Alberta backtracks on oil and gas royalties - Reuters

CALGARY, Alberta, March 11 (Reuters) - The government ofAlberta said on Thursday it will cut oil and gas royalties inan about-face after nearly three years of bitter complaintsfrom the energy sector and sinking political fortunes for theruling party.

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The government of Premier Ed Stelmach said the changes tothe fiscal regime in the Canadian province, one of the largestsuppliers of oil and gas to the United States, are aimed atrestoring investment in its petroleum reserves and competingwith massive shale gas discoveries elsewhere.

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"The world has changed, the realities of the energy sectorhave changed and Alberta must change too or risk losing itscompetitive edge in an industry that has given us so much andstill holds so much incredible potential for our future,"Stelmach told reporters.

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Full Story: Alberta backtracks on oil and gas royalties - Reuters