We have a chance to have a say in the Royalty Programs that are used to pay Oil and Gas Companies and providers in the Province of British Columbia. Natural gas is used to heat the majority of homes in BC and the provincial discussion could have an effect on the upcoming rates and heating billing for those homeowners. This will give the public an opportunity to speak to the government about the path Britsh Columbia has taken towards climate change. If you have something to say about climate and how the provincial government is handling it now would be the time to read this document they are providing and tell them, Minister Bruce Ralston, what you think.
royalty review discussion paper
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on the design of a new oil and gas royalty system that puts the interests of British Columbians first and eliminates outdated, inefficent fossil-fuel sudsidies.
“As highlighted in the Independent Assessment, British Columbia’s outdated royalty system is not living up to public expectations,” said Bruce Ralston, Minister of Energy, Mines and Low Carbon Innovation.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.
Quick Facts:
- 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.
Learn More:
Take part in the engagement here: https://engage.gov.bc.ca/royaltyreview
To read the independent assessment, visit:
https://engage.gov.bc.ca/app/uploads/sites/716/2021/11/BC-Royalty-Review-with-Errata-OCT29.pdf
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