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UPDATE 1-Alberta says current oil and gas royalty framework to remain to end-2016

Published 2015-08-28, 01:51 p/m
© Reuters. UPDATE 1-Alberta says current oil and gas royalty framework to remain to end-2016

(Adds details of panel)
By Mike De Souza
CALGARY, Alberta, Aug 28 (Reuters) - Alberta's oil and gas
royalty framework will remain in place until the end of 2016,
Energy Minister Marg McCuaig-Boyd said on Friday, as she gave
details of the panel that will review the scheme for the
province's new left-leaning New Democrat government.
McCuaig-Boyd said royalty rates paid by oil and gas
companies will not change until 2017, which will help companies
budget for the important winter drilling season.
"That is to say, for 16 months companies and investors can
operate with certainty, knowing there will be no changes in the
royalty framework. If and when changes are made, any incremental
revenues will go to the (province's) heritage fund," she told a
news conference.
The government also announced that Leona Hanson, mayor of
the town of Beaverlodge in northern Alberta, Peter Tertzakian,
chief energy economist at energy-focused private equity company
ARC Financial Corp, and Annette Trimbee, president and
vice-chancellor of the University of Winnipeg and former senior
Alberta bureaucrat, would join the panel leading the review.
Alberta appointed Dave Mowat, the chief executive of the
provincially owned financial services agency ATB Financial, in
June to lead the panel.
McCuaig-Boyd said the panel's mandate would be to get a
better understanding of the current royalty system, its impact
on private investment and revenues generated for government, as
well as how it compares to other jurisdictions.

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