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AUGUST RIGHTS SALE SHOWS STRONG INTEREST IN
SHALE GAS |
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VICTORIA
– The Aug. 15, 2007 sale of oil and
gas rights in British Columbia generated
$149 million in bonus bids and had an average price per hectare of $1,122,
Energy, Mines and Petroleum Resources Minister Richard Neufeld announced today.
“This high level of land activity shows industry’s
enormous confidence in B.C.,” said Neufeld. “New projects are being undertaken
because we have created a competitive investment climate here and worked hard
to attract interest in underdeveloped areas and unconventional resources.”
One
hundred and seventy-seven parcels, covering 141,784 hectares, were offered,
with bids accepted on 160. The Aug. 15 sale was the third largest overall in
British Columbia’s history.
The August sale reflects growing interest in shale gas plays in and around the Horn River Basin
and Cordova Embayment. Total sales in the Horn River region exceeded $125
million in 2006, although land sales throughout the past decade had amounted to
less than $10 million per year.
“Developing the rich resource potential of areas like Horn River north of Fort Nelson will benefit British Columbia’s economy for years to come,” said Neufeld.
The Province is delivering on the BC Energy
Plan announced in February 2007, becoming one of the most competitive oil and
gas jurisdictions in North America. New royalty programs such the Net Profit
Royalty Program and Infrastructure Royalty Credit Program are helping to
stimulate exploration and ensure infrastructure is available to support oil and
gas development.
The
next sale is scheduled for Sept. 12, 2007 and will offer 81 parcels, covering
97,815 hectares. More than half of the acreage posted for September is in the
Horn River Basin and Cordova Embayment.
Complete
results of the sale are posted on the Ministry of Energy, Mines and Petroleum
Resources website at www.em.gov.bc.ca/subwebs/landsale/results/default.htm.
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contact: |
Public Affairs Officer Ministry of Energy, Mines and Petroleum Resources 250 952-0628 250 213-6934 (cell) |
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For more information on government services or to subscribe to the Province’s news feeds using RSS, visit the Province’s website at www.gov.bc.ca. |
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