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ARTICLE · 27 MAY 2022

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B.C. Outlines Newly Released Oil & Gas Royalty Framework

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On May 19, 2022, the Province of British Columbia (the Province) released its new oil and gas royalty framework.

CanadaEnergy and Natural Resources
Rick Williams
Rick Williams
Peter Bryan
Peter Bryan
Emily Pitre
Emily Pitre
Roark Lewis
Roark Lewis
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On May 19, 2022, the Province of British Columbia (the Province) released its new oil and gas royalty framework. The new framework will replace the current royalty framework that has been in place for 30 years. By Order in Council No. 263, the Petroleum and Natural Gas Royalty and Freehold Production Tax Regulation,  B.C. Reg. 495/92 is amended effective September 1, 2022 to allow for a transition between the current framework and the new framework. A general summary of the Province's new policy including the transition provisions is set out below.

What you need to know

  • The new framework will result in increased royalty rates and fewer available royalty deductions.
  • The system will be phased in starting September 1, 2022 with a short two-year transition period (compared to 10 years for Alberta's), with full implementation by September 1, 2024.

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