CALGARY — The Government of Alberta has announced new supports for the energy industry in an effort to bolster the recovery of the province’s economy during the COVID-19 pandemic.
The province introduced a three-year property tax exemption for energy companies drilling new wells or building new pipelines and has eliminated the well drilling equipment tax for new drills.
“We are acting now to encourage new oil and gas development that will create jobs and boost Alberta’s recovery,” said Minister of Municipal Affairs Tracy Allard in a statement released Monday. “Alberta needs to be as competitive as possible to attract investment into our communities.
“We know our municipal partners are committed to do their part to create jobs and support Albertans through this challenging economic time. We are working to secure a brighter future for our province by supporting both industry and communities.”
Alberta will also lower assessments for less productive oil and gas wells. The province previously announced a 35 per cent assessment reduction on shallow gas wells for three years.
The province expects the moves will help attract investment.
