VICTORIA - The January 2016 natural gas and petroleum rights sale has resulted in over $200,000, increasing the fiscal year total to over $14 million.
On Jan. 20, 2016, 6 parcels were sold, covering 2,614 hectares with an average price of $76.53 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 Feb. 24, 2016, will offer 4 parcels covering 1,084 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
Government of British Columbia issued this content on 2016-01-21 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 2016-01-21 20:21:18 UTC
Original Document: http://www2.news.gov.bc.ca/news_releases_2013-2017/2016MNGD0001-000066.htm
