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Alberta to boost royalties by $1.4-billion6 h6 I7 A9 M' ] F s
New royalty regime stops half-a-billion short of review's recommendation
2 [6 T8 G) R$ B: j0 lJon Harding, Financial Post: p0 G! i: L" \: {9 }; n9 I
Published: Thursday, October 25, 2007- A2 o4 J$ y6 x9 Z4 E9 k( L+ |4 J
CALGARY -- Alberta Premier Ed Stelmach ignored outcries from the province's oil and gas sector and ruled he will significantly boost the province's take of oil revenues, renegotiate existing oilsands agreements and become a big player in the bitumen business.
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The province has decided to implement the majority of recommendations proposed by a panel that urged a 20% hike in royalties and taxes, or a $1.9-billion increase in government take. Under the new framework, which will take effect on Jan. 1, 2009, the government projects it will squeeze $1.4-billion more from the oil and gas sector, with most of the increases coming from the oilsands. |' ^' B+ t" T* `; n
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"I made a commitment and I delivered," the premier said. "Future generations of Albertans will receive a fair share from the development of their resources. I offer stability and predictability to those in the oil and gas industry and the time to adjust to royalty changes. And I can also assure investors that Alberta will remain an internationally competitive and stable place to do business."3 p) Y1 e- ~* T4 B0 j
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Alberta Premier Ed Stelmach announces the new Alberta government's royalty rate plan it collects from oil companies operating in Alberta, at a news conference in Calgary, Alberta October 25, 2007.( ]/ f, e- g1 e
(Photo: Reuters)
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Font:****Among the key changes:+ N* V$ P# r/ [' O% v4 v
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-- There will be no grandfathering of existing production from oilsands projects. The government wants to renegotiate crown agreements with industry pioneers Suncor Energy Inc. and Syncrude Canada Ltd., which expire in 2016.3 q6 t, u, }1 V. ?% H# Q" [
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If negotiations are not successful over the next 90 days, the government will take "other measures" to ensure a level playing field for all industry stakeholders.
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+ R \0 d8 A a: S" o; Y9 [-- The government take from oilsands projects will increase from the current 1% before project payout, to a range of 1% to 9%, depending on oil prices.& f* _ b) _7 s- B; }* }5 v8 z( G
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When investment is recovered, projects will see royalty increases from the current 25% to a range of 25% to 40%, depending on oil prices. At current oil prices, that translates into a government take of about 65% of net revenue, up from the current 47%.
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The royalty increases are higher than recommended by the panel, but the new framework will not include an oilsands severance tax, which industry was critical of.0 r% ?+ o$ g/ j2 Y+ m2 k
, K& J9 _0 v- r% D6 x/ p-- The province will become a big player in selling bitumen, a low grade oil, by taking royalties in kind, rather than in cash. The government can sell the bitumen to support Mr. Stelmach's strategy of boosting upgrading projects in Alberta.7 P( W' q# K1 L( b+ A
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-- The government will continue its deep gas drilling incentives to encourage activity and will also apply lower royalty rates for lower productivity wells.8 X0 @% }9 E* N0 w$ x) z
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Overall, the changes vary little from the goals of the panel, which was globally criticized for proposing "draconian" changes. The new framework will boost government take for natural gas from 58% today to 60%, rather than 63% recommended by the panel; for conventional oil, government take goes up 5% to 49%, which is what the panel proposed; for oilsands, government share increases to between 57% and 66%, when the panel was recommending an increase of 64%.3 j. R, v o% `7 H5 ~. G& B( F( p; w, Y
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The government expects some slowdown in activity from the new measures. |
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