B.C. Says No Future Oil and Gas Exploration in Klappan

Mining Weekly reported that the government of B.C. has announced that it will not  issue future petroleum and natural-gas tenure in the Klappan area in northwestern B.C., from where Shell recently withdrew its exploration plan.

As quoted in the market report:

Under the terms of the arrangement between the provincial government and Shell, in recognition of the lost, upfront capital already spent by the company, and in addition to rent payments paid to the Crown on the Klappan tenures, the royalty credits constitute deductions to be made to future royalties owed to government.

To view the whole Mining Weekly report, click here.