Today, government announced the October result of its monthly Crown Petroleum and Natural Gas Rights Public Tender. Another blah result from a sale that used to bring in hundreds of millions. October produced $2 million.
Tender proceeds in the preceding three months amounted to $1 million.
Gas royalties are no longer material. Through the province’s royalty reduction programs, natural gas producers have been taking and accruing more credits than royalties.
Partly because rights on gas-producing properties are being administratively renewed without competitive tenders, this source of revenue has almost evaporated.
Here is a look at the first seven months (April to October) of the last dozen years, shown in 3 year blocks.
British Columbia sees itself in competition with Alberta to attract gas exploration and production companies. As a result, both provinces have been in a race to the bottom. By giving away its natural gas resource, BC has reached bottom and through its plan to provide below cost electricity, the Horgan Government policy is to pay producers to remove this natural resource.
Quite a change from the NDP’s promises before the 2017 election.
Real downward shift in collections from natural gas rights and royalties came after Encana founder and Fraser Institue director Gwyn Morgan served as Christy Clark's Liberal transition advisor. Coincidence? I think not. #bcpoli https://t.co/ZXAaZDyD7y
— Norm Farrell, SD44 Board Candidate (@Norm_Farrell) October 12, 2018
Categories: Natural Gas
Aye, I wondered when someone would confirm my suspicion that we weren’t just giving away our resources, we were paying to have them taken away. Horgan raves about the Billions derived from LNG will pay for hospitals, schools and infrastructure. What Billions? The Billions going to Shell, PETRONAS and off-shore construction facilities? To LNG shipping facilities? Or the income taxes paid by TFW’s?
Leave it in the ground! It will be worth a fortune someday, if there’s anyone left to collect it.
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So politicians, and their parties ,receive donations and then may have to decide on policies that affect said companies.Can you say conflicy of interest?
Is it any wonder voter turnout is so low? Is it any wonder we have limited respect for politicians in general? Visionaries they are not, nor are they concerned for the plight of future generations. They trade their conscience for a vote. Fiscal responsibility is not on their agenda. Kick the debt down the road.
It’s akin to your teenager hosting a party without your knowledge and after the house is wrecked because it gets out of control your recompense is getting to cash in the empties.
Wondering if the $2 million is even enought to pay for the politicians pensions. They sure aren’t thinking. So what do they think about?? Affordable daycare? I don’t know how they will be able to pay for any of their dreams.
Its like below ground level in the legislature there’s a privately run lab where the most bizarre brainwashing ………
My god, when you see both sides in the house of parliament together, one could say, they are all the same rotten indistinguishable bunch cut from the same cloth.
“My god, when you see both sides in the house of parliament together…..” its enough to make you want to throw up. Then when you realize you not only PAY them, you also finance their unending pensions, you actually do throw up!
It was silly, and ridiculous to state a human laboratory under the legislature is conducting a bizzare brainwashing on politicians contrary to their own well being.
Common sense persuades one this simply couldn’t be true.
But a Willful Submission to Those who hold the Secrets of Universal Power may explain this phenom. This dark side of human nature appears in many countries around the world, and not just in Victoria.
I have to be civil.
This dark side of human emulation is trouble everywhere it happens with a death culture it’s dancing partner.
Its such a beautiful day in nature this afternoon, and it makes one happy.
Check out rK theory as applied to American politics Hugh. Our politicians seem to be incompetent r.
r is great for getting elected and not aggravating unionized bureaucracy, but in our case incompetent in that citizens are not able to reproduce in numbers to maintain their population, so they import. But ‘competent’ in that they treat our critical resources as free and unlimited.
A giveaway- definitely yes. When you net out the $120 million a year BC gives to fracking companies to build roads and pipes to fracking holes, turns out the City of Vancouver earns more from parking fees and fines than the BC Government does from gas royalties. So much for the debt-free BC, 100,000 jobs and 1 Trillion boost to GDP for a “once-in-a-generation” LNG opportunity.
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