News

March 20, 2020

Financial Post: Alberta to pay levies, extend leases in first wave of aid for embattled oilpatch

The Alberta government said it’s granting extensions for oil and gas leases for one year and paying the industry’s regulatory levies as a first step in providing relief to the oilpatch.

The measures are part of the support package for the industry, which saw Canadian benchmark oil prices plunge below US$8 at one point this week.
The Financial Post had reported early on Friday that these measures were expected soon.

The government said it will pay $113 million in Alberta Energy Regulator levies for a period of six months and extend the mineral agreements by one year to give the industry additional time to raise capital and plan future activities.

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