Alberta premier says oil, gas royalty review to be announced Friday

Thu Jun 25, 2015 6:35pm EDT
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CALGARY, Alberta (Reuters) - The Canadian crude-producing province of Alberta will announce on Friday a wide-ranging review of the royalties paid by oil and gas producers, Premier Rachel Notley said.

Notley's left-leaning NDP party swept to power in Alberta, home of Canada's vast oil sands and the largest source of U.S. crude imports, in May with a pledge to review royalties a key part of its platform.

The prospect of a review has unsettled oil and gas producers, which warn that uncertainty about how much companies will have to pay could stall investment in the province, already reeling from a sharp drop in global oil prices over the last year.

Many in the energy industry have been looking for clarification on how long and what form the review will take.

"It will be an announcement on the process going forward," Notley said, speaking on Thursday at a news conference in the provincial capital of Edmonton.

(Reporting by Nia Williams; Editing by Steve Orlofsky; Editing by Leslie Adler)