$1.5 Billion Budget Error Threatens British Columbia's Natural Gas Royalties

The British Columbia government has acknowledged a nearly $1.5 billion error in its latest budget, which will slash projected natural gas royalties from industry over the next five years.

The admission came after an investigation found the province had overstated expected royalty revenues by roughly $500 million per year.

The government's new gas royalty framework is designed to reel in the public's share of fossil fuel profits extracted from Crown land, but its effectiveness remains uncertain as details have yet to be released.