Brian Zinchuk is editor and owner of Pipeline Online
Stampede Drilling Rig 22 north of Lampman
The 2024-25 provincial budget included a new incentive program for oil wells with numerous lateral legs, as well as critical mineral development.
Lisa Baiton, president & CEO of the Canadian Association of Petroleum Producers, spoke about the new Mult-lateral Well Program in an email. She said, “The Canadian Association of Petroleum Producers welcomes the Government of Saskatchewan’s 2024 budget announcement which illustrates the continued importance of industry in the economy of the Province. Competition for capital is more and more challenging and the Government of Saskatchewan’s plan to modernize the royalty regime to reflect new technologies and techniques in oil and natural gas development is a strong step towards attracting more investment into the province which will, in turn, create more jobs and additional revenues for the Government and municipalities. CAPP is looking forward to reviewing the budget and program details and believe a more competitive royalty framework will help unlock valuable oil resources in Saskatchewan and support the Province’s Growth Plan target to reach 600,000 barrels of oil per day.”
The Saskatchewan Mining Association said in a press release, “The Saskatchewan Mining Association (SMA) is pleased to see Budget 2024 contains initiatives that will strengthen Saskatchewan’s Critical Minerals Strategy and secure Saskatchewan’s place as a globally competitive mining jurisdiction.
“Two new incentives included in Saskatchewan’s Investment Attraction Strategy, the Saskatchewan Critical Minerals Innovation Incentive, and the Critical Mineral Processing Incentive, further support the development and valued-added processing of critical minerals like copper, lithium and rare earth elements that are vital for the future economy.
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“These announcements will build on Saskatchewan’s strength as a growing global critical minerals hub. With the mining industry investing over $40B in the past 15 years and additional projected $10B in the next decade, along with $400M invested annually in mineral exploration to find the next generation of mines, the mining industry will continue to provide economic and social prosperity to residents of Saskatchewan.
“Mining companies invest in Saskatchewan as the province offers a stable and predictable fiscal and regulatory environment”, stated Pam Schwann, SMA president. “We’re also pleased with the new critical minerals innovation and processing incentives and to see additional funding in Public Geoscience that will leverage more exploration investment and lead to the development of the next generation of mines.”
SMA said it welcomes Saskatchewan’s Labour Market Strategy that will build the workforce for a growing economy including the mining sector. “The 2024 SMA Mining Labour Market Report identifies the need for more skilled workers that are critical to its success. Nutrien’s recent $15 million investment toward the new Saskatchewan Polytechnic Saskatoon Campus reflects one example of the mining industry’s commitment to supporting the training of students for future careers in the mining sector.”
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