The November 2015 natural gas and petroleum rights sale has resulted in $1,746,728.79 in bonus bids.

On Nov. 4, 2015, five parcels were sold, covering 2,622 hectares with an average price of $666.18 per hectare.

The highest bid per hectare was a drilling licence in the Inga area, about 45 kilometres northwest of Fort St. John. The parcel earned $1,241,859.12 in tender bonus, at an average price of $950.16 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 are 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 Dec. 9, 2015, will offer 45 parcels covering 39,874 hectares.

Complete results of the sale are posted at: http://www2.gov.bc.ca/gov/content/industry/natural-gas-oil/petroleum-natural-gas-tenure/sales-results-statistics/2015-sale-results