Alberta Canada Taxes Natural Gas @ 9%

Bloomberg.com reported yesterday that the province of Alberta, which supplies about 10 percent of U.S. oil needs, will boost oil and natural-gas royalties starting in 2009. It won't implement a proposed new tax on oil-sands developments.

Bloomberg.com reported yesterday that the province of Alberta royalties for oil sands, or the amount the government charges to extract natural resources, will increase to as much as 9 percent before companies recover their investments, up from 1 percent, the provincial government said today in a statement. The rate after costs are recovered will rise to as much as 40 percent, up from 25 percent.

Bloomberg.com reported yesterday that the province of Alberta staed that all planned royalty increases combined will raise an extra C$1.4 billion ($1.45 billion) in revenue in 2010, the government said. The changes will be effective January 2009, and there will be no exemptions for existing projects.