Government of British Columbia

Government of British Columbia

December 16, 2010 12:30 ET

Government of British Columbia: Year-End Natural Gas and Petroleum Sales Hit $844 Million

VICTORIA, BRITISH COLUMBIA--(Marketwire - Dec. 16, 2010) -

NEWS RELEASE

For Immediate Release

2010ENER0004-001578

Dec. 16, 2010

Ministry of Energy

YEAR-END NATURAL GAS AND PETROLEUM SALES HIT $844 MILLION

VICTORIA - British Columbia concluded another banner year of attracting investment and securing economic benefits, with December's natural gas and petroleum sale resulting in over $42 million in bonus bids. The sale finishes 2010 with the fourth-best year-end total in history, Energy Minister Steve Thomson announced today.

"Despite the pressures of a global recession and the decline in average gas prices, we have reached another strong year in natural gas and petroleum sales," said Thomson. "Industry has come forward with their commitment to produce here in B.C., ensuring the natural gas and petroleum sector will maintain a long-term role in creating jobs and generating government revenue."

Industry explores, develops, produces and markets natural gas and petroleum through the acquisition of tenure agreements with the Province. As of November 2010, the number of wells drilled was up 10.3 per cent compared to similar drilling activities in 2009. The Canadian Association of Petroleum Producers has forecasted industry investment - an indication of future development and activity - will reach $7 billion this year, up from the $5.2 billion invested in 2009.

This month's sale offered 23 parcels covering 22,017 hectares, and sold 20 parcels covering 21,208 hectares, for an average per hectare price of $1,993. The next sale, scheduled for Jan. 19, 2011, will offer 25 parcels covering 32,225 hectares.

Complete results of the sale are posted on the website of the Ministry of Energy: www.empr.gov.bc.ca/Titles/OGTitles/SaleResults/Pages/default.aspx

For more information on government services or to subscribe to the Province's news feeds using RSS, visit the Province's website at www.gov.bc.ca.

Contact Information

  • Ministry of Energy
    Jake Jacobs
    Media Relations
    250 952-0628 or 250 213-6934 (cell)
    www.gov.bc.ca