Sask. land sales for oil and natural gas rights down by $120 million in 2015

The current landscape in the oil market is continuing to take a big bite out of the revenues Saskatchewan collects, including land sales.

Money raised from land sales of petroleum and natural gas rights was down significantly in 2015. Last calendar year, $56.5 million in revenues were collected. However, that is down more than $120 million from 2014 when $179.6 million was raised.

Saskatchewan’s minister of the economy pointed to how low oil prices mean that many companies are being cautious in increasing their land inventories.

Even in a downturn, there is some encouraging news. The provincial government insists Saskatchewan remains one of the world’s best places to invest in petroleum exploration and development.