Word: alberta
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...Booming Alberta...
...next decade, decided that Gulf's only limit was the amount of new oil that could be found. The company wangled new concessions in Tunisia, Mozambique, launched extensive drilling in Canada's new fields, where Gulf has one of the world's biggest gas fields, in Alberta. He built new refineries in Venezuela and Kuwait, in three years boosted Gulf's Kuwait production from 23 million to 66 million bbls. annually. He boosted Gulf's world output from 160.1 million bbls. to 193.4 million, found new markets by buying up new retail outlets (Pure...
Social Crediters called for stricter adherence to the old creed two years ago, Manning sternly read them out of the party. The government-run University of Alberta no longer studies Social Credit as a political theory. From a hot-eyed economic reform movement, the Social Credit Party has changed into one of Canada's most conservative provincial governments, with a strict pay-as-you-go tax policy and a debt-retirement program...
Rent in Advance. A company ready to invest in Alberta oil can lease the rights on almost any amount of land by paying an advance yearly rent of $1 an acre and signing an agreement to go ahead with immediate exploration. When a company strikes oil, it has three months to map out its entire lease in alternate blocks, usually in checkerboard pattern. The company keeps half the blocks, and pays land rent to the farm owners (up to $1,500 a well), plus a government royalty averaging 14% on all oil produced. The alternate blocks of the checkerboard revert...
...Alberta's oil policy, bossed by Mines Minister Nathan Tanner, a Mormon bishop in private life, is a model arrangement between government and industry. Since 93% of all oil rights in Alberta are owned by the province, there is little of the feverish scrambling for land or the cutthroat competition that marked the oil booms of Texas and other areas where mineral rights were privately owned...