Canadian energy overview 2008 : Aperçu de la situation énergétique au Canada 2008 : evaluation du marché de l'énergie mai 2009

Its purpose is to promote safety and security, environmental protection and efficient energy infrastructure and markets in the Canadian public interest within the mandate set by Parliament in the regulation of pipelines, energy development and trade. [...] With record-high energy prices, our net export revenues represented a record 28 per cent of our merchandise trade and, although the outlook for prices appears to be lower in the near term, the energy industry will continue to be a significant driver for the Canadian economy now and into the future. [...] Petroleum Rights in Canada Acquisition of petroleum rights in western Canada was the main upstream oil and gas story as high oil rights to oil and gas resources are and gas prices pushed industry to spend a total of owned or shared by provincial, $5 billion, nearly double the amount of land bonuses territorial, federal, or first nation received in 2007. [...] This discrepancy is explained by the increased use of 5. The New Royalty Framework (NRF), announced in October of 2007 and applicable to all conventional oil and gas wells drilled on or after 1 January 2009, increased the amount of royalty to be paid per well depending on the price of oil and gas and well production. [...] In November 2008, in response to the global economic downturn and to encourage drilling in the province, the Alberta Government announced a five-year transitional option for oil and gas wells drilled on or after 19 November 2008, which allows a company to keep the previous royalty framework on a well-by-well basis.