B.C. planning to revise 'decades-old' oil and gas royalties system

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The province says it is reviewing B.C.'s “decades-old” oil and gas royalties system, with plans to modernize the rules and regulations.

The Ministry of Energy, Mines and Low Carbon Innovation has released a statement saying the review is long overdue and will give B.C. residents a chance to shape an updated system that meets provincial goals for sustainable economic development.

Part of the review includes an assessment of the current 30-year-old royalty system that the ministry says will help it identify and eliminate outdated, inefficient fossil-fuel subsidies and ensure a fair return for the province's resources.

The independent assessment will lead to a discussion paper due next month, followed by public consultation and release of the results of the royalty review by February.