Oil and Gas Rights Sales Through the Roof!

Thursday, March 27, 2008 03:53 PM

The March 26, 2008 sale of oil and gas rights brings B.C.’s total for the 2007-2008 fiscal year to a record high of more than $1.2 billion. The $152 million generated in bonus bids yesterday tops off a fiscal year that outstrips all previous records, says Energy, Mines and Petroleum Resources Minister Richard Neufeld.

“These exceptional land rights sales show British Columbia is a top jurisdiction for oil and gas investment,” said Neufeld. “Our success is the result of first-rate resource potential and strong support for continued industry growth. We have increased our natural gas reserves, expanded infrastructure and attracted new interest to B.C. that will benefit the entire province for decades to come.”

The $1.2-billion fiscal year total of oil and gas rights for 2007-2008 nearly doubles the previous record of $625.7 million set in 2003-2004 and sets a historic-high fiscal average price per hectare of $1,863 that shatters the previous record of $984 in 2006-2007.

Eighty-one parcels covering 89,752 hectares were offered in the March 26, 2008 sale, and bids were accepted on 81 parcels for an average price of $1,694 per hectare.

The key parcels in the sale were three drilling licences located in the Horn River Basin area about 45 kilometres north of Fort Nelson. The three bids generated totals of $22.9 million, $15.8 million and over $12.4 million.

The next sale is scheduled for April 23, 2008 and will offer 41 parcels covering 26,939 hectares.

Previous Story - Next Story

Email |

Print |

Facebook |

Twitter |

Digg |

Del.icio.us

Posted on Thursday, March 27, 2008 03:53 PM in News by 250 News

Return to Home

Comments

Posted by: Andyfreeze on March 27 2008 4:46 PM

Great,but I can't help wonder if the B.C. Liberal Government will be as gung-ho about actual mining as they are about oil and gas wells?
I doubt it!

Posted by: lostfaith on March 27 2008 4:47 PM

Of course records will be broken including how much they are raping us for fuel.

Posted by: Harbinger on March 27 2008 5:33 PM

Kinda makes up fer the lack of future pine trees.

Posted by: DPJ on March 27 2008 6:04 PM

Any parcels in the Nechacko basin yet?

Posted by: diplomat on March 27 2008 7:45 PM

Since there are about 4 million British Columbians altogether each resident ought to get a cheque for $ 300 dollars in the mail - after all, the oil and gas resources are OUR property!

How about it?

Posted by: YamaDooPolCat on March 27 2008 7:52 PM

Real nice country in the Horn Basin. Up next to the rocks and the Nelson to the east. Some very old wells in that area. I bet some of those early Yanky's investors are probably having a nose to nose with the devil by now!

Posted by: Andyfreeze on March 27 2008 9:14 PM

Good idea diplomat,but I won't hold my breath!
;-)

Posted by: Eagleone on March 27 2008 11:37 PM

$1.2 Billion in royaltys from the Peace country for the 2010 region.

Why doesn't any of that money stay in the north for our infrastructure needs?
How can we compete with Alberta for servicing BC wells if we have no decent infrastructure?

Posted by: thereasonableman on March 28 2008 3:46 PM

Great news !

Now they can decrease my taxes !!

Hey, where did everybody go...?