Energy review complete, due this week
Posted Mar 10, 2010 7:34 am.
This article is more than 5 years old.
The results of the long-awaited Alberta energy competitiveness review are expected to be tabled Thursday.
Following a dramatic drop in oil and gas investment and drilling activity, the Stelmach goverment announced it was going to review energy operations in the province.
The Tories have been under attack since boosting its take of energy royalties under the “fair share banner ” last year.
Recent studies have found Alberta is dead last among energy-producing jurisdictions in North America when it comes to oil and gas activity.
The President of Energy Navigator, Boyd Russell, tells 660News oil and gas companies and their investors are looking for three things to be addressed.
First, royalty rates need to be rolled back. Then, the regulatory regime needs to be streamlined. In other words: eliminate some of the red tape. Finally, once changes have been made, leave things alone to create consistency in the industry.
Mike Mazar with BMO Capital Markets believes the goverment realizes it made a mistake boosting it’s royalty take and will now make changes that more accurately reflect what’s going on in the industry today.
In the past year, the province has seen energy revenue drop by more than $6-billion, due mostly to the recession.
