don’t commence all at once, causing a
labour crunch and costly delays.
“My only hope is that Hebron doesn’t
come at the same time as the refinery
project, because both of them are huge
and the two of them coming together will
pretty well sap all our labour supply, not
withstanding that there [are] some [companies] in the province [that are] not members of our council that we would certainly
look at using on site.”
He says his organization is strategizing
how best to prevent that from happening.
“Our objective is to use a Newfoundland
and Labrador workforce to do all of the
work associated with these projects,”
Wade says. “And we are currently setting
up meetings with the provincial government to make sure that, you know, that
follows through for us.”
Once development costs have been
recouped, royalties from the White Rose
satellites will rise to 20 per cent, and if
benchmark North American crude prices
at the time exceed US$50 per barrel, a 6. 5
per cent super royalty kicks in.
Tier 2 takes effect shortly after, raising
royalties by 10 per cent to a total of 36. 5
per cent.
The three satellites, Williams estimates,
will net the province about $6 billion over
their projected four-year productive lives,
but the outspoken premier sees benefits
beyond dollars.
“That project could be worth more than
$6 billion to the people of the province,”
he said. “The project will also generate
approximately 9 million person-hours right
here in Newfoundland and Labrador out of
a total of 9. 6 million person-hours for the
entire expansion project.”
Provincial Natural Resources Minister
Kathy Dunderdale had this to say: “Our
equity stake, super royalty of 6. 5 per cent
on top of the 30 per cent in the generic royalty regime, and the fact that all the work
that can be done in the province will be
done here ensure we are getting maximum
value from this resource. We are excited
about this new era whereby the province
is fully participating in the development of
our rich natural resources.”
Oilfield
tanks
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EnCana Corporation is pleased to welcome Clayton Woitas
to the EnCana Board of Directors.
Mr. Woitas is a professional engineer with over 30 years’
experience in the Western Canadian oil and gas industry.
Currently, he is Chairman and Chief Executive Officer of Range
Royalty Management Ltd., a private company which is focused
on acquiring royalty interests in Western Canadian oil and natural
gas production. He is also a director of Focus Energy Trust (public
energy trust) and NuVista Energy Ltd. (public oil and gas company).
In addition, he is a director of several private energy-related companies and advisory
boards. He is also a member of the Association of Professional Engineers, Geologists and
Geophysicists of Alberta (APEGGA).
— Wes Reid
Ed. Note: Wes Reid’s column in the February issue of Oilweek, “Hebron hums,
Panuke pulses,” page 57, leaves
the impression in the second paragraph
that ExxonMobil Canada is the operator of
Hebron. In fact, while ExxonMobil has the
largest working interest in Hebron at 37. 9
per cent, Chevron Canada Resources, with
a working interest of 28 per cent, is the
project’s designated operator.
Mr. Woitas was founder, Chairman, and President and Chief Executive Officer of privately
held Profico Energy Management Ltd., a company focused on natural gas exploration and
production in Western Canada. Prior to Profico, he was a director and President and Chief
Executive Officer of Renaissance Energy Ltd., a public company focused on the Western
Canadian energy sector.
Mr. Woitas has a Bachelor of Science in Civil Engineering from the University of Alberta.
He resides in Calgary.
EnCana is a leading North American unconventional natural gas and
integrated oilsands company. By partnering with employees, community
organizations and other businesses, EnCana contributes to the strength
and sustainability of the communities where it operates. EnCana common
shares trade on the Toronto and New York stock exchanges under the
symbol ECA. For more information, go to www.encana.com
