WHEREAS Northeast BC has a significant natural gas resource expected to yield far in excess of 100 years needs, with the resource providing an opportunity to fuel and fund the province in a debt-free and sustainable manner that will provide for enhanced physical infrastructure, health, education and social progress for several generations; AND WHEREAS Norway, having a population and resources similar to the province of BC, has managed their resources to the extent that it is the second wealthiest country in the world: THEREFORE BE IT RESOLVED that UBCM request that the Province of BC continue an examination of the factors that Norway employs in managing its resources for the betterment of its citizens with the goal of adopting a similar approach in BC.
Ministry of Natural Gas Development Minister Responsible for Housing The Ministries of Finance and Natural Gas Development have reviewed the tax and royalty regimes of key jurisdictions with capacity to support LNG production. The review concluded that BC can support an LNG tax thereby maximizing benefits to British Columbians while remaining globally competitive. The BC Natural Gas Strategy and LNG Strategy detail commitments to competitiveness and market diversification as a means to maximize resource benefits back to the Crown. Key elements to competitiveness for natural gas that the Province is working toward including, maintaining and improving our competitive business environment, a modern regulatory framework, improvements to infrastructure, a competitive taxation and royalty regime, including targeted royalty programs. Norway has demonstrated leadership in establishing and sustaining a successful non-renewable resource wealth fund for their future generations. The Province has been actively examining Norways management of its non-renewable resources including a review of their Sovereign Wealth Fund. The Province will continue to learn from Norway and other jurisdictions, and apply best practices to managing BCs non-renewable resources. The BC government will continue to track and, where applicable, identify and consider best practices in oil and gas management employed in other jurisdictions.