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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - November 29, 1974, Lethbridge, Alberta Friday, Novtmber 29, 1974 THE LETHBRIDGE HERALD 5 Oil industry investment to be pared By JOE MA CALGARY (CP) The oil industry is expected to cut almost billion from planned investment in Canada next year as a result of the intensified con- stitutional battle between Ottawa and the provinces over resource taxation. Officials of the Canadian Petroleum Association (CPA) said Thursday that before the federal budget was introduced, investment intentions reported by oil companies totalled billion for exploration and development in Canada in 1975. "Investment intentions have now been revised to billion for 1975, which is the actual amount of investment in 1973 and million less than planned by the industry before the said Hans Maciej, CPA manager of economic affairs. He said the industry's exploration and development expenditure for 1974 now is estimated also at billion. This is million less than what the industry planned to invest at the beginning of the year. Dollar value same In dollars and cents, the estimated investment this year and next is at the same level of last year, but Mr. Maciej said the cost of industry activity "has increas- ed anywhere between 25 and 40 per cent this year." "The same magnitude of cost increase is forecast for he said. Therefore, the same amount of money in 1975 could do only about half of what it did in 1973 because of inflation and the costs of working on new reserves. The CPA's new estimate of planned investment came in the wake of. a flood of company an- nouncements of reduced exploration and other ac- tivities in Canada. Major companies which have made public their intentions since the Nov. 18 budget include Gulf Oil Canada Ltd. of Toronto, Home Oil Co. Ltd. of Calgary, Pacific Petroleums Ltd. of Calgary, Chevron Standard Ltd. of Calgary, and Texas Eastern Transmission Corp. of Houston. Gulf alone plans to cut million from projected spending next year while Home is looking at million for exploration next year, compared to mil- lion this year. Suspend exploration Pacific is placing "in a hold position" current ex- ploration activity while new exploration will be suspended. Chevron has suspended a "fairly active" drilling and development program planned for northeastern British Columbia. Texas Eastern is clos- ing its Calgary office. The smaller, independent companies, which have a greater dependence on Canadian investors for their ex- ploration capital, are taking more drastic actions. The presidents and senior executives of Cayuga Oil and Gas Ltd., Oakwood Petroleums Ltd. and Merchants Petroleum Co. of Canada Ltd., all of Calgary, are moving to Houston, Spokane and Denver, respectively. Canadian Reserve Oil and Gas Ltd. of Calgary will not be spending any new exploration money in Canada "until the political climate is clarified." Thomson Drilling Canada Ltd. of Calgary has closed its Canadian operations and moved all its equipment to Houston. So far this year, 42 drilling rigs and 30 seismic crews have left Canada, mostly for the United States. In the states of Colorado and Wyoming alone, 350 Canadian oil personnel have applied for temporary work permits since Aug. 1. Saskatchewan residents live longer EDMONTON (CP) Many- people retire to British Columbia but a study by the University of Alberta's pop- ulation research laboratory shows people in Saskatchewan live longer than anywhere else in the four western provinces. The study, released Thur- sday, shows B.C. has the youngest life expectancy rate, making it the most hazardous place to live in the west, in terms of dying young. It showed people in Saskatchewan lived much longer, followed by Alberta and Manitoba ranking third. The report indicates life ex- pectancy levels are not due only to chance. "H is undoubtedly linked with the social and economic realities of Uie provinces." It cites climate as a probable major factor while not collecting detailed data on the causes of death. Saskatchewan. Manitoba and Alberta have dry and cold climates while B.C. is humid and wet. "A dry and cold locality is a more healthy place as com- pared with a humid and wet place." It may also be an advantage to live in rural rather than ur- ban, industrialized areas. "The more industrialized and urbanized a province, the more intense the pollution the laboratory said. B.C. leads in urbanization, followed by Alberta, Manitoba and Saskatchewan. The report said while the reasons are only speculative, the provincial differences are so striking and persistent over time that they call for more study. The life expectancy levels for the four provinces are broken down by sexes as follows: Saskatchewan: males 70.8 years: females 77.3 years. Alberta: males 70.6 years: females 76.9 years. Manitoba: males 70 years; females 76.7 years. B.C.: males 69.4 years; females 76.5 The report also includes statistics for Ontario where the life span is 69.3 years for men and 76.2 years for women. "It is important to note that even though Ontario is the richest province in Canada, it is not the richest with respect to life expectancy." ADMIRAL APPOINTED MONTREAL