While no energy executives have been named to the Alberta Government’s royalty review panel, the Peace Region will be represented by Beaverlodge Mayor Leona Hanson. Panel Chair Dave Mowat has also chosen Peter Tertzakian, the Chief Energy Economist at ARC Financial, and Annette Trimbee, who is the President and Vice Chancellor of the University of Winnipeg.
Mowat says Hanson, along with the other two panelists, was chosen for her ability to listen and have a conversation about a complicated subject that affects all Albertans.
“Her entire career has been in small business financing which makes her a facilitator and an effective thinker, a listener, and a consensus builder. She’s smart, and that is a common denominator amongst all of our panelists.”
Energy Minister Marg McCuaig-Boyd says to help provide greater certainty for investors, the current royalty framework will not change until the end of next year.
“This commitment to not change rates until the end of next year should serve as a clear signal that our government, as elected representatives of the owners of this resource, want to be a reliable partner in supporting the success of our oil and gas industry in Alberta”
Mowat, who is also the President and CEO of ATB Financial, says the new royalty framework will seek to optimize the way the government, industry, and the public benefit from the oil and gas sector.
“If you think of government, industry, innovation, and responsible development as four legs on a chair- our goal is to build a chair just as high and as tall as we can, but keeping those legs the same length so that we stay stable and we can ultimately balance that equation forever.”
Public consultations will begin immediately and continue through to the end of November. The panel will also be consulting with industry experts during the month of October. The entire review is expected to be complete by the end of the year.