The province says it is reviewing B.C.'s “decades-old” oil and gas royalties system, with plans to modernize the rules and regulations.
The Ministry of Energy, Mines and Low Carbon Innovation has released a statement saying the review is long overdue and will give B.C. residents a chance to shape an updated system that meets provincial goals for sustainable economic development.
Part of the review includes an assessment of the current 30-year-old royalty system that the ministry says will help it identify and eliminate outdated, inefficient fossil-fuel subsidies and ensure a fair return for the province's resources.
The independent assessment will lead to a discussion paper due next month, followed by public consultation and release of the results of the royalty review by February.
