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20 min ago 2 min read
Saskatchewan’s first helium and associated gases public offering has raised C$15.9m ($11.1m).
All 15 parcels available for bidding on 22 June, totalling 267,334 hectares, were bought by Millennium Land, a company specialising in lease acquisition and environmental management for energy, according to Saskatchaewan’s Ministry of Energy and Resources. Parcels 7 to 9 were the most expensive, each costing C$2.3m ($1.6m).
The permits grant Millennium Land exclusive rights to explore for helium, natural hydrogen and other associated gases in southern Saskatchewan for a six-year term.
Rising demand for helium and natural hydrogen rights in the central province led the Ministry of Energy and Resources to introduce a public offering system similar to existing processes used for Crown petroleum and natural gas, potash and lithium from brine.
Chris Beaudry, Energy and Resources Minister, said the launch of this new process is an important step in growing its helium sector and supporting potential development opportunities for natural hydrogen. In April, he called for a to drive private investment and increase Canada’s exports in the helium market.
“I am confident that this public offering process provides a fair and competitive way for industry to acquire mineral rights, strengthening our provincial economy,” he said.
The Ministry of Energy and Resources expects to hold two more public offerings this fiscal year, one in late August and the other in autumn, creating additional opportunities for companies to acquire helium and associated gases mineral rights.
Saskatchewan is Canada’s largest helium producer, supplying roughly 3% of global demand. Through the Helium Action Plan, the province is working to increase production to 10% of the world’s helium by 2030.
The province also has natural hydrogen potential, with recent exploration activity highlighting strong interest and development opportunities.
