Auctions record resource in Alberta
Alberta collected record revenues from Crown land auctions in the 2005-06 fiscal year, raking in more than $3.4 billion, the province said yesterday.
Public offerings of oil and natural gas rights are held every two weeks in Calgary, with industry bidding on mineral rights through a competitive sealed-bid auction process.
Energy Minister Greg Melchin said the auctions are an important component in managing the province’s resources.
“High resource revenues, including land sales bonuses, have helped reduce the province’s debt, increase savings and fund priority programs,” said Melchin.
“These resources belong to Albertans and play a large part in the prosperity and quality of life we enjoy.”
The province is pegging non-renewable resource revenues at $11.4 billion for 2006-07.
That would account for 35% of total provincial revenues.
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