Oil and gas land sale Wednesday

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We should see on Wednesday if the BC government sparked any quick investment by putting, up to 120 million dollars in royalty credits on the table in the petroleum and natural gas sector.

 

The second calendar year natural gas and petroleum sale is scheduled for tomorrow and advance reports have suggested it could be a dismal one, offering only eight parcels covering less than 4,000 hectares.

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If that’s the case, it will be the second consecutive downside sale this year as the one in January resulted in only 8 million dollars in bonus bids, or less than two thirds of the January sale last year.

If the February sale equals, or is less than, that amount, it will be less than half last’s sale for the same month, which produced nearly 17 million in bonus bids.

Meantime, until April 14th the Energy Ministry is now accepting applications from resource companies to invest in new or upgraded roads and pipelines, that generate local area oil patch economic development and job creation.

Energy Minister, Steve Thomson…

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It remains to be seen if the initiative will result in an economic boost for the Northeast, where the jobless rate hit nine percent in January, more than double the region’s energy boom period norm.

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