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Gold/Mining/Energy : Canadian Oil & Gas Companies -- Ignore unavailable to you. Want to Upgrade?

To: Kerm Yerman who wrote (6575)	6/14/1999 7:24:00 PM
From: WWS	Read Replies (1) \| Respond to of 24921

Gwyn Morgan, CEO of AEC.T is quoted in this morning's WSJ-online as predicting AEC's production this year as vs. last year will be up 20% for ngas (to 900 mmcfd) and 75% for crude (including the oil output of recently acquired Pacalta), on a 10% increase in capital spending. Apparently he made these remarks at an oil investment symposium over the weekend in Calgary. He also claimed, in response to a question from the audience, that it was "unlikely" that AEC would be in market to acquire heavy crude production in Alberta being disposed of by BP-Amoco. Note: a separate article about BP-Amoco noted that their daily production of ngas was 1000 mmcfd, just 100 mmcfd ahead of what AEC hopes to achieve, but still good enough for laurel of #1 Canadian producer of ngas. Wondering why/how WSJ would be able to "scoop" Canadian newspapers and wires to get this story first (and apparently exclusively)? interactive.wsj.com

To: Kerm Yerman who wrote (6575)	6/15/1999 9:47:00 AM
From: Tomas	Read Replies (1) \| Respond to of 24921

Canada Taps New Frontiers To Quench US Thirst - Petroleum Intelligence Weekly, June 14 Canada's producers are pushing out the boundaries of oil and gas development in a bid to meet buoyant demand from their southern neighbor. Pressure to fill expanding gas pipeline capacity to the US has seen explorers dive into the Northwest Territories, where work has been largely dormant for over two decades. Oil developments off Canada's East Coast are steadily advancing, and there's now talk of opening the West Coast, too. Back in the traditional producing areas of Alberta, Saskatchewan, and northeast British Columbia, the smart money is still backing gas, but investment is also returning to the oil sector after last year's battering. Producers of heavy oil, who shut in at least 100,000 barrels a day in 1998, are gradually bringing wells back on line, although prior levels may not be reached until end-1999 or later {38#13-02}. A new forecast by the National Energy Board sees Canadian oil production averaging 2.15-million b/d in 1999, down from last year's 2.19-million b/d. But the study sees output now climbing steadily, to 2.24-million b/d in December (see Global Production story). Exploration in the Northwest Territories was suspended in 1972 by native land claims, and only got going again three years ago. Three large gas discoveries have already been announced by Chevron and locals Ranger and Paramount in a southwest corner, with each expected to produce between 50- and 100-million cubic feet a day from next year - 10 times the Canadian norm. Analysts estimate reserves in the immediate area at 5-trillion cubic feet, and say total output could reach 1-bcf/d. Farther north, companies including Ranger and US Murphy have been searching for oil around an existing field at Norman Wells, so far without success. But strong Canadian gas prices have also spurred new interest in the Mackenzie Delta, a gas-rich area in the far north, where the economics of development are extremely challenging. Offshore the East Coast, the pioneering Hibernia oil development, which started up in late 1997, has not been an entirely happy tale given a series of technical problems. Undeterred, however, developers have the 500-million cf/d Sable gas field on course for production from late this year, with the 125,000 barrels a day Terra Nova oil development to follow at the end of 2000. Furthermore, a licensing round last month brought commitments to spend $400-million on deep- water exploration in the area. Hibernia, owned by Mobil, Chevron, Petro-Canada, and others, should finally hit a plateau of 135,000 b/d in the next month or two, on completion of new gas compressors {38#05-06}. Attention is now turning to the pristine West Coast, where a moratorium has also barred work since the 1970s. The provincial government is sounding out support for a reopening, a notion long backed by the federal government. Although the idea faces environmentalist opposition, it has been helped by the collapse of the local fishing and timber industries. A geological survey last year estimated reserves at 9.8-billion barrels of oil in place and 43-tcf of gas. Chevron, Mobil, Shell, and Petro-Canada already hold the best acreage around the Queen Charlotte Island.