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REPORT ON BUSINESS


THE GLOBE AND MAIL


WEDNESDAY NOVEMBER 23 1977

Dome thinks Arctic crude oil tanker system would be cheaper than pipeline


Khun Loeb & Co
Incorporated
Appointment


Henry S. Miller


Kuhn Loeb & Co. Incorporated is pleased to announce the appointment of Mr. Henry S. Miller as Vice President in the Corporate Finance Department, Mr. Miller has spent the past 5 years as President and Chief Executive Officer of Roy-Marine Leasing Limited of Montreal ; prior to that time he was Assistant Vice President of Citicorp Leasing International, Inc. and Assitant Treasurer at Bankers Trust Company. He has a B.A. from Fordham University and M.B.A. from the Graduate School of business, Columbia University. Among his responsibilities Mr. Miller will be actively involved for Kuhn Loeb in Canada. Kuhn Loeb & Co. Incorporated is a leading international investment banking firm and a major factor in the securities industry. Its activities include ; domestic and international investment banking ; public finance ; financial advisory services to corporations and governmental bodies located in the United States, Canada and other countries ; project financing ; mergers, acquisitions and diverstitures ; securities research ; fixed income sales and trading ; municipal bond underwriting and trading ; public power financing, and investment counseling.


U.S. court bars
Galanis removal
on fraud charge


NEW YORK (UPI) - The U.S. 2 nd Circcuit Cour of Appeals has barred the extradition to Canada of John P. Galanis to face charges he defrauded Champion Secuties Corp. Ltd. of securities valued at $ 1.6 million.


The appelate court ruled that Mr. Galanis, a resident of Connecticut could not be removed to Canada because of the double jeopardy provision in the 1971 extradition treaty between the United States and canada. Mr. Galanis was sentenced to six months in jail in the United States after reaching an agreement with the prosecutor to plead guilty to fraud, including the Champion fraud in 1971 and 1972.


The justice Department, in seeking Mr. Galanis’ extradition, argued that he was extraditable under the previous treaty with Canada that had no double jeopardy provision. This position was supported by judge Jon Newman of the U.S. District Court in Hartford. Canada requested extradition in December, 1974.

Production of vehicles
to be lower for week


Motor vehicle production in Canadian plants is scheduled in decline to 40,798 cars and trucks this week from 41,289 last week, the Motor Vehicle Manuffacturers Association says. Total industry output for the calendar year to Nov. 19 was 1,570,291 cars and trucks, compared with 1,459,225 a year earlier.

VEHICLE PRODUCTION IN CANADA



SHEDULED
PRODUCTION


ACTUAL PRODUCTION




Week
ending
Nov 76


Week
ended
Nov 19


Total
1977
To date


Total
similar
period
1976



MAKE




Gremlin


0


26


15447


-



Hornet/Concord


1120


1097


20858


-



AMERICAN MOTORS TOTAL


1120


1113


36305


40058





3165


3160


145030


-



Charger S/E


229


79


25857


-



Mognum XE


1815


2020


18801


-



Total Chrysler cars


5200


528


190688


2220262



Dodge trucks


2160


2466


101733


73765



CHRYSLE TOTAL


7360


7734


202431


294027



Ford


2880


2021


165262


-



LTD


192


192


10032


-



Pinto


0


0


78891


-



Maverick


0


0


23278


-



Fairmont


3967


4381


43341


-



Zephyr


1889


1882


18336


-



Total Ford Cars


8928


9376


339240


332774



Ford trucks


6480


5849


185223


143638



FORD TOTAL


15408


15225


524463


475412



Nova


0


192


4320


-



Monza


0


0


42969


-



Chevrolet Malibu


1531


1639


724969


-



Monte Carlo


1497


1579


51105


-



Chevrolet


4260


4461


164064


-



Sunbird


0


0


33493


-



Le Mans


1022


1042


26008


-



Pontiac


580


552


36051


-



Starfire


0


0


11283


-



Cutlass


1456


500


656


-





0


0


4848


-



Skyhawk


0


0


18566


-



Seville


0


0


060


-



Total GM cars


10346


9965


468548


421459



Chevrolet trucks


4195


4753


134117


432199



GMC trucks


1778


1904


70396


28329



Total GM trucks


5973


6657


224513


207528



GENERAL MOTORS TOTAL


16319


16622


693063


628987



INTERNATIONAL


411


416


17959


12095



VOLVO CARS


180


179


6082


5646



TOTAL ALL CARS


25774


25901


1040863


18231199



TOTAL ALL TRUCKS


15024


15388


529428


436026



TOTAL ALL VEHICLES


40798


41289


1570291


1459225

Dome thinks Arctic crude oil tanker system would be cheaper than pipeline


By JEFF CARRUTHERS


Dome Petroleum Ltd of Calgary estimates that an Arctic icebreaker-assisted crude oil tanker system could transport crude oil from the Mackenzie River delta and Beaufort Sea region of the western Arctic to the Canadian East Coast for about $ 6,15 a barrel in 1985, or more than $ 2,25 a barrel cheaper than by pipeline.


Jack Gallagher, chief executive officer of Dome, told a crude oil symposium sponsored by the Toronto Inestment firm McMeod Young Weir Ltd that with the estimated cost of imported crude oil at Montreal at $ 22 a barrel by 1985, an Arctic oil tanker transportation scheme would leave substantial room for a fair return at the wellhead for both the producer and the Government.


Dome, which is drilling exploratory wells for oil and gas in the offshore Beaufort Sea Area, estimates that a similar Arctic icebreaker-assisted marine delivery system could deliver natural gas, in liquefied form, from the Beaufort Sea and Mackenzie delta into proposed Canadian east coast pipelines for $ 3,11 a thousand cubic feet in 1985.


According to Mr. Gallagher, this compares with an estimated delivery cost by Arctic pipeline to Eastern Canada of $ 3,74 a thousand cubic feet.


The delivery cost estimates by Dome for Arctic natural gas by tanker are comparable to those recebtly calculated by a rival consortium studying the feasibility of transporting liquified natural gas from the Arctic islands to tthe eastern seabord in the early 1980s, using special icebreaker LNNG tankers.


The main difference between the Domee concept and the one being studied by Petro-Canada and Alberta Gas Trunk Line Co. Ltd, both of Calgary, along with a consortium of Canadian shipbuilders, is that Dome envisages the use of a large Arctic class 10 icebreaker to push three less-powerful tankers (with class 10 hulls) through the Arctic ice to market.


The Petrocan-Alberta Gas Trunk group has decided that it would be more economical to build two fully powered Arctic class 10 icebreaker-tankers.


Dome is proposing to build its workhorse icebreaker initially for use to extend Beaufort Sea drilling from the current 60 to 90 day season to one lasting as long as 200 days. The oil or natural gas transportation scheme would come later.


Mr. Gallagher of Dome, while suggeting that icebreaker-tanker transportation schemes will ultimately complement later pipeline schemes, promotes the tanker transportation mode as best for initial development of Arctic oil and, or gas reserves, for a number of reasons.


As a potential Arctic producer, Dome is interested in the initial cash flow that the tanker mode can offer, based on smaller threshold reserves than are necessary for a pipeline project in fact, Dome and others operating in the North bilieve that tankers might end up being the only way of moving oil, especially in the Arctic continues to be a largely gas-prone area.


Marine transprtation from the North can also be tailored to the size and growth rate of the Canadian market demand ; it involves lower initial capital investment with greater flexibility through incremental expansion, than a pipeline ; and it spreads construction to southern Canada, where terminal facilities need to be built and where many of the capital installations to be used in the North may end up being built initially, for transportation later by barge to the North.


A marine transportation system should also provide better control over costs and reduce the "boom and bust" syndrome associated with major pipeline projects.


The Dome promotion of the marine transportation scenario for the North undoubtedly is intented primarily to support its proposal for federal assistance, direct or indirect, for $ 300 million class 10 icebreaker Dome is proposing.


The timing could not be worse for the Polar gas consortium, which in preparing to file an initial application to the National Energy Board for permission to construct a $ 6,5 billion gas pipeline from the Arctic to Central and Eastern Canada.


Polar gas needs threshols gas reserves of 20 trillion cubic feet or more and currently only has about 10 trillion in the Melville Island area, which is to be connected to markets first.


Dome suggest that a tanker transportation scheme would be able to operate with a threshold of perhaps only 2 trillion or 3 trillion cubic feet. Dome hopes it has already discovered more than enough gas at its four Beaufort Sea exploratory wells this past summer, although further drilling is required to determine the extent ot these reserves.

Imperial Oil wants 20 % return on Cold Lake investment


Imperial Oil Ltd. of Toronto would like to receive a 20 per cent return on its investment if its proposed $ 4 billion Cold Lake oil sands project goes ahead.


J.A. Amstrong, president told an oil symposium in Toronto that the risks associated with the proposed " in situ " oil sands extraction project are comparable to those associated with frontier oil and gas exploration and development. Therefore, the return on investment should also be comparable.


Imperial is still involved in discussions with the Alberta and federal governments on changes to their respective fiscal regimes that it feels are needed before the Cold Lake project can proceed. Mr. Amstrong added that the three parties are "cmose to agreement" on the changes to the tax and related fiscal regimes on the part of Ottawa, and to the royalty regime in the case of Alberta.


Imperial now regards the offshore areas to the north-east of Labrador and around Baffin Island as the most promising frontier areas for private oil companies to find major new oil and gas reserves.


This eastern offshore region could contain between three billion and 26 billion barrels of recoverable oil, with the upper limit putting it in the North Sea categoty.


At the same time, a jurisdictional dispute between Ottawa and Newfoundland is delaying Imperial’s exploration activity in the Newfoundland and Labrador offshore area ; and a four to five-year environmental assessment in the waters around Baffin Island, which must be completed before offshore drilling can begin, has ensured delays of two or more years in that region.


Under the best of circurntances, even if commercial oil reserves are discovered in eastern offshore areas, it would take until the early 1990s before any of the oil could be moved to market, Mr. Amstrong said.


Speaking at the same seminar, Shell Canada Ltd. president William Daniel predicted a growth in demend for refined petroleum products in Canada during the next decade of only 1 to 2 per cent a year, compared with traditional growth rates of 5 per cent a year.


The two main factors identified by Shell for the slowdown in growth of demand are the downturn in the economy and the public response to energy conservation.


The oil industry should be able to re-establish a reasonable profit potential in the future for the refining sector, once the industry adjust to the changing conditions that include refinery overcapacity, low margins, inadequate profitability and continued capital requirements.


Mr. Daniel foresees greater use of oil in such non-substituable applications as transportation and petrochemicals.


R.W. Sparks, president of Texaco Canada Ltd. of Toronto, told the symposium that it would be simpler and less costly to dispose of surplus Alberta natural gas by increasing exports to the United States, perhaps on a time swap basis, rather than by extending natural gas pipeline facilities farther into Quebec and ultimately into the Maritimes.


Mr. Sparks suggested that federal Government subsidies probably will be required before natural gas can be substituted in a major way for imported crude oil now being used in Eastern Canada.

Kitimat pipeline outlook


The Vancouver based Kitimat Pipe Line Ltd. consortium will not revive its proposal to build a cross-Canada pipeline to carry Alaskan crude oil to the U.S. Midwest until and unless there are additional participants, according to one of the member companies.


David Waldon, chairman of interprovincial Pipe Line Ltd. of Toronto, toid a crude oil symposium in Toronto that two major U.S. oil companies are talking about joining the group, but have not done so as yet.


Later, he said the two interetsd companies have major oil holdings in Prudhoe Bay and would prefer to see a larger oil pipeline built from Kitimat, B.C., (on the north-west coast) to Edmonton than that envisaged originally by the Kitimat group.
< :/par>


The 36-inch-diameter pipeline now under consideration would cost an estimed $ 800 million, compared with $ 635 million for the originally proposed 30-inch line (with an 88-mile section with 36-inch pipe through the mountains).


The Kitimat group has recently lost one of its key members, Koch industries Inc. of Wichita, Kan, which has Minesota refineries that were tobe served bey Alaskan crude from the proposed Kitimat project.


Mr. Waldon said Koch, which has announced plans to build its own new oil pipeline in the United States, would likely use the Kitimat pipeline, should it be built.


The Kitimat group has set an unofficial deadline of the end od December to decide whether it should officialy revive its pipeline proposal before the National Energy Board.


With the recent withdrawal of a competing Alaskan oil pipeline transportation scheme by Trans Mountain Pipe Line C. Ltd. of Vancouver, the Kitimat project is the last remaining cross-Canada pipeline that could bring Alaskan crude into the U.S. Midwest, where it is most needed.Ò


Mr. Waldon noted that it would cost about $ 2,6 billion, in 1977dollars, to construct an Alaska Highway crude oil pipeline from Fairbanks, Alaska, to Edmonton, conecting with the Alyeska trans-Alaska oil pipeline and roughly paralleling the Planned Alaska Highway gas pipeline.


An Alaska Highway crude oil pipeline, not being promoted actively by any consortium, might carry 800,000 barrels a day, using 36-inch Kitimat project would initially carry 500,000 barrels a day, with the possibility of expansion to 800,000 barrels a day later.


The Trans Mountain project, which would have involved alternating crude oil flow between Edmonton and the Puget Sound, Wash, area, by expanding an existing oil pipeline, was effectively killed by an unexpected amendment to recent O.S. marine protection legislation that prohibited the necessary expansion of off-loading facilities for tankers carrying Alaska crude oil into Puget Sound.


Mr. Waldon also estimated that it would cost about $ 2,8 billion to construct a 36-inch oil pipeline from the Mackenzie River delta to Edmonton, and $ 3,4 billion for 48-inch pipeline. The respective capacities for the two pipelines would be 800,000 barrels a day and 1,8 million barrels a day.
<:par>


Since mostly gas has been found in the western Canadian Arctic, a Mackenzie valley crude oil pipeline is not under active consideration at present.

Hydro-Quebec
Planning issue


FRANKFURT (DJ) -
Hydro-Quebec plans to offer a 150 million mark issue on the intenational capital market with a 6,25 per cent coupon and a final maturity of 10 years. A purchase fund is in effect until 1983 for amounts up to five million marks annually if the price is below par. Final terms will be set Dec. 6. The bonds are guaranteed by the Province of Quebec.

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