alberta petroleum marketing commission
Budget 2014 forecast that the 2014-2015 West Texas Intermediate (WTI) - Western Canadian Select (WCS)- differential, would be 26% with the WTI price at US$95.22. Any concerns must be resolved between the parties involved. 20 0 obj <> endobj [2]:553, The Mineral Resources division had very high status and power because of their client groups, which included the oil and gas industry, who are "powerful actors on the Alberta scene. ", When the price of oil per barrel is less than or equal to $55/bbl indexed against West Texas Intermediate (WTI) (Oil and Gas Fiscal Regimes 2011:30)(Indexed to the Canadian dollar price of West Texas Intermediate (WTI) (Oil and Gas Fiscal Regimes 2011:30) to a maximum of 9%). • Email: gmorgan@nationalpost.com | Twitter: geoffreymorgan. h�쓻JCAEg&1H*�T�+��+H0�߉V��[l,�%���������������̚b� ��f��s��>w��T�2J�6Z�"���4[j�&�VˆC��%�9�ؤée� }��#��m��N�콡s��F'����2u����z��u����e��z�D�U��ev�y8�3&�u�0���lf M�������2T�)8S1���E��H��Z����E��u���ɋ�+0I;8wH�EOM~C�ބ�8n��5�C'��B�=�M�3�y�3�T�H���z�d�7�=�Ew�'�+��O���Ok��%�a}��2=����Q1�L���ݳ�����g�W��ϸ]�}�V��o>��2d� �C�����fI�_� B�C� [3]:10 In that year Alberta's total resource revenue "fell below $7 billion...when the world economy was in the grip of recession. The Alberta Petroleum Marketing Commission disclosed in its financial statements Aug. 27 that it posted a $1.88-billion net loss for the year ended March 31, 2020 — compared with a smaller net loss of $163 million the year before. The collapse in global oil prices and a related decline in diesel prices was the main driver causing the value of the NorthWest Refinery to crater this year. Email address. 虛�X(�r�qr* !�L�%J[8P��B:Pk9W @� ��� [2] ENR policy was based on the premise that with proper planning and management, land can support a variety of uses, such as, timber, recreation and wildlife. [2], In the 1980s REAP oversaw an integrative planning system using a team approach to decision-making. The Alberta Petroleum Marketing Commission lost $1.88 billion dollars in 2019 due to the much-delayed Sturgeon Refinery, according to its latest annual financial statements. These policy changes and higher oil prices after 2003 had the desired effect of accelerating the development of the oil sands industry. �r���@z�d\�0r�L�< ��| �Q������9���F6&�*���J�'�op�'H;81�`�Ÿ�9���i�J��LA,&�"�r���X�ph�=Py`�P���$Ɯ��!tA���@}�-�/, � “The net present value of the contract has a sensitivity to changes in (the West Texas Intermediate oil price benchmark) of +/- $157 million for every dollar change from the WTI forecast,” according to the province’s annual report. This page contains the information about the company Alberta Petroleum Marketing Commission located in Calgary of Alberta region. H�2P(�26�Գ043W017�3260W04�3Q04R(J���*�2T0 B���_}8P��B:PO9W @� �4� There was an error, please provide a valid email address. The BVM ensures that Alberta receives market value for its bitumen production, taken in cash or bitumen royalty-in-kind, through the royalty formula. The decision to lower royalty rates to make the NRR industries more competitive was based on the economic argument that the decrease in royalties revenue would be offset by an increase in land sales and tax revenue.[4]. This advertisement has not loaded yet, but your article continues below. More established agencies like the Alberta Forest Service supported preservation of traditional attitudes and behaviour and felt threatened. A welcome email is on its way. This regulation is made under the Natural Gas Marketing Act and governs the Alberta Petroleum Marketing Commission’s (APMC) role in overseeing the buying and selling of natural gas in Alberta. Alberta's petroleum marketing arm suffers severe $1.9 billion-net loss amid rising NorthWest Refinery costs, Photo by Amber Bracken for National Post files, Alberta $24-billion budget deficit largest in Canada in percentage terms in more than three decades, Alberta’s new innovation minister hopes tech-focused recovery plan will help province compete for capital, talent, Alberta powers up hydrogen sector with three small-scale projects as part of plan to reduce emissions, Photo by Apu Gomes/AFP via Getty Images files, tap here to see other videos from our team. This regulation is made under the Natural Gas Marketing Act and governs the Alberta Petroleum Marketing Commission’s (APMC) role in overseeing the buying and selling of natural gas in Alberta. e����20_Ȁ�2�0 %,^� In 2007/08 it rose to $2.913 billion and it continued to rise in 2008/09 to $2.973 billion. The refinery offers the province a cautionary tale about market risks, University of Calgary School of Public Policy executive fellow Brian Livingstone said. The commission… Royalty rates in Alberta are based on the price of WTI. endstream endobj 21 0 obj <>>> endobj 22 0 obj <>/ExtGState<>/Font<>/ProcSet[/PDF/Text/ImageC]/XObject<>>>/Rotate 0/StructParents 0/TrimBox[0.0 0.0 612.0 792.0]/Type/Page>> endobj 23 0 obj <>/Subtype/Form/Type/XObject>>stream We and our partners will store and/or access information on your device through the use of cookies and similar technologies, to display personalised ads and content, for ad and content measurement, audience insights and product development. A project's revenue is a direct function of the price it is able to sell its crude for. Effective January 1, 2009 the royalty percentage of net revenue is also indexed to the Canadian dollar price of WTI. H�2P(�26��36��T0�4�347�P04�3Q04R(J���*�2T0 B���_}8P��B:PO9W @� �:� published_date | Publish on this future date. Information about your device and internet connection, including your IP address, Browsing and search activity while using Verizon Media websites and apps. [6] Oil and Gas Fiscal Regimes 2011 summarizes the petroleum fiscal regimes for the western provinces and territories. Fish and Wildlife division were with the Department of Recreation and Parks before joining Energy and Natural Resources (ENR) in 1979. [2] :553 However few were ideally compatible creating a climate of competition and conflict. Following the revised Alberta Royalty Regime it fell in 2009/10 to $1.008 billion. Western Canadian Select (WCS), a grade or blend of Alberta bitumens, diluents (a product such as naphtha or condensate which is added to increase the ability of the oil to flow through a pipeline) and conventional heavy oils, developed by Alberta producers and stored and valued at Hardisty, AB was determined to be the best reference crude price in the development of a BVM. As a result of delays and cost overruns, government’s annual reports show the cost of the facility has now reached $10.1 billion. replacedby_title | Is Replaced By - Title, hastranslation_title | Has Translation - Title, usageconsiderations | Usage Considerations. The NorthWest Refinery, built near Edmonton, was financed entirely by loan guarantees from the Alberta government, signed by the Progressive Conservative government in 2013, and from Calgary-based oil major Canadian Natural Resources Ltd. [2]:553, In 1986 the Department of Energy and the Department of Forestry, Lands and Wildlife were created. It is a provincial Crown corporation and an agent of the Government of Alberta. For the nuclear energy company, see, Energy Resources Conservation Board (ERCB), Canadian Association of Petroleum Producers, The website of the Energy Resources Conservation Board, The website of the Alberta Utilities Commission, "Integrated planning and organizational conflict", Energy Economics: Understanding Royalties, "Alberta delivers on oil and gas competitiveness: Increased production, jobs and spin-off benefits expected as a result of regulatory and fiscal changes for oil and gas sector Calgary", "Oil and Gas Fiscal Regimes: Western Canadian Provinces and Territories", Government of Alberta departments and agencies, Culture, Multiculturalism, and Status of Women, https://en.wikipedia.org/w/index.php?title=Ministry_of_Energy_(Alberta)&oldid=944298283, Alberta government departments and agencies, Creative Commons Attribution-ShareAlike License, This page was last edited on 6 March 2020, at 23:12. We have placed the above mentioned company to the category Other in conformity with its activity. We apologize, but this video has failed to load. It is forecast at $9.2 billion, $582 million, or 6.7% higher than in 2013-14, with increased bitumen royalties partly offset by lower crude oil royalties. [5] By January 2013 the province was anticipating only $7.4 billion. The Oil and Gas Fiscal Regimes described how royalty payments were calculated:[6]:30, After an oil sands royalty project reaches payout, the royalty payable to the Crown is equal to the greater of: (a) the gross revenue royalty (1% - 9%) for the period, and (b) the royalty percentage (25% - 40%) of net revenue for the period. The maximum royalty rate for conventional and unconventional natural gas will be reduced at higher price levels from 50 to 36 per cent.

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