Imperial Oil is still working with Canadian officials to hash out the details of a multi-million security deposit for a northern Canada oil field.
According to CBC News, Imperial Oil has not yet given the Canadian federal government a $178 million deposit it was ordered to make a year and a half ago for its Norman Wells oil field.
Norman Wells is located in the Sahtu Region of the Northwest Territories, Canada.
Calgary-based Imperial was ordered to make the security deposit in March 2015 by the Department of Indigenous and Northern Affairs Canada after its Norman Wells license was renewed, according to CBC News.
The deposit will be used to clean up the site after operations at the field cease.
Normal Wells mayor Nathan Watson told CBC that a meeting set for this week with Imperial Oil will partly address the cleanup matter.
A spokesperson for the Department of Indigenous and Northern Affairs Canada told the news agency that its working to conclude “exchanges” with Imperial over “the appropriate form of security.”
An Imperial Oil spokesperson told CBC News that the company is working with the federal government on a proposal it has put forward to meet the security requirements.
Imperial has not broken any laws in its delay to post the deposit, CBC added.
Imperial Oil said earlier this month that it intends to market its interests in the Norman Wells operation.
Imperial said that it “recognizes the significance of this marketing effort and potential sale for people in the area and is in dialogue with Sahtu leaders about its plans.”
The marketing effort is expected to start in the third quarter of 2016.
The company added that a definitive decision to sell the assets has not been made.
The Norman Wells assets include producing wells on natural and artificial islands in the Mackenzie River and a central processing facility, that also generates electricity for the town of Norman Wells.
Gross production at Norman Wells averaged 11,000 barrels per day in 2015, according to Imperial.
A fuels distribution terminal is also being marketed.