It was a quiet start to B.C.'s 2020 oil and gas land sale schedule on Wednesday.
Britt Resources picked up the two drilling licences on offer for $46,149.50, both in the Fort Nelson region.
That's down from the $2 million the province collected at this time last year, and continues the weak trend from 2019, when B.C. set a new low watermark of $14.74 million. Land sales observers do not expect a rebound from the record-setting low last year.
The sale of drilling rights is typically considered an indicator of future drilling activity. There are 19 rigs drilling in the region this week.
During an earlier period of elevated royalty revenue dollars, the provincial government was also reaping billions in land sale money as producers acquired acreage in the Montney and Horn River during a time of high natural gas prices.
Land sale revenue, though, has weakened considerably over the past few years, a couple of large sales notwithstanding.
— with files from the Daily Oil Bulletin
Email Managing Editor Matt Preprost at firstname.lastname@example.org.