FORT ST. JOHN, B.C. – The B.C. government’s petroleum and natural gas land rights sale was another sign that a recovery is underway in the province’s oil and gas industry.
Last month, seven drilling licenses and one lease were auctioned off, bringing in a total of 14,947,864.51. That number is nearly three times the amount of March’s land rights sale, and is a huge jump compared to one year ago, when the April 2016 land rights sale netted only 401,552.68. The average price per hectare in last month’s sale of 8,402 hectares was $3,135.74.
Despite not quite as high as January’s sale, when close to $40 million was sold, this month brings the 2017 year-to-date total from land rights sales in B.C. to roughly $63,192,000.
While drilling licenses failed to bring in a large amount of money, a 1,056 hectare lease that was sold to Scott Land & Lease made up just over $14.1 million of this month’s total.