3,633 wells drilled in Alberta up Jan. to Sept., 122% increase from 2016
Albertans now have easy access to more information on the new royalty system, and can see for themselves how it’s benefiting them, according to a Government of Alberta press release.
The new information can be accessed through the Alberta government’s website and is part of the Modernized Royalty Framework, which took effect at the start of 2017.
The information will help Albertans understand the value received from royalties for crude oil, natural gas and oil sands, according to the release.
The royalty website now includes data on individual oil sands projects and makes Alberta an international leader in terms of disclosure related to royalties.
“From day one, we’ve been committed to making Albertans’ lives better. Part of that is providing access to information about how our most important industry benefits them through royalties. This website will allow Albertans, industry and investors to see for themselves how our Modernized Royalty Framework is working for them,” said Margaret McCuaig-Boyd, Minister of Energy.
The easy-to-access website features information on the guiding principles of the Modernized Royalty Framework. Oil and gas producers were allowed to drill new wells under the new framework before it formally took effect in Jan. 2017.
This early opt-in opportunity resulted in 158 wells being drilled in late 2016 that wouldn’t have otherwise been drilled at that time, according to the Alberta Government.
Since fully taking effect this January, 3,633 wells have been drilled in Alberta up to the end of Sept. That is a 122 per cent increase over the 1,635 wells drilled during the first nine months of 2016.
Also included are sections that show how Alberta’s royalty system compares to other Canadian and international jurisdictions and explanations on the differences.
It also provides a map of all individual oil sands projects and links to information about each of them.
Information on the royalty website will be updated annually, based on the update schedules of the data sources being used.
