Saskatchewan oil and gas offerings bring in $17.2 million

The latest oil and gas public offering in Saskatchewan raised more than $17 million for the province.

According to the Ministry of Energy and Resources, the offering held Tuesday raised a total of $17,230,215.44. A total of 70 parcels were offered, of which 40 — covering 2,443.839 hectares — received acceptable bids.

The greatest interest was in the Estevan area, the ministry noted, where 17 leases and one exploration licence brought in more than $11 million.

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The Lloydminster area was also popular, with 13 leases and three exploration licences raising just over $3.5 million. In the Kindersley region, the ministry added, $2.4 million was raised through three leases and three exploration licences.

The highest bid – from Millennium Land (555) Limited – was $10,084,381.86 for a 1,296-hectare exploration licence in the Estevan area.

Revenue from public offerings is up significantly in 2023, according to the provincial government.

“After five of six public offerings this fiscal year, the province has received $65,464,000.73 in revenue,” the ministry noted in a statement. “At this time last fiscal year, oil and gas public offerings had generated $46,105,597.68 in revenue.”

The next date for a public offering in the province is Feb. 6, which will feature 46 leases and two exploration licences.