Alberta to cut royalties on oil, natural gas - Reuters

CALGARY, Alberta, March 11 (Reuters) - The government ofAlberta said on Thursday it will cut its royalty rates onconventional oil and natural gas production as it looks toboost investment in the its oil and gas reserves.

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The province, under fire from the oil and gas industrysince raising its take from producers at the start of 2009,will lower its maximum royalty on gas production to 36 percentfrom 50 percent and on conventional oil to 40 percent from 50percent at the beginning of next year.Royalties from oil and gas production underpin Alberta'spublic finances. Increasing the province's take was a key andpopular plank in Premier Ed Stelmach's 2008 election campaign,which brought him the largest majority in the province'shistory in the middle of a commodity-price boom that enrichedthe industry, sparked labor shortages and boosted inflation.

Full Story: Alberta to cut royalties on oil, natural gas - Reuters