FP EnergyBy clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails or any newsletter. Postmedia Network Inc. | 365 Bloor Street East, Toronto, Ontario, M4W 3L4 | 416-383-2300A welcome email is on its way. If you don't see it, please check your junk folder.We encountered an issue signing you up.
The temporary moratorium on new activity significantly slowed energy development in the province last year even as natural gas prices soared, with only 319 gas well licenses being issued in B.C. since the court’s decision, compared to 552 in the same period the previous year, according to data from the B.C. Oil and Gas Commission.
Industry welcomed the news, even though the tougher conditions call for halving the rate of new oil and gas wells in the region. The province and Blueberry River will jointly manage land-use planning with specific provisions governing wildlife management, forestry and oil and gas projects. Blueberry River will also receive $87.5 million over three years, with the possibility of further benefits from oil and gas revenue-sharing and provincial royalties over the next two fiscal years.
“This agreement does have an impact on oil and gas development in the northeast,” Premier David Eby said at the news conference. “It has very specific provisions about the amount of land disturbance that is permitted related to oil and gas. This is one of the major concerns that caused to bring the court challenge and it was also a key discussion around the table.”
The Montney formation, spanning the northern B.C.-Alberta border, accounts for between 45 to 50 per cent of all the natural gas produced in Western Canada. There are currently 20 active operators within the B.C. portion of the Montney, according to the B.C. Oil and Gas Commission, including firms like
Ireland Ireland Latest News, Ireland Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: VancouverSun - 🏆 49. / 61 Read more »