Province gives out $115 million in natural gas royalty credits

The Province has approved $115 million in royalty deductions to support the construction of 14 infrastructure projects in northeastern B.C.

The B.C. Infrastructure Royalty Credit Program (IRCP), was designed to facilitate the construction of new resource roads and pipelines.

According to the Province royalty revenue for government will also increase as a result of new drilling activities.  The Province believes that five years from now, the 2015 royalty deductions could generate approximately $288 million in revenue for the Province.

The Province also believes the 2015 program will result in over $448 million in new
capital spending by industry. Of this total, over $224 million are expected to reach service-sector companies in B.C., creating more than 2,100 new jobs.

 

 

The companies that will receive royalties in 2015 are:

Black Swan Energy, Chinook Energy, Chevron Canada, Canadian Natural Resources, Cutbank Ridge Partnership, Endurance Energy, Kanata Energy, Progress Energy Canada, Storm Resources, Tourmaline Oil, UGR Blair Creek and Woodside Energy.