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Gold/Mining/Energy : Canadian Oil & Gas Companies
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From: stan_hughes10/5/2007 4:43:40 PM
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Found out there in the blogosphere --

October 04, 2007

Albertastan 2010

I've been interested in the reaction from those in the energy and financial industries regarding the Alberta Royalty Review's proposal to increase royalties on gas and oil extraction in the province that resides on the eastern border of God's Chosen domain. I have talked with several friends and colleagues, with opinions ranging from disbelief that the government would risk killing the goose that lays the golden egg, to benign resignation to hostility.

This comes from one individual in the energy industry whose opinion I respect and who can speak more intelligently on the subject than I. I have never known him to be prone to exaggeration.

In the short run, the government will get more revenue. But within a year or two:

1. New drilling will plummet
2. Conventional oil and gas production will decline, so the government will get a much larger piece of a shrinking pie.
3. There will be lots of layoffs
4. Existing oilsands projects will move ahead, but most new projects will be canceled or deferred.
5. Junior companies and trusts will really struggle as most only have production in Alberta.

There have been several polls in Alberta recently, and a consistent majority wants the recommendations instituted in their entirety. The general public feels that the oil and gas industry hasn’t been paying their fair share and its time to put the screws to the industry as a whole.

He gives the odds of the report being implemented in its entirety at 70%.
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