Province releases royalty review discussion paper, kicks off consultation
Wednesday, November 10, 2021 2:15 PM
The Province is seeking public input on the design of a new oil and gas royalty system that puts the interests of British Columbians first and eliminates outdated, inefficent fossil-fuel sudsidies.
“As highlighted in the Independent Assessment, British Columbia’s outdated royalty system is not living up to public expectations,” said Bruce Ralston, Minister of Energy, Mines and Low Carbon Innovation. “For the first time in 30 years, British Columbians will be able to have their say on how we design a new royalty system that aligns with our goals for economic development, a fair return on public resources and continued environmental protection.”
British Columbians can have their say through the EngageBC web portal. The Province has released a new discussion paper that provides background information and outlines three proposed options for a renewed system. The public can answer questions and provide feedback through written submissions on the site.
The release of the discussion paper follows the Independent Assessment of the current royalty system, which was made public on Oct.7, 2021. The assessment was completed by Nancy Olewiler, PhD, director of and professor in the school of public policy at Simon Fraser University, and Jennifer Winter, PhD, associate professor of economics and scientific director of the energy and environmental policy research division at the school of public policy, University of Calgary.
Public consultation through the EngageBC web portal will be open from Nov. 10 to Dec. 10, 2021. The findings of the consultation will be made available in a What We Heard report and the outcomes of the royalty review will be released in the new year.
- B.C.’s current royalty system was set up nearly 30 years ago in the 1992 Petroleum and Natural Gas Royalty and Freehold Production Tax Regulation.
- Natural gas production, drilling technology and market conditions have evolved significantly over the past 30 years.
Take part in the engagement here: https://engage.gov.bc.ca/royaltyreview
To read the independent assessment, visit:
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