Saskatchewan Petroleum Research Incentive (SPRI)

Overview of the Saskatchewan Petroleum Research Incentive (SPRI) program:

The Saskatchewan Petroleum Innovation Incentive (SPII) offers transferable Crown royalty and freehold production tax credits for qualified innovation commercialization projects at a rate of 25 per cent of eligible project costs. The program targets a broad range of innovations deployed across all segments of Saskatchewan’s oil and gas industry. The SPII program is open to both pilot projects and commercial scaling projects – giving applicants the ability to test their innovations in a pilot setting then deploy them at larger commercial scales. In addition, projects executed on multiple sites and projects that include multiple phases may be considered eligible for the program under a single project application.

Benefits of the Saskatchewan Petroleum Research Incentive (SPRI) program:

• Transferable Royalty/Tax Credits: Companies that qualify can receive transferable royalty credits or equivalent tax reductions for eligible projects. This financial support helps offset the costs associated with developing and implementing innovative technologies in the oil and gas sector.
• Encouraging Innovation: The program encourages companies to invest in innovative technologies that could lead to more efficient extraction processes, reduced environmental impact, and overall improvements in industry practices.
• Economic Growth: By supporting innovation, the program contributes to the growth and sustainability of the petroleum industry in Saskatchewan, helping companies stay competitive and resilient.

Eligibility criteria of the Saskatchewan Petroleum Research Incentive (SPRI) program:

• Project Type: The project must involve the development or commercialization of new technologies in the petroleum industry. This could include advancements in exploration, extraction, processing, environmental protection, or other related areas.
• Location: The project must be carried out in Saskatchewan.
• Stage: The project should be at the stage of development or early commercialization, demonstrating the potential for broad industry application and economic benefit.