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ZT: PetroCan
ZT: PetroCan pushes ahead in oil sands
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0 T k ?& @$ _% Q8 O4 [) U2 y: NDAVID EBNER) l* U& U+ o) d- x& b9 o
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Wednesday, November 28, 2007
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CALGARY — Petro-Canada says higher royalties in the oil sands won't derail its projects, including the $14-billion Fort Hills facility that is still being designed.7 @% \8 s$ ~% p5 f( s6 _9 o
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Higher royalties are “not sufficient to really impair the overall viability” of the company's oil sands projects, Ron Brenneman, Petrocan chief executive officer, said in Edmonton on Wednesday.; S2 D* ~: U9 }
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“At least at this point they still look like pretty solid projects and I think that's because, for the most part, we're dealing with very high quality resources and very good projects and they're the ones that should survive in the new royalty regime,” Mr. Brenneman said." B+ v4 f6 `& ^9 y4 A7 t
6 d4 F" P2 ]! Z7 ]Mr. Brenneman also said Petrocan would be interested in increasing its 60-per-cent stake in Fort Hills if the opportunity arises. (Teck Cominco and UTS Energy hold 20 per cent apiece.)9 }( Y7 u$ ~: O$ `' k2 g
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Last month, Alberta said it would increase royalties across the board by a total of 20 per cent, aiming to collect $1.4-billion more in 2010 with higher rates coming into force in 2009. The industry in September had reacted negatively to proposals to increase royalties, but was more positive toward the final decision.0 K% y5 e6 ~! Y; p& y" j, h$ g
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At current oil prices, the initial oil sands royalty of 1 per cent would rise to about 6 per cent, a rate charged as companies make back the billions of dollars they spent to build their plants. After so-called payout, the current rate is 25 per cent, which would rise under the new system to 33 per cent, with oil at $91 a barrel.
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6 C" i* ^2 G, i& h LInvestors and analysts have said the increases are reasonable.% l6 ?. c1 _5 {4 V* M+ g
$ N0 O) _: n! x. `9 D3 KPedro van Meurs, a consultant on energy fiscal matters who worked on the Alberta royalty system, has said the new oil sands regime is a “disaster for Alberta,” in that it doesn't go nearly far enough.
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/ w0 q* [, s$ p1 b' nRoyalties in conventional natural gas will also rise. Petrocan said this means some money it would have spent in Alberta will go elsewhere, such as to the Rockies in the United States, where the company is struggling, and to the eastern Arctic, where the company has assets that it hasn't worked in many years.+ D8 N3 ]: U% K7 s8 B, j8 Y7 J
% |* z _3 f. y/ g$ }“The exploration investments that we might have otherwise made are no longer economic,” Mr. Brenneman said.
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He also suggested Petrocan would put more money into Libya. Petrocan spent about one-quarter of its capital dollars this year on international endeavours, nearly $1-billion.; `$ p2 n M- h" N. I- y
$ T' q/ W2 E8 T+ K! k! k" bLibya has one of the most onerous fiscal regimes on Earth, with new producers sometimes receiving less than 10 per cent of profits.2 j7 d) _3 E6 t, _- X8 ?
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While Petrocan is using the Alberta royalties decision as a reason for moving exploration dollars, the company in fact has for many years been shifting its focus well beyond the province.
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; t9 l! N$ W' I3 A4 o/ M/ F, E' X: @In 2007, of a total capital spending budget of $4.12-billion, just 20 per cent, or $825-million, was devoted to North American natural gas.
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9 q2 y2 A. q( R" qCanadian Natural Resources Ltd., a larger competitor to Petrocan, on Tuesday said it was cutting gas spending in Alberta, where it focuses much of its business, but did so by less than it had previously threatened. Higher royalties was cited as the main problem.* U. A8 Y' q% L7 i `) v0 h+ s
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However, the commodity price is a crucial issue, too, as was noted by Canadian Natural., A, ?" w- W" s2 n
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The February contract for natural gas at Alberta's key AECO hub is priced at $6.42, which is barely above what industry considers a breakeven level.% w" {3 m3 g+ w$ G* D
! \7 ]" k( \ d2 O5 f8 X y1 nWith files from Canadian Press
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! E! F* d! e" ~, L/ v! F% ?, ~© The Globe and Mail |
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