Saskatchewan Petroleum Innovation Incentive (SPII)

By mmuise
Description:

The Saskatchewan Petroleum Innovation Incentive (SPII) offers transferable oil and gas royalty/freehold production tax credits for qualified innovation commercialization projects at a rate of 25% of eligible project costs. The program targets a broad range of innovations deployed across all segments of Saskatchewan's oil, gas, helium or lithium industry.


Comments on Funding:

SPII has a project-specific awarded credit cap of CAD$5 million (i.e. a maximum of up to CAD$20 million in recognized eligible costs per project).
Eligible projects:
a) must involve a minimum of CAD$1 million in eligible capital and operating costs.
b) have the ability to redeem 25% of their eligible capital and operating costs. These credit redemptions can even occur during the construction and operational phases of a project to help improve a company's cash flow.

Deadline: March 31, 2024
Eligibility:

Applicants must:

  • be companies;
  • have innovation commercialization projects cross all segments of Saskatchewan's oil, gas, helium or lithium industry;
  • have pilot projects and commercial scaling projects testing their innovations in a pilot setting then deploy them at larger commercial scales;
  • have innovations assessed at a minimum of Level 7 on the SPII Technology Readiness Level Scale that meet these criteria:
    a) The project can clearly be demonstrated to be new to Saskatchewan's oil, gas, helium or lithium industry;
    b) The eligible project can be clearly demonstrated to be at a new and significantly different commercial scale that has no technical equivalent in Saskatchewan's oil, gas, helium or lithium industry.
  • have projects that involve a minimum of CAD$1 million in eligible capital and operating costs;
  • have projects that are not be commercially operational prior to submitting an application to the Ministry of Energy and Resources.
Application Steps:

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Documentation Needed:

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Other Things to Note:

The project must not be commercially operational prior to submitting an application to the Ministry of Energy and Resources.

About the author
mmuise