The provincial minister of energy and resources says the mining, forestry and energy sectors “continue to deliver” for Saskatchewan people.
Michael Joel-Hansen
Saskatoon StarPhoenix
The provincial minister of energy and resources says the mining, forestry and energy sectors “continue to deliver” for the people of Saskatchewan.
According to the province, two of “the most significant components” of its economic development theme are the Ministry of Energy and Resources, and also the Ministry of Trade and Export Development.
Economic Development received $352 million in the budget that was unveiled on Wednesday.
The provincial government says it is looking to encourage economic growth with some specific incentives as part of the 2025-26 budget.
Those include the Public Geoscience Initiative, which will get $335,000. The initiative aims to encourage exploration in the critical mineral sector, by making more geoscience information available to industry with the hopes of identifying future projects. The funding is part of the 10-year, $10 million provincial critical minerals strategy, which hopes to expand mineral exploration in the province 15 per cent by 2030.
The government also announced $1.6 million to improve information technology systems, which it said will help improve reporting for the oil and gas industry.
The province, as well, announced an incentive for the oil and gas industry. The Low Productivity and Reactive Well program will look to encourage industry to invest in low producing and inactive horizontal wells, with the goal of creating incremental production and revenue from existing wells.
“The 2025-26 budget ensures that strategic investments in geoscience, oil and gas, and critical minerals will continue to support industry and enhance the lives of Saskatchewan residents,” Minister of Energy and Resources Colleen Young said.
The Ministry of Trade and Export Development said it is looking to support business and growth with some incentives of its own.
The ministry announced the creation of a bursary program, which will provide an annual grant of $285,000 for a maximum of 57 bursaries to support youth entrepreneurship. The program is going to be administered by the Saskatchewan Chamber of Commerce.
Another initiative is the Small Medium Enterprise Tax Credit. This incentive will provide a 45 per cent non-refundable tax credit to people or entities that invest in a qualifying business. The province said the credit is geared towards generating support for the food and beverage sector, along with manufacturing and transportation sectors. The annual cap for the program will be $7 million.
