What is the Royalty Review?
The Government of British Columbia is conducting a review of its Natural Gas Royalty System. This is the first major review in almost 30 years. In November we will be seeking feedback on policy approaches to establish a new, modernized royalty system that meets the needs of British Columbians.
The current natural gas royalty regime in British Columbia (B.C.) has been in place for nearly thirty years. The way natural gas is produced has changed significantly over this time period, as have market conditions, drilling technology and costs, and global concerns on the need to address climate change.
As part of his mandate letter, the Premier has asked Bruce Ralston, Minister of Energy, Mines and Low Carbon Innovation to undertake a review of oil and gas royalty credits to ensure they meet B.C.’s goals for economic development, a fair return on our resources, and environmental protection.
Phase 1: An Independent Assessment of the royalty system accompanied by an Executive Summary is available for review. The Independent Assessment was completed by Dr. Nancy Olewiler, Director of and Professor in the School of Public Policy at Simon Fraser University, and Dr. Jennifer Winter, Associate Professor of Economics and Scientific Director of the Energy and Environmental Policy research division at The School of Public Policy, University of Calgary.
Phase 2: In early November, the Province will issue a Discussion Paper to seek feedback on options to establish a new, modernized royalty regime that meets B.C.’s goals.
How can your contribution make a difference?
Your input will help the Province by providing valuable feedback on options for a revised royalty system in British Columbia that understands the views of all British Columbians and balances the Provinces goals for resource development: economic development, fair return on our resource, and environmental protection.