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NOVEMBER OIL AND
GAS RIGHTS SALE GENERATES $114 MILLION |
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“As this record fiscal year continues,
the oil and gas industry remains strong, and we’re looking forward to the
transition to the production stage,” said Neufeld. “This has been a banner year
for
The Nov. 12 sale offered 57 parcels covering 39,094 hectares, and sold 45 parcels covering 24,565 hectares. The average price per hectare was $4,679.
The key parcels in the sale included:
· Five drilling licences with bids of between $5,400 and $14,870 per hectare for a total of over $105 million located in the Farrell Creek and Altares fields, approximately 30 kilometres north of Hudson’s Hope.
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Six lease bids of over $3,200 per hectare for a
total of over $5.5 million located in the Town field area, 12 kilometres east
of
Drilling licences provide the exclusive right to explore for petroleum and natural gas by drilling wells. They are acquired by the successful bidder at the Crown sale and primary terms are three, four or five years, depending on location.
Leases provide the exclusive right to produce petroleum and natural gas and 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.
The next sale is scheduled for Dec. 10 and will offer 60 parcels covering 80,193 hectares.
Complete results of the sale and additional statistics are posted on the Ministry of Energy, Mines and Petroleum Resources website: www.empr.gov.bc.ca/Titles/Pages/default.aspx
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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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