mind, added the president of the company. It is completely irresponsible and without any logic and it goes against the will of a majority of Quebecers. It's bad for Quebec, for our allies in Europe who desperately need Quebec natural gas and even for the environment.”