Province Makes Millions From Oilsands Exploration

Friday, August 17, 2007 at 16:21



For the first time ever in Saskatchewan, energy companies are paying millions of dollars to buy oilsands exploration permits.


The province says the latest sale of all oil and gas rights includes six oilsands exploration licences that generated more than three (m) million dollars in revenue for government coffers.


Until this month’s sale, companies looking specifically for oilsands didn’t have to pay the province for an exploration permit.


Unlike Alberta, Saskatchewan does not have any commercial oilsands projects.


But companies, such as Oilsands Quest, hope there could be billions of dollars worth of the tar-like substance in the northwest corner of the province.


Oilsands Quest has been exploring the region for several years.


Overall, the August land sale garnered more than 38 (m) million dollars.


The province holds sales of oil and gas rights six times a year.


Courtesy of Broadcast News.