Amidst the growing ecological and corporate liability disaster that is the gulf oil spill, Denko Group COO Andre Garneau directs clients with oil holdings to focus their attention on the safer and more reliable oil sands projects.
At yesterday‘s Western Business Leaders Association luncheon, more than 120 high profile executives discussed the future of resource investing. The following excerpts are from the keynote address presented by Denko‘s Chief Operating Officer Andre Garneau;
“Once seen as cost prohibitive due to expensive extraction technologies, oil sands projects are now more than economically viable at today‘s oil prices. More importantly, it is an oil source that is within North America that has an impressive track record of worker and environmental safety. Output has also been steady and reliable. There are several companies poised to issue IPO‘s for expansion into production volumes that will take full advantage of economies of scale within their operations.
“Prior to the Gulf oil spill, we were directing our clients to diversify their oil holdings with oil sands stocks. Now BP‘s risk exposure is growing exponentially on a daily basis, and by association other offshore drilling stocks are under the gun. Due to these factors, we are now advising our clients to focus the majority of their resources on oil sands projects.
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