Williams has insisted on a higher royalty rate for the province and a 4.9 per cent ownership stake in the project, which according to some estimates could produce more revenue for Newfoundland than its three other offshore operations combined.
ExxonMobil, the largest equity holder in the $5-billion project, has warned that the premier's refusal to budge could stunt the growth of the province's offshore oil industry.
One week after ExxonMobil posted the second-largest quarterly profit recorded by a publicly traded U.S. company (ExxonMobil also posted the largest), Hebron remains on the shelf and Williams has reinforced his position.
"A lot of this is posturing," said Memorial University economist Doug May, adding that many in the province support the government's quest to wrest more money from ExxonMobil and its partners.
http://cnews.canoe.ca/CNEWS/Canada/2006/08/06/pf-1722114.html
[Proofreader's note: this article was edited for spelling and typos on August 8, 2006]
Note: http://cnews.canoe.ca/C...
Big Oil Standoff An Attempt To Rectify N.L.'s Legacy Of Bad Deals: Premier
Posted on Monday, August 07 at 13:58 by jensonjContributed By
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analysts = toadies who work within the system for big oil interests
long term, Newfouldland will win simply because the need for the oil is there and all the posturing by big oil won't change that. They need the oil, end of story.
Long as he doesn't blink, he'll win.
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"and the knowledge they fear is a weapon to be used against them"
"The Weapon" - Rush
Exactally.
"ExxonMobil, the largest equity holder in the $5-billion project, has warned that the premier's refusal to budge could stunt the growth of the province's offshore oil industry."
Bull. Exxon won't pass up a chance to get 'cheap' crude, especually with 8% of the US's daily crude offline in Alaska. Go Danny!
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"I think it's important to always carry enough technology to restart civilization, should it be necessary." Mark Tilden