Calgary, Alberta (August 17, 2022) - Omnira Software, with a long tradition of being the first to offer functionality to model new provincial royalty changes in Canada, has released MOSAIC™ with a Preliminary Model for the new British Columbia Petroleum and Natural Gas Royalties. Economists, Reserves Managers, Planners, and Development Engineers using MOSAIC™ can now analyze various scenarios to understand the impact on existing and new wells drilled in British Columbia.
The New Royalty Framework announced by the province will start to affect wells drilled as early as September 1, 2022 (transition wells) and will be fully implemented starting September 1, 2024. "Although the regulator has not finalized all of the calculations, we used our extensive knowledge of Canadian Royalty Systems and MOSAIC™'s flexible architecture to give our customers the functionality they need to understand the breadth of impact the proposed changes will bring," said John Pollock, Omnira Software’s Chief Product Officer.
The new software release is available for all MOSAIC™ users. Please contact Omnira for more information on how to upgrade to Ver. 2022.5 and use the new functionality.
Omnira is offering companies who are not MOSAIC™ users the opportunity to try the software. Please contact Omnira for more information.
** Once the BC Provincial government publishes all final calculation methods, Omnira will quickly issue another MOSAIC release with comprehensive formulas.
Omnira Software specializes in software solutions for the oil and gas industry to help exploration and production (E&P) companies make better capital investments and operations decisions. Its solutions support critical E&P processes, including reserves management, planning, and different engineering and operations processes. Omnira’s solutions deliver efficiencies, confidence in the data, and insights for E&P companies to develop their hydrocarbon resources, maximizing shareholder value that attracts investment capital.
For more information, contact Silvia Plazas at 403-261-1820.
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