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Gold/Mining/Energy : Canadian Oil & Gas Companies
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To: Kerm Yerman who wrote (902)11/14/1996 3:31:00 AM
From: Kerm Yerman   of 24925
 
CANADIAN OILPATCH / PIPELINES

Thursday, November 14, 1996

Pipelines could lower gas prices: Amoco CEO

ÿThe chief executive of Canada's largest natural gas producer said yesterday the oilpatch shouldn't count on windfall profits when new gas pipelines come on line over the next few years.
ÿDave Newman, president and chairman of Amoco Canada Petroleum Co. Ltd., said in a Calgary speech that new natural gas pipelines and expansions of lines into the northeastern U.S. and eastern Canada could drive gas prices down.
ÿA series of pipelines projects are planned that will deliver up to three billion cubic feet a day of western Canadian gas to eastern markets. The new lines, which should be finished between 1998 and 2000, have been touted as a solution for low gas prices suffered by local producers.
ÿAlberta spot prices have consistently been well below those in the U.S. northeast, but a lack of pipelines has kept gas locked up in Western Canada.
ÿWhile Newman said that "reconnecting to the North American market" will benefit Canadian producers, the additional space accounts for 10% of the 30 billion cubic feet a day the East currently consumes.
ÿ"When the pipelines are built we will see some benefit, but they will take away from prices in North America." Newman said.
ÿ"The market won't grow [as fast] as new supply comes in. There will be volatility as new supply goes into the market."
ÿ
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