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The election of Donald Trump appears to have put a little jump in the oil industry in this province.
The latest provincial tender of oil and gas drilling rights – the final one for this calendar year – generated more than $11 million for the provincial treasury. That represents about a quarter of the total generated in five sales so far this fiscal year.
The southeast generated the most activity – about three-quarters of the total value – while the Kindersley region in west Central Saskatchewan accounted for bulk of the remainder.
Falling oil prices and political pressure aimed at suppressing the industry has been a factor in reducing demand for new exploration properties in this country. However, with Donald Trump’s victory in the US demand for oil and gas may grow on the strength of more economic activity and a warmer outlook for the industry.
Saskatchewan, as Canada’s second-largest producer, may benefit from the new political winds and this week’s rights offering could the first sign of a sea change.
