BC royalty review submission_layout_Dec2-v3 10 page-ml final

Put another way, the royalty review must break with the idea that more investment in the oil and gas industry is desirable, and instead must be supportive of a managed wind down of the industry, with a focus on ensuring a just transition for workers and returns to the public treasury and local First Nations during the transition period.1 Oil and gas in BC: The big picture The economic importance o. [...] In this context, the government’s concern with the “competitiveness” of the royalty regime is misplaced, as is further economic development of the oil and gas industry. [...] This includes the species of tree logged, the quality of the timber, the price paid per unit of timber logged (known as stumpage and effectively a royalty payment), the region where the trees are logged, and which company logged and paid the stumpage rates. [...] In addition, the number of companies operating in the oil and gas sector is a fraction of that in the forest sector. [...] Conclusion The royalty regime for oil and gas is an important element in the regulation of management of the oil and gas sector.