EUNN: Alberta Oil Sees Boon in Bloated Gas Supplies
Canada’s National Energy Board (NEB) warned yesterday that Canada’s natural gas production may be forced to grind to a screeching halt late this summer as storage fields bulge to capacity and consumption drops. In Alberta, which relies on 3/5ths of its energy royalties coming from natural gas production it was anything but good news, though thanks to the boon in oil sands development and production there, producers are hopeful.
Going into June Alberta-based oil companies will begin announcing their drilling programs. Already, TransCanada Pipelines said it filed an application with the NEB to transfer a portion of its Canadian mainline natural gas transmission facilities to its Keystone Oil Pipeline project. TransCanada is preparing to deliver Alberta oil to U.S. refineries in the central region of America. The pipeline will supply over 300,000 bpd to the U.S. market.
According to a report released today, “The Origin Of Challenge — Oil Supply And Demand,” consumption worldwide is outpacing OPEC and Non-OPEC producers, with China accounting for 34% of last year’s growth in overall production. That has strained OPEC’s capabilities and according to the report prepared for OPEC members, is not going away.
The U.S. is the highest consumer per capita of oil in the world, with some 25 barrels per person per day. Western Europe and other developed countries by comparison consume from 10 to 18 barrels per capita, making Canada’s capability to supply the U.S. a growing, vital concern.
While little news is out this early on oil drilling programs in Canada, many companies are adding to management in preparation.
Enterra Energy Trust added three executives to newly created positions. Victor Roskey joins Enterra as senior VP finance & administration and interim CFO, James Tyndall as senior VP operations & COO, and Kim Booth as VP & COO US operations.
Roskey brings to Enterra over 20 years of broad financial experience. Tyndall is a professional engineer with 24 years of diverse technical and management experience in the oil and gas industry. And Booth joined Enterra Energy Trust in connection with Enterra’s acquisition of producing Oklahoma assets.
Patch International, Inc. (OTCBB: PTCH) said yesterday it appointed Cam Dawes to Senior Geological Consultant effective May 24, 2006. Dawes has held Senior Management positions in the oil and gas exploration for 25 years. He brings particular expertise in managing exploration teams, the Company noted. Just last month Patch added another high-profile oil executive to its operating subsidiary, Michael Vandale. Vandale has more than 20 years experience in upstream oil and gas exploration and midstream operations in Canada and has a reputation for rolling up producing oil properties.
Two days ago Patch said it would shortly be updating shareholders on its summer drilling plans. The company said it would be making presentations to the financial community in New York next week on those plans. Note to Editors: EU News Network “News Features” are stories provided to publishers copyright-free for print or online display at no charge. All we ask is that publishers include our byline (EUNN) as the source and a link to our North American Syndicator’s Web site: http://www.axcessnews.com. If you are interested in displaying our news on a regular basis, please contact their editorial department at: 775-841-5368.
Eric Stevenson 775-841-5368