Use of new technologies spurs province to record land revenues

abarrelfullabarrelfull wrote on 15 Dec 2011 07:44
Tags: canada upstream

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Capping a record year which saw renewed confidence in Alberta’s oil patch, for the first time in provincial history, Alberta has exceeded $3 billion in land sales for a calendar year. Revenues for the final calendar year sale of provincial petroleum and natural gas mineral leases and licenses, also known as land sales, were $145,621,531.32. This brings the total revenue collected to $3.54 billion for the 2011 calendar year.

“Land sales illustrate that Alberta continues to be competitive in attracting new investment which benefits all Albertans,” said Alberta Energy Minister Ted Morton. “The technology being deployed to access these deep resource pools will translate into well-paying jobs, keep rural communities strong and contribute decades of royalty revenue to help fund health care, education and other programs and services for all Albertans.”
Several records were set in 2011. In the August 24 sale, a record was set for the highest ever price paid for a petroleum and natural gas parcel, more than $123.5 million, for a licence southeast of Fox Creek. The June 1 sale netted the highest ever single sale record, collecting more than $841 million for the province.

Total calendar sales in 2010 were $2.39 billion. This was the first time the province collected more than $2 billion in revenues from petroleum and natural gas land sales.

The December 14 sale was the last for the calendar year. There are five sales remaining in the fiscal year. To date the fiscal year total is a record $2.9 billion.

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