Albertans now have easy access to more information than ever before on the new royalty system, and can see for themselves how it’s benefiting them.
The new information can be accessed through the Alberta government’s website and is another accomplishment of the Modernized Royalty Framework, which took effect at the start of 2017. This will help Albertans understand the value received from royalties for crude oil, natural gas and oil sands.
The royalty website now includes data on individual oil sands projects and makes Alberta an international leader in terms of disclosure related to royalties.
“From day one, we’ve been committed to making Albertans’ lives better. Part of that is providing access to information about how our most important industry benefits them through royalties. This website will allow Albertans, industry and investors to see for themselves how our Modernized Royalty Framework is working for them.”
~Margaret McCuaig-Boyd, Minister of Energy
The easy-to-access website features information on the guiding principles of the Modernized Royalty Framework. Oil and gas producers were allowed to drill new wells under the new framework before it formally took effect in January 2017. This early opt-in opportunity resulted in 158 wells being drilled in late 2016 that wouldn’t have otherwise been drilled at that time.
Since fully taking effect this January, 3,633 wells have been drilled in Alberta up to the end of September. That is a 122 per cent increase over the 1,635 wells drilled during the first nine months of 2016.
Also included are sections that show how Alberta’s royalty system compares to other Canadian and international jurisdictions and explanations on the differences. It also provides a map of all individual oil sands projects and links to information about each of them.
Information on the royalty website will be updated annually, based on the update schedules of the data sources being used.