NDP to raise royalties on oil

NDP leader Brian Mason announces his intention to raise royalty rates and require all new oilsands developments to upgrade bitumen in Alberta.

The NDP said it will hike royalties and force all new oilsands projects to upgrade recovered bitumen in Alberta.

“Conservatives have delivered unacceptably low returns from our vast and valuable oilsands resources,” said Leader Brian Mason. “We’ll do what it takes to get the most value, in terms of jobs and revenues."

The NDP's royalty system would bring in an extra $1.90 per barrel in revenues for public services and savings.

"We’ll do that through a new royalty system that gives companies who upgrade in Alberta a break, because we get four times the value out of a barrel of bitumen upgraded here,” he said.

The NDP would also require new oilsands developments to have plans for upgrading in Alberta.

“Conservatives recognized the need for more upgrading just a few years ago, aiming to upgrade 66 per cent of Alberta’s bitumen in province," said Mason. "Instead, the rate of Alberta upgrading is set to shrink."