Saskatchewan has much to offer a world searching for food and energy security. By investing in innovation and technology, Saskatchewan companies are some of the most responsible, most efficient, most innovative and the most sustainable producers in the world.
Budget highlights include:
- $53.8 million for the Ministry of Energy and Resources to support the sustainable development of Saskatchewan’s world-class natural resources.
- Increased funding to the Ministry of Environment to improve the permitting process for the exploration of natural resources.
Growing a Strong Energy Sector
- Enhancements to incentives to support the growth of a strong and sustainable energy sector, include:
- Introduction of a new Multi-lateral Well Program to ensure Saskatchewan remains competitive at attracting investment into these new types of wells, which will facilitate the development of previously inaccessible or uneconomic oil plays and will attract increased oil well drilling to Saskatchewan.
- Saskatchewan Petroleum Innovation Incentive – extending the application period an additional five years and increasing the program funding cap to a maximum of $100 million in royalty credits.
- Oil and Gas Processing Investment Incentive – extending the program an additional five years and increasing the program funding cap to a maximum of $500 million in royalty credits.
Growing Saskatchewan’s Global Position in Critical Minerals and Rare Earth Elements
- The 2024-25 Budget introduces the Saskatchewan Critical Mineral Innovation Incentive for new pilot projects and the complementary Critical Mineral Processing Investment Incentive for new or expanded value-added processing projects.
- $10 million in funding over 10 years for the Public Geoscience Initiative, which will increase exploration to drive the province's Critical Minerals Strategy.
- These incentives build upon previous investments to the Saskatchewan Research Council for the construction of the Rare Earth Elements (REE) processing facility, which is expected to be operational by November 2024.
Growing Saskatchewan’s Forestry Sector
- The 2024-25 Budget provides funding to accelerate work on the Forest Resource Inventory Project, helping to achieve the Growth Plan goal of doubling Saskatchewan’s forestry industry.