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OTTAWA — Energy executives panned a new well reclamation program unveiled by the Liberal government on Friday, saying it comes weeks too late and fails to provide much-needed liquidity to companies pummelled by a monumental shock to oil demand.

Prime Minister Justin Trudeau said Ottawa would spend $1.7 billion to clean up abandoned oil and gas wells in oil-producing provinces as part of an effort cushion firms against the economic fallout from COVID-19. Environmental advocacy groups applauded the move, while official industry sources and provincial leaders also supported the new spending.

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But several oil executives said the program falls woefully short of needs and expectations.

“This is not going to do anything,” said Grant Fagerheim, chief executive of Calgary-based Whitecap Resources. “If this is as good as it gets, it will do very little or nothing to assist with operations for companies.”