By INFORMATION BULLETIN
For Immediate Release Jan. 16, 2014 | Ministry of Natural Gas Development |
$7.3 million for January natural gas and petroleum sale
VICTORIA - The January 2014 natural gas and petroleum sale resulted in over $7.3 million in bonus bids, increasing the fiscal year total to over $175 million.
The Jan. 15 sale offered 30 parcels in northeast B.C. covering 23,172 hectares. Twenty-one parcels were sold, with an average price of approximately $585 per hectare.
The key parcels in this month's sale included:
· One drilling licence in the Green Creek - Jedney area, about 160 kilometres north of Hudson's Hope. This parcel earned more than $2.6 million at an average price of $1,355 per hectare.
· Five leases in the Laprise Creek -Nig Creek North area, about 130 kilometres northwest of Fort St. John. Collectively, these five leases earned more than $1.8 million.
Drilling licences provide the exclusive right toexplorenatural gas and petroleum by drilling wells. They are acquired by the successful bidder at the Crown sale. Primary terms are three, four or five 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. 26, 2014, will offer 17 parcels covering 8,955 hectares.
Complete results of the sale are posted at:http://www.empr.gov.bc.ca/Titles/OGTitles/SaleResults/Pages/default.aspx
Media Contact: | Sandra Steilo Ministry of Natural Gas Development 250 952-0617 |
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