Saskatchewan Oil and Gas Rights Sales Total $50 Million for 2016-17 Fiscal Year
Public Offerings of Petroleum and Natural Gas Rights Total $50 Million for 2016-17 Fiscal Year
Released on February 9, 2017
Tuesday’s public offering of Saskatchewan’s Crown petroleum and natural gas rights raised $1.7 million for the province, bringing the total for the 2016–17 fiscal year to $50 million.
This was the last public offering of the current fiscal year, with the total surpassing the $43 million raised in the previous fiscal year.
“This is an indicator that a tough, forward-looking industry continues to see opportunities for oil and gas development in Saskatchewan,” Energy and Resources Minister Dustin Duncan said. “Saskatchewan is considered one of the world’s top jurisdictions for petroleum investment. We continue to work on building that reputation and improving our capabilities to meet the needs of the industry to help grow our economy.”
Among the reasons for Saskatchewan’s strong reputation is the Integrated Resource Information System (IRIS)—the result of a six-year program to replace the Ministry of the Economy’s aging computer and paper-based systems related to the oil and gas industry.
Since its implementation in 2015, IRIS has significantly enhanced service provided to the industry. It allows companies to conduct a comprehensive range of business and regulatory tasks online with the Government of Saskatchewan via web-based, self-service functionality 24 hours a day, seven days a week.
A detailed overview of the benefits of IRIS can be viewed online at http://publications.gov.sk.ca/details.cfm?p=84098.
Tuesday’s public offering saw four leases located north of Lampman receive bonus bids totalling $537,079 for 583 hectares; these parcels are prospective for multiple targets including the Midale and Frobisher-Alida Beds of the Madison Group as well as the Bakken Formation.
The highest bid per hectare was $3,201.87 for a 48.564-hectare parcel west of St. Walburg.
The next public offering of petroleum and natural gas rights will be held on April 11, 2017.
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