The Province of BC cancelled the Crown sale of petroleum and natural gas rights scheduled for March 18 “due to travel restrictions affecting bid delivery.”
Perhaps the pony express between Fort St. John and Victoria is unavailable and electronic means of delivering documents have broken down.
The ministry also states that future sale dates are being evaluated but my guess is that monthly sales of rights will soon be eliminated. The trend is in that direction:
Hectares offered in fiscal years 2019 and 2020 were 7% of the average offered in the preceding 20 years. I deduce a preference by the ministry to award petroleum and natural gas rights by administrative edicts, not by competitive tenders.
No surprise, the government revenue trend has been dismal. Amounts shown in 2020 dollars:
Proceeds in fiscal year 2019 was 8% of the average of the preceding 20 years. Fiscal year 2020 (12 months ended March 2020) was even worse, being only 2% of that 20 year average.
These rights sale results reflect policies of a government dedicated to increasing fossil fuel production. To do that, they are giving away the public share of these natural resources.
Christy Clark formed the policy; John Horgan accelerated it.
Categories: Natural Gas