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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - March 8, 1973, Lethbridge, Alberta Thundoy, March 8, 1973 THE IETHBRIDGE HEXALD _ 13 Mineral wealth also plentiful Republic of Gabon enriched by mounting oil boom By HENRI MENDY LIBREVILLE, Gabon (Ren- ter) The email French-speak- ing African republic of Gabon, rich la minerals and potentially one of wealthiest countries in Africa, is mounting an oil boo Di, In the sparsely-populated, west central equatorial forests, natural resources were not fully exploited until aoout 10 years ago. But since the former French colony became an independent epublic in I960, it has devel- oped reserves of oil, Iron ore, manganese and uranium to at- tain one of the highest earning rates in black Africa. A dramatic increase in oil production developed with a 1971 strike which tapped an un- usually rich deposit Officials estimate that by 1975, as a result of this and re- lated discoveries, oil production in Gabon will total more than 71 million barels, double that ol 1972. Drilling for oil in this country where the Alsatian medical missionary Albert Schweitzer ran his jungle hospital for 53 years begain in 1949. A French company, Elf-Spafe, got permission to begifc ortshore lest drills. By 1937 two oilfields were in production. PRODUCTION RISES Attention turned to.offshore drilling and by 1972 the number oj fields increased to 10. Pro- duction rose to more than 46 million barels. Other International oil com parties joined Elf-Spate. Shell, Chevron, Gulf and Texaco all were attracted to the scene along with many smaller Amer- ican and European firms. In 1971, the most Important strike was made in a previously unproductive area, new field, called Grondin, is esti- mated to have reserves of 500 million to 700 million barrels. Prospector discovered further rich fields In the same sand- stone area, all in locations where the ocean is no more than 200 feet deep. Such depths allow use of con- ventional drilling machinery. Prospectors feel now dis- coveries likely at much greater depths, requiring more sophisticated drilling equip- ment. Most of the oil is exported in as crude. In 1972 exports to other African countries, Europe and the United States brought In about 96 million, three-quar- ters of Gabon's total export rev- enue. About 5.7 million barrels of oil is refined in Gabon itself by the Equatorial Refining Co. at Port Geotil, about 100 mites south of Libreville. The Gabon government, which has only a tiny share In the oil business, intends to in- crease its stake to 25 per cent. USED HIS HEAD TORONTO (CP) Darrell Burns had an excellent reason for a headache recently. Burns, who broke the fall of a woman when she jumped from the third-floor window ol a burning house, said: "I told her to jump and she jumped. We hit head- to-bead. Now I've got a bit of a headache. I think the wtt heavy woman." Happy birthday Toronto It was 139 years ago Tuesday thai the town of York was enlarged into a city and reverted to its former Indian name, Toronto. Composer Tommy Ambrose passed out 139 eup cakes, with candles, in City Hall square Tuesday to workmen in area doing maintenance work for city. Hearing on power rate hike ended CALGARY (CP) financial future and in the hearing on rates which encourage in- Power's request to the are ultimately to the Board for a benefit. Improved rate hike ended Tuesday service at low cost round two of public debate be the ultimate result. gins April said Calgary Power offi- An interim 15-per-cent- and not h'e decided to seek crease has been agreed to rate increase to lure invest- the board until a decision who might look elsewhere made on the a return. But he A. S. Gordon, chairman a hike would have a Merrill Lynch Royal effect on the stock of Montreal, spent most of price of shares. esday's session defending his firm's support of the hike. He also Is on the board directors of Calgary Power. NOT Lynch underwrites the company's bond issues and therefore is concerned professionally about its position in the William Hurlburt, an Edmonton lawyer representing the Consumers Association, suggested that Mr. he said. Financial health was the best way to insure the acquisition of the cheapest capital investment don, who testified as to firm's ability to' compete on of urban, Investment market, was business and industrial merely an expert in the of Calgary Power services Mr. Gordon denied he has present thct--- arguments BeUish interest in securing month. Credit practices EDMONTON (CP) yesterday and it Kad some appears to be a need in words about credit. ta for legislation to control credit collection practices, report said it still is prevalent in Alberta for credit E. L. Keown, supervisor to have consumers the province's consumer blank wage assignments branch. Mr. Keown's 1972 annual quit claims for present and future vise. port was tabled in the branch h2d received from consumers No were harassed for debts which either were unfounded or previously settled. is becoming increasingly planned in that there is a need for the credit granting industry centralize complete and fac- liquor credit information to prevent consumers from becoming over-involved with credit so EDMONTON (CP) there would be no reason province is not considering employing this type of col- changes in laws concerning procedures." legal possession of liquor, report also said there Attorney.General Merv continued exploitation of He was replying in the through credit berta legislature to Dr. W. who Included exces- Buck Clover sickness and accident in- said a woman in his premiums in transac- ency was convicted of In some cases, the buyer possession although she had not told that the insurance been drinking. The woman were added or that chosen seven days in were not mandatory. rather than paying a small area of concern was Dr. Buck also asked credit counsellors, credit the illegal possession law and debt pool agen- redundant considering "there were extracting large fees a law against impaired people for counselling, Mr. Leitch replied that the was available from other laws are not at no cost. Stately Empress hotel may VICTORIA (CP) The his position as vice-pree- ly Empress Hotel may of the mountain and Pa- doors unless the provincial government and the city can regioc of CP Hotels Ltd., said the Empress if "basically an old, inefficient hotel" which vide assistance, sayd Louis been losing money for luinore, who resigned this 25 years. as manager of the 60-year-old CP Hotels Ltd. did not specify what kind of assistance was needed to Mr. Finnamore, who also the hotel. PEOPLE ALREADY OWN ROTARY POWERED MAZDAS. MAZM1973. THEYEAROFTHEROTARY. Mazda is the world's largest, most experienced producer of Rotary Powered automobiles. In 1967, after six years of extensive testing, the first Mazda Rotary rolled off the line. f Today, while other major manufacturers like GM, Mercedes- Benz and Porsche are hoping they will have rotary engine 'cars in a few years, Mazda is producing over Rotaries a month, 'Mazda makes 5 Rotary cars, each with an engine that is quicker, smoother, quieter than a piston engine of equal size. Each with a 24 month or mile engine Each priced so you'll never have to drive an ormnary car again. And now there's an optional automatic transmission designed especially for Rotary Power. Test a Mazda at one of the 172 Mazda dealers across Canada. And join the people in 52 countries have switched to Mazda Rotary Power. s wsirants the baste retaiy enalna block and Internal psits to he of defsrts, with normal uss and maintenance, for Iwo or 24.000 miles, whichever occurs first. MndawariarMsthsrsst of ttucirforonsyearor 12.000 miles, whichever occurs fiat PRO MOTORS LIMITED OVER 170 DEAIERS TO SERVE YOU COAST TO COAST ;