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Saturday, October 19, 2019
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BC Gas Monthly Sale

The June sale of oil and gas drillings rights in Northeast BC isless than a week away and, expectations are running high next Wednesday’s sale could set another monthly record.

The May 21st sale at 441 million dollars set the currentrecord and, six of the ten best sales in provincial history have beenrecorded in the past twelve months.

Last month’s sale included 40 parcels covering just over 46 thousandhectares, making the average price per hectare more than 95 hundreddollars.

The Energy Ministry is offering 99 parcels this month totaling more than 61 thousand hectares.

So if the bids are in the same range as last month the provincial take this month will exceed half a billion dollars.

Meantime, gas prices continue to run far ahead of forecast and, the Finance Ministry could be looking at a windfall.

The forecast was for five dollars and 65 cents Canadian, per gigajoule but, the current price is close to ten dollars.

For each one dollar rise in the price of natural gas over theforecast, the ministry collects an additional 300 million dollars inroyalties.

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