British Columbia announced a stimulus package designed to increase investment and produce immediate revenue for the province. All new natural gas wells drilled in B.C. between September 2009 and June 2010 will be charged a nominal 2% royalty rate for the first year of production. The package also includes several other royalty and regulatory initiatives, which will enhance the province’s competitive business climate.
On August 1, 2009, Petro-Canada completed its merger with Suncor. The new company, Suncor Energy, began trading on the New York Stock Exchange on August 3, 2009. When Suncor Energy opened trading, it became the largest energy company in Canada and the fifth largest energy company in North America by market value.