Oil Pump Jack

The Government of British Columbia (BC), Canada, will make $120m in royalties available in order to stimulate job creation and industry growth in the oil and gas sector.

The investment will help to fund new road and pipeline projects under the Infrastructure Royalty Credit Program (IRCP), which provides oil and gas companies with the eligibility to recover up to 50% of costs of approved infrastructure projects.

The approach aims to stimulate year-round exploration and production activity, while generating additional royalty revenues to the state. It will also provide new well-paying jobs and business opportunities in northeast BC.

The BC government has awarded over $830m in royalties to eligible oil and gas companies since 2004 through the programme, resulting in more than 200 new or upgraded all-season roads and pipeline projects representing a total capital investment of more than $1.9bn.

Minister of Natural Gas Development Rich Coleman said that the programme helps natural gas and oil companies make significant investments in roads and pipeline infrastructure.

"The programme gives an incentive to companies to capitalise on our resources while giving a fair return to the owners of our resources; British Columbians," Coleman added.

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Oil and gas companies can apply for the latest installment of IRCP until 16 April. The applications will be ranked with approval going to the projects which demonstrate the highest economic benefits to BC.

Image: Upon completion of the programme, the oil and gas companies can recover up to 50% of the project’s costs. Photo: courtesy of suwatpo/FreeDigitalPhotos.net.

Energy