Oct. 17 (Bloomberg) -- Alberta plans to implement new oil and natural gas royalties even though commodity prices have declined and tight credit may put planned projects on hold, the Globe and Mail reported, citing Mel Knight, the Canadian province's energy minister.

Energy companies have argued that the revised royalties set to take effect Jan. 1 will make conventional oil and gas exploration and oil sands development less financially feasible, the newspaper reported.

Last Updated: October 17, 2008 02:39 EDT