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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - November 8, 1973, Lethbridge, Alberta Spent million without results MoMmbu 1t73 THI LtTHMHOOl HMALD Oil industry thinking twice about more maritime ventures By JOSEPH MA CALGARY Catching fifth IB easier than finding oil in the cold waters off Canada's East Coast. Facing increasingly stormy political the oilman is thinking twice about maritime oil ventures. The industry has spent more than million in the last decade searching for oil and .natural gas off the Atlantic coast. So there has been no return on the investment. What attracted the oilman to the sea were the potentially-rich reserves off the Maritimes. Estimates for oil reserves ranged from to billion for gas 153 to 307 trillion cubic feet. The problem has been finding reserves in quantities large enough to make com- mercial production worthwhile. No company has stated that its offshore finds have reached that level. Getting oil from under the sea presents a much higher cost factor than getting conventional crude on land. gas or oil field which could be highly successful on- shore would not be worth developing on the Grand Banks when it is ISO miles to 200 offshore and under 200 to 300 feet of sea says Harold super- visor of Amoco's East Coast program based in St. Nfld. FIND MUST PAY WELL offshore find has to sup- port the building of special production platforms at im- mense drilling of numerous additional and the construc- tion of a reliable system to transport the hydrocarbons to land. we have to think in terms of elephants rather than enor- mous hydrocarbon deposits. At a rule of an offshore field has to be able to yield at least 200 million barrels to be While not exactly trying to find a needle in the the area in which the oilman is working is vast. Almost 300 million acres of ocean floor off the East Coast are under federal permits to about 50 companies. The largest developers in- -Shell Canada Ltd. In- vestment to million. Amoco-Imperial group consisting of Amoco Canada Petroleum Co. Imperial Oil Skelly Oil of Canada and Standard Oil Co. of British Columbia. Investment to million. Mobil-Tehco consisting of Mobil Oil Canada and Texas Eastern Transmission Corp. of Houston. Investment to S45 million. SHELL UNHAPPY can't say we're pleased at the Shell presi- dent John Bookout told a re- cent shareholders' meeting in Toronto in reporting on the drilling progress. Shell has drilled 38 holes without locating a commercial dis- covery. Amoco has drilled 25 holes and only three of them showed. One find was a and the other two were not ITS DUNLOP FORD'S DUNLOP HAS ONLY 2 DAYS LEFT TO SAVE YOU HUNDREDS AT THE EXHIBITION BRAND NEW 1974's AS LOW AS OVER 85 BRAND NEW 1974's IN STOCKI LEFTOVER 1973'S AS LOW AS Oiriy 25-1973'strilsftl It's a stampede of bargains during Dunlop Ford's off-location sell-out at the Exhibition Immediate on-location financing can be arranged at the Exhibition Pavilion. Win a trip for two to Las Drop In and IM this wMk at Exhibition hundrwte on tho now or nowor car of your choice or out a you may win an oxcHtng trip for two to 1 Vagaa. DUNLOP FORD NOW AT THE EXHIBITION OPEN 10A.M. -10 P.M. 326-8744 326-7864 328-7877 Amoco recently reduced the number of rigs in the Grand Banks to one from two because of the says Amoco spokesman Dave McAsey in Calgary. least billion will have been invested in the Atlantic Coast before commercial pro- duction says Carl 0. president of Con- ventures Ltd. and a former president of the Canadian Pet- roleum Association What it means to the provinces is that com- mercial oil and gas production could make them the Alberta of the East Coast-that provided the industry is will- ing to pour in the money. federal govern- ment which are for short-term political could well kill the industry's initiative to explore new reserves in the east says Scotty general manager of the Independent Petroleum Association of Leaded soil wanted out TORONTO En- vironment Minister James Auld says his department is considering removing lead contaminated soil from the residential area around the Canada Metal Co. Ltd. plant and replacing it with fresh top soil. He said the measure might be necessary even after the plant meets tougher new air pollution standards because of the lead build up in the soil over 45 years of plant operation. the soil and replacing it with top soil would not be a cheap thing to Mr. Auld said in an inter- view. the cost would not be prohibitive if everyone agreed it should be He said he would expect the plant to pay the largest part of the bill but public funds would pay for that part of the pollu- tion caused by automobiles. have a man in El now finding out how that community dealt with lead contamination from a he said. unders- tand they knocked down houses and took away the _ The minister said he has asked the City of Toronto to consider removing the washing the lead out and bury- ing it somewhere. The metal plant employing 200 successfully fought a stop work order in the courts. The order was issued Oct. 26 by the ministry after a survey of 723 residents showed high lead levels in the blood of three persons. Since then it has been learn- ed that the man with the highest level 220 micrdgrams per 100 millilitres of blood is a sweeper in a battery plant. A 12-year-old girl reported to have a reading of 76 was retested and recorded a reading of only 35. The third high reading of 91 for a 20- month-old boy was confirmed. Gov9t offices face reduced energy usage OTTAWA Steps probably will be taken soon to reduce the energy demands for lighting and heating federal says Public Works Minister Jean-Euds Dube. He told a news conference he does not know when the program will be started or how much it will but he expects action will be taken before long. He said he that the demand could be cut by 10 per a figure men- tioned by Energy Minister Donald Macdonald in outlining energy conservation plans. Mr. Macdonald said Cana- dian demand could be cut 10 per cent by lowering temperatures three to five degrees in provincial and some commercial and reducing home 'temperatures by about three degrees. Mr. Dube said the complex heating and lighting systems in large federal buildings do operate as simply as those in small buildings or private homes. In some turning out the lights at night would not only cost more money but would open up new problems such as security. He said his which has responsibility for all federal has started a new computer program to determine the most economical and energy- saving systems for buildings now on the drawing boards. The minister said that it cost about million in 1972 just to light and operate all mechanical devices in federal bulMingi across Canada. Canada. Even on government policies of freezing the prices of energy raiting royalty rates and imposing ex- port taxes are taking away the industry's initiatives to ex- plore new reserves. STUDY MADE The CPA has published a study of the cut factor of oil and gas exploration in Western Canada in the last five yean. During the the In- dustry's net revenue for producing a barrel of crude oil or its equivalent in other energy products was but the cost for producing a replacement barrel in the future was estimated at This means that while the industry is making a it would lose money developing new reserves at today's prices. don't have a physical .shortage of energy says John S. CPA president. a man-made shortage could be easily created by government The industry's stakes are but so are the potential rewards in world that Is hungry for energy. What it the industry main- is a long-term national energy policy which can benefit all Canadians. In the ftty dustry is not ruling out the possibility that It may abandon its offshore explora- tion efforts should the storm get more violent. 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