Washington (Platts)–5 Oct 2007
Any decision by the Alberta government to move forward with a proposal to raise royalties on oil and gas production likely would have a “big impact” on Royal Dutch Shell’s spending programs, but the major is not ready to talk specifics until it fully analyses the issue, Marvin Odum, Shell’s vice president for exploration and production in the Americas said Friday.
“We are still studying the proposal. Certainly, what has been proposed, if approved, will have a big impact,” Odum told reporters in Washington during a wide-ranging interview on Shell’s exploration activities in the US and Canada. He pointed out, however, that the Alberta government has not yet approved the measure, so “we are not going to toss out numbers” on something that may or may not happen.
A review panel appointed by Alberta’s government on September 18 recommended combined royalty and tax contributions to the province be raised to 63% from 58% for gas production, to 64% from 47% for oil sands production, to 49% from 44% for conventional oil production.
Following the recommendations, some companies, including Talisman and EnCana, threatened major investment cuts.
–Cathy Landry, [email protected]
http://www.platts.com/Oil/News/6507724.xml?src=Oilrssheadlines1
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