Canada, N.W.T. $50M apart on Imperial Oil security bond

The Northwest Territories and federal governments have each submitted estimates for security deposits for Imperial Oil's operations at Norman Wells.

The recommendations are part of the oil company's application to renew its water licence.

Though they differ by almost $50 million, either of the security deposits would be among the largest ever posted.

The security deposits are estimates of what it would cost to clean up the decades-old site.

In documents filed with the Sahtu Land and Water Board in the last week, the federal government estimates it would cost $181 million.

The territorial department of Environment and Natural Resources is recommending security of $227 million.

The estimates come from different consulting firms hired by each government.

Imperial's operations at Norman Wells are winding down.

The company is applying for a licence that it can operate under for the next 10 years.

The Sahtu board is expected to make a decision on the security and other terms of the water licence in mid-December.

But the federal government has the final say.