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Province conducting another instalment of Infrastructure Royalty Credit Program

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VICTORIA, B.C. – The Province of B.C. will be stimulating economic growth and job creation through another instalment of the Infrastructure Royalty Credit Program (IRCP).

“The program encourages new private-sector investment with up to $120 million in royalty credits available in the 2017 calendar year for industry to build new or upgraded all-season roads and pipelines.”

The program will help facilitate growth and in B.C.’s petroleum and natural gas sector. The government says that this will help the development of LNG in B.C.

“Infrastructure built improves access to new or underdeveloped resource areas, giving operators easier access to the province’s vast natural gas resources, effectively increasing British Columbia’s capacity to supply energy to growing markets via the development and operation of a liquefied natural gas (LNG) export industry.”

Under the Infrastructure Royalty Credit Program, a company has to fully fund as well as complete an approved infrastructure project and then they can apply to recover up to 50% of the project’s costs.

Companies are able to apply for the latest instalment of IRCP until April 21, 2017. Applications received will be ranked according to potential benefits of the project. Approval will be granted to those that showcase the highest economic advantage to British Columbia.

To get more information about applying, visit: http://www2.gov.bc.ca/gov/content/industry/natural-gas-oil/oil-gas-royalties/infrastructure-royalty-credit-program.

This is the 16th instalment of the program. To date, over 235 new or upgraded all-season roads and pipeline projects have been built as a result of the IRCP – a total capital investment of more than $2.7 billion.

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