Over $2 million in oil and gas land sales
January 22, 2015
VICTORIA – The January 2015 natural gas and petroleum rights sale resulted in over $2.2 million in bonus bids, contributing to the fiscal year total with over $332 million in total land sales.
The Jan. 21, 2015, sale resulted in eight parcels being sold, covering 3,617 hectares with an average price of $618 per hectare.
A key parcel in this month’s sale included:
- One lease in the Tommy Lakes area, about 170 kilometres north of Hudson’s Hope. This parcel earned more than $1.4 million in tender bonus at an average price of $858 per hectare.
Drilling Licences provide the exclusive right to explore for petroleum and natural gas by drilling wells, and are acquired by the successful bidder at the Crown sale. Primary terms are 3, 4 or 5 years depending on location.
Leases provide the exclusive right to produce petroleum and natural gas. They are acquired by the successful bidder at the Crown sale, or selected from permits and drilling licences. Primary terms are five or 10 years, depending on location.
Natural gas and petroleum activities play a vital role in B.C. by employing thousands of British Columbians. Revenues from rights sales provide immediate economic benefits, funding social programs and infrastructure development in communities throughout the province.
The next sale, scheduled for Feb. 15, 2015, will offer 15 parcels covering 9,082 hectares.
Complete results of the sale are posted at: http://www.empr.gov.bc.ca/Titles/OGTitles/SaleResults/Pages/default.aspx
Ministry of Natural Gas Development