Sales of 2017 oil and gas drilling rights in Alberta raise $504 million

By The Canadian Press
December 21, 2017 - 7:34am

CALGARY- Sales of oil and gas drilling rights in Alberta delivered almost four times as much money for the provincial treasury in 2017 compared with the year earlier -- but the total remained well short of the record.

Alberta Energy reports receiving 18-million dollars in yesterday's auction, the last of the year.

That brings the total for 2017 to 504-million dollars, 3.7 times as much as the 137-million in netted in 2016.

The record was 3.5-billion in 2011.

The sales give oil and gas companies the right to drill exploration wells on land where the mineral rights are owned by the province, and are considered a key indicator of future drilling activity.

(The Canadian Press)

 

Red Deer and Lacombe Chambers preparing for pot legalization

Join the Discussion

We are happy to provide a forum for commenting and discussion. Please respect and abide by the house rules: Keep it clean, keep it civil, keep it truthful, stay on topic, be responsible, share your knowledge, and please suggest removal of comments that violate these standards. See full commenting rules.