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Gold/Mining/Energy : KERM'S KORNER

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To: Kerm Yerman who wrote (12676)	10/10/1998 3:55:00 PM
From: Kerm Yerman	Read Replies (3) of 15196

IN THE NEWS / Report - Natural Gas Estimates Outdated St John's Evening Telegram A systematic review of each requirement of the natural gas value chain — from wellhead market — to identify challenges and opportunities for Newfoundland's resources is needed, according to a report released this week. The Natural Gas Utilization Study was released by the Atlantic Canada Opportunities Agency (ACOA) and the Newfoundland Ocean Industries Association (NOIA). The report said successful development of natural gas reserves will require effort, innovation and wise decisions on the part of all stakeholders. The study concludes that the economic benefits ro the province from the natural gas resources will be derived most from value-added activities. Fred Mifflin, secretary of state for ACOA, said the study took the first step toward quantifying the province's gas resources, identifying production and transportation options, technical constraints and project costs. It also provided terms of reference for a more detailed phase two study. The report said current estimates of undiscovered resources are badly outdated and need to be redone on a priority basis to obtain a more complete picture of the industry's development potential. “A preliminary economic analysis of a Hibernia-related development based on associated gas from Hibernia and other oil fields in the vicinity shows the potential for positive rates of return,” the report said. “The economic viability of this development is considerably enhanced by the cost contribution of the associated oil developments.” The report said royalty regimes for natural gas, onshore and offshore, are unclear. “Current global trends are to design gas-specific regimes which reflect the particular requirements of gas developments,” the report said. “Newfoundland will have to act accordingly if gas developments are to be encouraged.”

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