[A-List] Take advantage of record prices, oil expert advises Yukon
mstainsby at resist.ca
Fri Oct 1 09:29:24 MDT 2004
Take advantage of record prices, oil expert advises Yukon
WebPosted Oct 1 2004 09:00 AM CDT
WHITEHORSE - Experts with one of Canada's leading oil and gas
organizations say the Yukon has to act fast if it wants to capitalize on
record high oil prices.
Companies have the money to spend now for exploring, and Canada's north
could potentially see much investment
They say $50 a barrel oil could be good for the territory, if it is
willing to open up more land to exploration.
That record price for a barrel of crude was a bar that many experts
thought would never be reached.
Instability in Iraq and Nigeria have many worried about access to major
reserves of oil and gas.
Greg Stringham, the vice president of the Canadian Association of
Petroleum Producers, says the situation has exploration companies looking
"They will be looking for new exploration opportunities, they will be
looking for new development opportunities as they go forward," he says.
"A lot of it is focused not just on oil, I mean we have heard of the oil
sands that have been going forward in northern Alberta, but they're also
looking at opportunities such as northern gas in the Yukon and Northwest
Territories for and other opportunities that would be available to them."
But if that is to happen, Stringham says Yukon politician must move
quickly to help exploration companies.
"In the Yukon I think there's a real opportunity to be able to put out
more lands in the southern part of the Yukon, where people believe there
is natural gas for exploration to catch part of this reinvestment going
forward," he says.
"So we've been encouraging governments to do that, to try and make sure
that opportunity is available to be gleaned by the additional cash flows
that are coming into the industry right now."
Stringham says he doesn't expect the price of oil to stay high for long.
He says recent predictions say it could drop to $25 to $30 a barrel within
In the contradiction lies the hope.
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