LNG

July 18 - The Canadian province of British Columbia, where LNG export ventures are planned, has held its July 2016 natural gas and petroleum rights sale with $488,789 in bids, according to the Ministry of Natural Gas Development. It sold 14 parcels covering 4,249 hectares, with an average price of $115 per hectare. Drilling licences provide the exclusive right to explore for petroleum and natural gas by drilling wells and are acquired by the successful bidder at the sale. Primary terms are three, four or five years, depending on location. Leases provide the exclusive right to produce petroleum and natural gas. The next sale is scheduled for August 10 when 24 parcels covering 12,243 hectares will be offered.