VICTORIA — The Province of British Columbia has awarded $139.3 million in royalty deductions for 27 projects.
Approximately $120 million in royalty deductions will go to 20 new projects under the Infrastructure Royalty Credit Program (IRCP), and $19.3 million in royalty deductions for seven new projects under the Clean Infrastructure Royalty Credit Program (CIRCP).
Both programs award royalty deductions for oil and gas projects investing in specific infrastructure. The IRCP deductions are intended for all-season road projects and new pipelines and the CIRCP supports private-sector clean technology investment to reduce greenhouse gas emissions produced by oil and gas projects.
Companies must fully fund and complete an approved project before applying to recover up to 50 per cent of the project cost through a royalty deduction.
The 20 IRCP projects represent private-sector capital investment in infrastructure of $743 million and the seven CIRCP projects will result, a release from the province stated, in $78 million in new clean infrastructure capital investment by industry.