The province has renewed its support of B.C.'s natural gas industry by providing up to $120 million in royalty credits to encourage development.
The Infrastructure Royalty Credit Program (IRCP) is designed to encourage new investments and create more jobs that may not have occurred otherwise.
New investments in the ICRP, announced Thursday, will improve access to natural gas deposits and support year-round exploration and production.
The Ministry of Energy and Mines said in a release, "In addition to supporting the natural gas sector, the investments will foster the development of B.C.'s newest industry – liquefied natural gas."
Since its inception in 2004, the IRCP has led to the development of 84 road-based ventures and 115 new pipeline projects. This has accounted for more than $1.4 billion in capital investment and about $5 billion in private-sector drilling and other investment activities.
As part of the latest instalment to this program, the ministry will start to accept applications, beginning Friday, from companies who want to invest in projects such as new or upgraded roads or new pipelines.
Successful applicants will be required to fund the entire cost of the projects.
However, once completed, they will become eligible to recover up to 50% of an approved project's costs through credits that reduce the natural-resource royalties they must remit to government.
The request for applications can be found at: http://www.empr.gov.bc.ca/OG/oilandgas/royalties/infdevcredit/Pages/default.aspx
