D Three Technology Blog is reporting today that Canadian oil industry giant Canadian Natural Resources Ltd. has responded to Alberta's new royalty regime with a slap and a tickle.
Canadian Natural Resources Ltd created and controlled by billionaire Murray Edwards is shifting its plans for natural gas drilling, saying it will move production to British Columbia, West Africa and the North Sea. It will however keep its oil sands investment plans, which amount to more than $20-billion and are the future of the company.
Yesterday, Canadian Natural Resources Ltd prominently declared it would cut its gas drilling in 2008 by about 40 per cent because of higher royalties to be imposed in Alberta starting in 2009. The natural gas cut is less than the 67 per cent that the company had previously said it would make but still a major blow to the sector as it begins its winter drilling season.
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