Printer-friendly version   

The Best Place on Earth

INFORMATION BULLETIN

2011ENER0006-000176
Feb. 24, 2011

Ministry of Energy

 

 

$2.1-Million February Petroleum and natural gas sale

 

VICTORIA – The February 2011 petroleum and natural gas sale resulted in $2.1 million in bonus bids, bringing the fiscal year total to over $811 million.

 

The Feb. 23 sale offered eight parcels covering 3,924 hectares. All parcels were sold, with an average price of $531 per hectare.

 

Key parcels in this month’s sale included four drilling licences in the Buick Creek West gas field, 80 kilometres northwest of Fort St. John. Collectively, these four licences covered 2,826 hectares, and earned almost $1.9 million in tender bonus at an average price of $664 per hectare. 

 

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. They 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.

 

Petroleum and natural gas activities play a vital role in B.C., generating significant wealth and employing thousands of British Columbians. Revenues from rights sales provide immediate economic benefits, funding vital social programs and infrastructure development in communities throughout the province.

 

The next sale, scheduled for March 30, 2011, will offer 25 parcels covering 13,973 hectares.

 

Complete results of the sale are posted on the website of the Ministry of Energy: http://www.empr.gov.bc.ca/Titles/OGTitles/SaleResults/Pages/default.aspx

 

-30-

 

Media Contact:

 

Jake Jacobs

Ministry of Energy

250 952-0628

250 213-6934 (cell)

 

 

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.