Yukon government awards first oil and gas exploration rights

Nov 24, 1999 01:00 AM

The Yukon government has awarded its first oil and gas exploration rights, since taking over control of its natural resources from the Canadian government a year ago. A unit of Calgary-based Anderson Exploration was the sole successful bidder, making C$ 20.4 mm in work commitments for almost 200,000 acres in the Eagle Plain basin of north-central Yukon.
The company said it will likely start seismic work this year as part of its initial six-year permit. "We feel the exploration possibilities have the potential to generate enough gas reserves to justify building development infrastructure," said a spokesman for Anderson.
So far, only 71 wells have been drilled in the Yukon, producing reserves estimated at 500 bn cf of gas and 9.4 mm barrels of oil. But exploration has been delayed during negotiations over government control of resources and the settlement of 14 aboriginal land claims, which have given the Yukon a unified exploration and development regime.
Economic Development Minister Trevor Harding said the Yukon will now "move aggressively" to offer more land for bids. The next targets will be Peel Plateau adjacent to the oil and gas-rich Mackenzie Delta/Beaufort Sea region of the Northwest Territories and the Liard Plateau, which is an extension of the NWT's Fort Liard gas fields where more than 1 tcf has been discovered in the last 18 months.

Source: IINX via Iinoil
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