Local oil and gas companies encouraged to apply for Royalty Credits

The province is encouraging oil and gas companies operating in British Columbia to participate in the 2009 Infrastructure Royalty Credit Program.

The program is aimed at increasing competitiveness by opening up new and undeveloped areas of BC, by providing all-season access to oil and gas revenues and by generating incremental revenues to the province.

It was first offered in 2004 and has since gave over 316 million dollars in infrastructure royalty credits to oil and gas companies. This resulted in 72 new road-based projects and 53 new pipeline projects.

The province gets a return on investment of two point five for every dollar invested.

Once the application is submitted, the province will approve companies with the highest economic benefits for British Columbia.

Companies have until two p.m. on April 30th to complete the application.

For the application, click here

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