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Sask. oil and gas drilling rights sales at lowest level in nearly 25 years

Sales for oil and gas drilling rights in Saskatchewan reach lowest level in nearly 25 years.
Sales for oil and gas drilling rights in Saskatchewan reach lowest level in nearly 25 years. Matthew Brown / AP Photo

Saskatchewan sales for oil and gas drilling rights are the lowest it has been in nearly 25 years.

About $17 million has been raised so far in 2016 from sales of drilling rights, the lowest number since 1992.

READ MORE: Western Canada drilling rights sales go from boom to bust

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By comparison, in 2008 sales generated about $1.1 billion.

However, the Saskatchewan government said that a stable investment climate and stable royalty regime are helping.

“Our positive investment climate and stable royalty regime, coupled with our significant resources, is a recognized asset for the industry in Saskatchewan,” Economy Minister Bill Boyd said.

“We have and will continue to work with our stakeholders to ensure Saskatchewan remains one of the most attractive jurisdictions to do business.”

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READ MORE: Canadian oil & gas spending down 62% since 2014 record high

There are three sales remaining this year in Saskatchewan. The next public offering takes place on Oct. 4.

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