Co2 Projects Royalty Credit Regulation (Alta. Reg. 120/2003).

The present Regulation is made under the Mines and Minerals Act (RSA 2000, c. M-17). For the purpose of the present Regulation a “CO2 project means” a scheme approved under the Oil and Gas Conservation Act: (i) for enhanced recovery of petroleum or natural gas from any underground formation through the injection of CO2 into the formation, or (ii) for the injection of CO2 into a coal seam to recover natural gas from the coal seam, where CO2 was not injected into the underground formation or coal seam, as the case may be. In particular, section 2 establishes that the Minister is authorized, in accordance with this Regulation, to establish credits equal to not more than 30% of any or all of the categories listed in this section of items in relation to an approved CO2 project. The text – consisting of 14 sections – deals, inter alia, with the following aspects: interpretation, authority for credits, approval for CO2 projects, approved equipment, eligible capital costs, operating cost allowance, connected persons, application for and establishing of credits, records, artificial transactions and non-compliance and recovery of unauthorized credits.