ARCHIVED: Natural Gas Development
The September 2015 natural gas and petroleum rights sale resulted in $548,187.33 in bonus bids.
On Sept. 9, 2015, 12 parcels were sold, covering 5,522 hectares with an average price of $99.27 per hectare.
The highest bids per hectare were for two drilling licences in the Tommy Lakes area, about 165 kilometres northwest of Fort St. John. The parcels collectively earned $418,617.04 in tender bonus, both at an average price of $251.12 per hectare.
Drilling licences provide the exclusive right to explore for petroleum and natural gas by drilling wells and are acquired by the successful bidder at the Crown sale. Primary terms are three, four or five years depending on location.
Leases provide the exclusive right to produce petroleum and natural gas. They are acquired by the successful bidder at the Crown sale, or selected from permits and drilling licences. Primary terms are five or 10 years, depending on location.
Natural gas and petroleum activities play a vital role in B.C. by employing thousands of British Columbians. Revenues from rights sales provide immediate economic benefits, funding social programs and infrastructure development in communities throughout the province.
The next sale, scheduled for Oct. 7, 2015, will offer 12 parcels covering 9,178 hectares.
Complete results of the sale are posted at:
