Calgary Herald, April 28, 1967
Oil Industry Here ‘Great’ Despite Political Problems
Opportunities for finding new oil and gas reserves in Alberta are “great, but political problems are holding back production of existing known reserves,” Louis F. Davis, senior vice-president, Atlantic Richfield Company, Dallas, Tex., said in Calgary, Thursday.
Mr. Davis was addressing a meeting of the petroleum society of the CIM, on Economic Judgment and Planning in North American Petroleum Exploration.
He said Alberta has a vast potential for oil and gas reserves, and aside from the political problems, exploration financing costs must, and can be overcome.
He urged the representatives of the many oil companies present to “get in on the ground floor” when an area shows potential promise, adding that it may take time for the area to prove itself worthwhile, and if it does, the results would be financially rewarding.
“Finding costs can be the same whether you find a peanut, or a giant,” be said, “providing you get in early.”
Mr. Davis said: “We must also increase our methods and techniques for producing synthetic petroleum for shale, oil sands, and coal.”
In setting up a program of exploration, all available seismic, geological and other technical information should be poured into the program to better the chance of success, he said.
“Remember, your program is like a computer. It’s only as reliable as the information you feed into it,” he said.