The British Columbian Government has awarded a total of $139.3 million in royalty credits, toward 27 oil and gas projects in the province.
As stated in a press release issued on September 4, the Ministry of Energy, Mines and Petroleum Resources has awarded $120 million of the royalty deductions to 20 new projects under the Infrastructure Royalty Credit (IRC) program.
The IRC program facilitates new pipelines and all-season road projects, which creates jobs for service-sector employees, and supports upstreaming development prospects.
The Ministry has said that the 20 IRCP projects represent $743 million in private sector capital spending, and are expected to create more than 1,742 jobs in the province.
The $19.3 million in deductions were given out for seven new projects under the Clean Infrastructure Royalty Credit (CIRC) program.
The CIRC program supports investments in clean technology, which reduces greenhouse gas emissions from specific sources linked to the exploration and production of B.C.s oil and gas resources.
These projects saw $78 million in industry spending that will result in an estimated reduction of 0.6 million tonnes of greenhouse gas emissions.
Image courtesy of Energetic City