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British Columbia sold geothermal permit at recent sale

Terrace, BC, Canada (source: flickr/ Sam Beebe, Ecotrust, creative commons)
Alexander Richter 28 Jan 2014

The province of British Columbia sells geothermal permit at recent geothermal sale. The permit area is located near Terrace, BC in the northwest of the province.

The Government of British Columbia held a geothermal permit sale January 21, 2014, bringing a new opportunity for the exploration and development of geothermal resources in northern British Columbia.

The Jan. 21, 2014, geothermal tenure sale offered one parcel covering 2,865 hectares near Lakelse Lake south of Terrace. The successful bid for the parcel totals $100,000.

Industry may request that geothermal rights owned by government be made available through a competitive bid process. Geothermal permits provide industry with the exclusive right to subsurface resources in that area. The proponent can apply for well authorizations to be drilled within the boundaries of a location covered by the permit.

Permits expire on the first anniversary of date of issue, but may be renewed up to seven times. If the proponent discovers a geothermal resource, they may apply to convert the permit to a lease, which provides the right to produce geothermal energy. There are annual work requirements and rent associated with a geothermal permit.

The permit sold now has a size of 2,865 hectares and was awarded to a company called LL Geothermal Inc. for a total value of Can$96,635. It is located near Terrace, BC near Prince Rupert in the northwest of the province.

Source: Government of British Columbia, Canada