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Home News August Sale of natural gas and petroleum rights

August Sale of natural gas and petroleum rights

Yesterday’s sale of BC natural gas and petroleum rights resulted in 98 million dollars in bonus bids, raising the calendar year-to-date total to over 760 million dollars.

Energy Minister Bill Bennett notes the August sale, like others earlier this year, was larger than anticipated, and he says it again reflects international investment community confidence.

This year’s 8-month total is already about 85 percent of last year’s 12 month total and it puts the province in position to record its third billion dollar plus sale year.

68 of the 81 parcels offered yesterday were sold, and they covered just over 31,000 hecatres, meaning the per hectare sale price was more than 3,100 dollars.

The key parcels in the August sale were two drilling licences, 70 kilometers northwest of Fort Nelson, with bids of more than 5,700 and 9,800 dollars per hectare.

At more than 64 million dollars their total represented about two-thirds of full sale total.

The next sale is set for September 22nd and will offer 71 parcels covering more than 35,000 hectares.


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