As British Columbia continues the implementation of its New Royalty Framework (BC NRF), oil and gas companies need to adjust their reserves and budget workflows to stay compliant. To help with this transition, Omnira Software hosted a webinar demonstrating how MOSAIC can streamline the modelling of these regulatory changes.

Over 50 clients joined the session, where we provided practical solutions to integrate BC NRF updates into year-end reserves and budget workflows using the latest MOSAIC features.

Key Updates to British Columbia’s Royalty Framework in 2024

On August 30, 2024, the British Columbia government announced several key updates to the BC NRF. During the webinar, we covered the following significant changes:

•    BC NRF Implementation Delay: The full rollout of the BC NRF has been delayed from September 2024 to January 2027.

•    Deep Gas Incentive Extension: The cutoff for the Deep Gas Incentive program has been extended by one year, allowing more time for companies to recoup the benefit. 

•    C* Time Period Adjustments: For wells spud between September 2022 and the new BC NRF effective date, the C* period has been modified. MOSAIC users can easily  configure this change without additional software updates.

These updates require oil and gas companies to adapt their reserves and budgeting workflows, and MOSAIC’s latest features are designed to handle these shifts efficiently.

How MOSAIC Simplifies BCNRF Compliance for Oil and Gas Companies

MOSAIC’s recent versions (2023.7.1.0 and 2024.3) have been updated to help oil and gas companies comply with the latest BCNRF regulations. Here’s how MOSAIC makes the process easier:

• Automated Regulatory Updates: MOSAIC automatically incorporates the BC NRF timeline changes, eliminating the need for manual adjustments and ensuring compliance with the most recent rules.
• Customizable C* Period Configuration: Users can modify the C* period for qualifying wells directly in the software, providing flexibility for different well types.
• Easy Version Access: Clients can download the latest MOSAIC versions from the MOSAIC download site, ensuring they are equipped with the latest regulatory tools.

These features enable oil and gas professionals to seamlessly integrate the BCNRF changes into their end-of-year reserves and budget planning.

Looking Ahead: Preparing for Future BCNRF Updates

While the recent announcements clarify key aspects of the BC NRF, there are still parameters the BC government still needs to finalize. MOSAIC will integrate any new updates as soon as they are released, and we will provide further guidance to our clients on implementing these changes within their workflows.

If you missed the live webinar, you can still access the webinar recording on our help page. For any questions about the updates or assistance with year-end planning, our support team is standing by to help, contact us at mosaic-support@omnirasoftware.com

Not Using MOSAIC Yet?

If you're seeking a reliable solution to navigate BCNRF and other regulatory frameworks, MOSAIC can provide the tools and flexibility you need. Contact our sales team at sales@omnirasoftware.com for a personalized demo and discover how MOSAIC can simplify your compliance workflows.