Sask. oil and gas rights sale generates $143M for treasury
The Saskatchewan government's June sale of oil and natural gas rights has raised $142.5 million, the third-biggest sale in history.
It's also the third consecutive month that sales have topped $100 million, the first time that has ever happened, the provincial government said. So far this year, the province has made $605.4 million on oil and gas rights sales, compared with $250.3 million for the entire year last year.
Companies bid on properties and pay the province money for the right to drill for oil and gas.
The Weyburn-Estevan area was responsible for $132.5 million of the proceeds. Also attracting interest was the Kindersley-Kerrobert area, which had $7.1 million in sales, followed by the Lloydminster area at $2 million and the Swift Current area at over $900,000.
The sales take place every two months. The next one will be held on Aug. 11, at which time oilsands exploration permits — something relatively new for Saskatchewan — will also be up for grabs.