Oil and gas fiscal regimes : Oil and gas fiscal regimes of the Western Canadian provinces and territories

In the Yukon, the territory or Crown owns the majority of subsurface rights, and in the NWT, Nunavut and northern offshore, the federal government is the owner of the majority of petroleum and natural gas resource rights. [...] Date can refer to the date of discovery, the finished drilling date of the well, and/or the date the oil and gas rights were acquired. [...] Oil and Gas Fiscal Regimes 4 ii contributions of Western canadian energy investment on canada’s economy The fiscal regimes for the Western Canadian provinces play a critical role in determining the competitiveness of Western Canada’s energy industry, while at the same time providing a return for the people of western Canada for the development of their resources, and tax revenue for the federal go [...] Heavy Oil The heavy oil royalty formula is the product of the Price Factor and the production sensitive formula. [...] Royalty is not payable on oil produced from an eligible well: (a) for the first 12 months that exploratory oil is obtained from the oil well event or oil sands well event, (b) until the cumulative value of the royalty on the exploratory oil that would be payable in the absence of this Regulation equals $1,000,000 multiplied by the Crown interest in the exploratory oil, (c) 5 years from the finishe