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ARCHIVED: Natural Gas Development

Province increases competitiveness of royalty program

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ARCHIVED: Natural Gas Development Note: This News Release has been archived - the Ministry no longer exists.

British Columbia News

Province increases competitiveness of royalty program

https://news.gov.bc.ca/05854

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Information Bulletin

Victoria
Friday, March 14, 2014 2:37 PM

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Information Bulletin

Victoria

Friday, March 14, 2014 2:37 PM

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Updates to British Columbia’s royalty program will increase the competiveness of the province’s natural gas sector and support the long-term prospects of a liquefied natural gas industry.

Effective April 1, 2014, industry operating in British Columbia will benefit from the expansion of the Deep Well Royalty Credit Program. By providing credits for deep well drilling, companies will increase their investments in these types of wells and create jobs on the ground.

The Province’s Ultra-marginal Royalty Program also will be updated. This program reduces the royalties paid by industry from wells that have a low rate of production. 

The revenue generated from these improvements are expected raise $2.9 million over the next three years. 

Operators will not be eligible for both programs concurrently. 

Expanding or introducing new royalty programs is necessary to make sure the natural gas sector remains competitive, and it is part of the Government of British Columbia’s 10-year Natural Gas Strategy: http://www.gov.bc.ca/ener/popt/down/natural_gas_strategy.pdf.

Increasing exploration and drilling operations creates jobs and facilitates economic activity all over the province.

Industry was consulted about these updates late last year.

Media Contact:

Sandra Steilo
Ministry of Natural Gas Development
250 952-0617

https://news.gov.bc.ca/05854

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