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Sask. says new program will use inactive, low producing oil wells to add production, revenue
Sask. says new program will use inactive, low producing oil wells to add production, revenue

CTV News

time13-05-2025

  • Business
  • CTV News

Sask. says new program will use inactive, low producing oil wells to add production, revenue

A new program launched by the province aims to create new incremental oil production and revenue from inactive and low-producing wells. Known as the Low Productivity and Reactivation Oil Well Program (LPRP), the province says it will promote industry investment through a royalty structure for wells that are eligible for the program. According to the province, in the final year of the four year program, it is projected that 30,000 barrels of oil per day will be added to current production, which would generate $21 million in royalty revenue for Saskatchewan. 'The LPRP can extend the life of wells that have already been drilled and allow access to oil that would otherwise have been left in place. The incremental oil production generated through the program will contribute to reaching Saskatchewan's Growth Plan goal of increasing oil production to 600,000 barrels per day,' the province said in a news release. In 2024, the province says oil and gas production reached $13.5 billion in Saskatchewan, The sector employed more than 26,000 people. Saskatchewan is the second-largest oil producer in Canada and sixth largest onshore oil producer in North America. -More to come…

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