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.
$1 will be donated to the BC chapter of the Canadian Breast Cancer Foundation by Beacon News for every completed reader survey. Support a great cause today!
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.
Energy minister says deep drilling technology responsible
Alberta oil and gas land sales have exceeded $3 billion for the first time in the province's history, signalling good times ahead for the ...
READ MORE
Alberta has committed $285 million to produce electricity from synthetic fuel in the Swan Hills area. The project will tap into a deep coal bed to create the "syngas" and ...
READ MORE
British Columbia’s geological and geographic advantages position the province to benefit significantly if Canada is successful in becoming a supplier of natural gas to the global market.
Developing natural gas resource ...
READ MORE
The Climate Change and Emissions Management Corporation will be supporting two renewable energy projects in Lacombe and Carseland, Alberta, that are expected to reduce greenhouse gas emissions by more than ...
READ MORE
Troy Media - ATB Financial
With so much focus lately on oil sands projects and bitumen pipelines, it is easy to forget that other pillar of Alberta’s energy sector: natural gas. ...
READ MORE
Christopher Walsh, editor
The Alberta Government has committed $745 million of its $2 billion carbon capture and storage fund to one private company, Shell Canada, and a taxpayer watchdog is calling ...
READ MORE
Troy Media - by David Suzuki and Ian Hanington
Can a fossil fuel help us avoid the harmful effects of other fossil fuels? It’s a question that’s come up lately as ...
READ MORE
According to Bryan Mills Iradesso's iQ Report, energy companies in Western Canada are making the switch from exploring for natural gas to producing oil after months of deliberation.
The report, a ...
READ MORE
Alberta oil and gas land sales top $3
Province spends $285 million on Swan Hills deep
British Columbia becoming a player in natural gas
Two Alberta renewable energy projects receive $12.65 million
Natural gas prices going from bad to worse
Province “wasting” $745 million on Shell Canada carbon
Natural gas is not a solution for climate
Western Canada’s oil and gas producers finally kicking
Tags: British Columbia, Natural Gas, Natural Resources, Oil Industry
Category: Oil & Gas
Comments (1)
Trackback URL | Comments RSS Feed
Sites That Link to this Post