02 December 2009

Converting principles to cash: more stuff they don’t want you to know, let alone think about

Natural resources minister Kathy Dunderdale on the potential that more oil in White Rose would be a good thing for the province’s energy corporation, and demonstrating the whole “control” philosophy:

This is outstanding news for the people of this province and it certainly proves our critics wrong. Our decision to take equity in these resource projects is already paying tremendous dividends. Our government is taking greater ownership in the development of our resources in the best interest of the people of the province, and for the greatest benefit of the people of the province.

Of course, the whole thing depends on the price of oil over time staying way up where it is now and going even higher.

Well, that and that other bit of government energy policy Kathy and her pals don’t like to talk about:

a corporation that perhaps some day may have enough value in its assets overall as a result of the Hebron deal and the White Rose deal, possible Hibernia deal, possible deals on gas, possible deals on oil refineries and other exploration projects, where hopefully we might be able to sell it some day and pay off all the debt of this Province, and that would be a good thing.