Western Canadian lease activity continued to decline in 2016, hitting the lowest levels in total spending since Wood Mackenzie started tracking in 1993. This is no surprise, as capital budgets and associated exploration allocations were slashed coming into 2016 to cope with low commodity prices. A total of 12,609 square kilometres (2.98 million acres) were acquired in 2016, a 30% decrease from 2015. Average prices per acre reached lows not seen since 1995.
The decrease in both acreage leases and bonuses in 2016 was a clear sign of the times. We review 2016 sales results across Alberta, British Columbia, Saskatchewan and the oil sands sector noting the positive and negative trends across each region.
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Insight | Jan 2017
Going once, going twice, unsold: 2016 Western Canada leasing
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