Sale of B.C. petroleum and natural gas rights nets government $139 million
The BC oil and natural gas industry in northeast BC is creating jobs and generating revenue.
The Ministry of Energy, Mines and Natural Gas reported over $30 million in revenue from petroleum and natural gas rights sold in northeast B.C. during December, bringing the total sales in 2012 to over $139 million.
The energy ministry said that petroleum and natural gas activities play a vital role in the B.C. economy, employing thousands and generating important revenues that are used to fund social programs and infrastructure development throughout the province.
The B.C. government earns significant revenues from selling petroleum and natural gas leases and drilling licences.
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Five or 10 year leases give successful bidders exclusive rights to extract petroleum and natural gas while drilling licences are given out for three, four or five years depending on location.
In the December round of sales, rights to 46 parcels of land covering 33,583 hectares were offered to bidders. Forty of the parcels were sold at an average price of $1,006 per hectare.
Highlights of the sale include a drilling licence north of Hudson’s Hope for over $8.6 million and a lease in Laprise Creek which sold for more than $5.6 million.
The next round of sales of B.C. petroleum and natural gas rights covering 15,386 hectares will take place on Jan. 16.
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Category: Oil & Gas