Industry spent $12.9-million for petroleum and natural gas rights at B.C.’s first land sale of 2018.
Eighteen drilling licenses sold for $11.3 million and covering 37,151 hectares at the Jan. 17 sale. Six leases sold for $1.6 million and covering 1,854 hectares.
Two drilling licences sold for more than $1 million — Plunkett Resources picked up a licence for a 4,414-hectare parcel for $2.2 million at an average price of $505.78 per hectare. Windfall Resources picked up a 3,680-hectare parcel for $1.5 million, or an average of $410.87 per hectare.
Scott Land and Lease, meanwhile, paid the most for a lease, spending $886,039 for a 518-hectare lease at an average price of $1,710.50 per hectare.
Industry purchased a total of 39,005 hectares at an average price of $328.25 for the month.
The average selling price per hectare, a gauge of the demand on the land’s geological potential, sat at $301.62 for drilling licences and $876.77 for leases.
For full results of the January sale, click here.
The next sale is set for Feb. 21.
Spending in B.C. was up to $173.25 million in 2017 after plunging to a record low of just $15.1 million in 2016. At the first sale in 2017, industry spent $39.6 million for eight drilling licences, including a record-setting $35 million parcel east of Dawson Creek.
Meanwhile, Alberta started 2018 with a $18.69 million sale, according to the Daily Oil Bulletin.
