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Approval depends on the Minister being satisfied the conversion will not result in a net revenue loss to the province. The cash bonus amount must reflect the estimated present value of future payments to the Crown which would otherwise accumulate if the net royalty lease continued.
The applicant must have an Integrated Resource Information System (IRIS) account and the appropriate permissions assigned by their IRIS Security Administrator.
Log into IRIS and submit a written offer along with all pertinent production, cost, and price assumptions through the net royalty lease conversion application.
Log in to IRIS
Contact Petroleum and Natural Gas Services at PNG.email@example.com or 1-855-219-9373 for more information or assistance.
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