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Monday, May 26, 2008
Irving Oil Receives Approval to Conduct Tidal Power Research in the Bay of Fundy - Company will partner with Huntsman Marine Science Centre for two-year research program
Comtex
SAINT JOHN, NB, May 26, 2008 /PRNewswire via COMTEX/ ----Irving Oil announced today that it has received approval from New Brunswick's Department of Natural Resources to explore the feasibility of tidal power development within the Bay of Fundy. The company will partner with St. Andrews-based Huntsman Marine Science Centre to conduct a two-year research program on 11 potential power generating sites in the Bay of Fundy, including regions extending from Cape Enrage, near Chignecto Bay, down to the Western Passage areas of Passamaquoddy Bay.
During the two-year research period, information on the natural environment, tidal patterns, climatic conditions and behaviour of aquatic life in the selected areas will be collected and studied to determine the suitability for development.
"When we shared the news that we were seriously exploring the possibility of Eider Rock, the broader community was excited but also wanted to know that our company would focus on environmental performance and explore renewable forms of energy," said Kenneth Irving. "It's very early in the development of tidal power, and there's still a lot we don't know, but we wanted to respond to our community's aspirations. The New Brunswick Energy Hub is about supporting Self-Sufficiency with energy projects that perform the best both economically and environmentally. We hope that tidal power becomes a key spoke in the Hub."
"This announcement gives us the platform we need to investigate an energy stream based on a renewable resource that will not only meet the standards of sustainability, but will also provide leadership in the development of ocean energy technology in Canada," said Bill Robertson, Executive Director of Huntsman Marine Science Centre. "We're excited to be partnering with a progressive energy company like Irving Oil, who shares our commitment to long-term sustainability. This is a winning partnership and proposition."
"The world-renowned tides of the Bay of Fundy have long been regarded as a significant source of tidal energy," said Jeff Landry, Manager of Business Development for Irving Oil. "We look forward to working with Huntsman Marine Science Centre to explore the potential of this innovative, alternative source of energy. The Huntsman is a leader in marine education and research, and a great partner."
Each of the 11 study sites measures 25 hectares in size and are located in four regions in the Bay of Fundy, including:
- Head Harbour Passage, southeast of Deer Island - Western Passage, west of Deer Island - Cape Enrage, near Chignecto Bay - Cape Spencer, near Saint John.
Earlier this year, Irving Oil submitted its proposal on tidal power generation to the Department of Natural Resources, in response to the government's Request for Proposal on tidal power research.
About Irving Oil
Founded in 1924, Irving Oil is a regional refining and marketing company with a history of long-term partnerships and relationships. Irving Oil is currently in the process of permitting and conducting preliminary engineering for a second 300,000 barrel per day refinery, expected to cost at least $7 billion. In March, Irving Oil and BP announced they had partnered to work together on the next phase of engineering, design and feasibility for this project, called Eider Rock. A decision on whether to proceed with the project is expected by the end of 2009. Irving Oil, in partnership with Repsol YPF, is also building the North American East Coast's first new LNG receiving and regassification terminal. The terminal is expected to be operational at the end of this year.
For more information, visit www.irvingoil.com About Huntsman Marine Science Centre
The Huntsman Marine Science Centre (Huntsman) is located in St. Andrews, New Brunswick, on the shores of Passamaquoddy Bay, The Huntsman is a science based, not-for-profit charitable institution that has been in operation since 1969. It was established by a consortium of universities, government agencies and private sector interests with the specific aim of facilitating collaboration between university, government research scientists and the industrial sector.
Its mission is the advancement of marine sciences (ocean sciences) through basic and applied research; delivery of a superior educational experience and provision of technical solutions for private and public partners.
For more information visit www.huntsmanmarine.ca
SOURCE Irving Oil Limited
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No, it's not a dance craze. Contago is a condition of supply and demand, essentially a fancy word to say that prices for items, typically commodities, are cheaper now than they would be at some point down the line.
Anything that¿s sold in the futures market can be in a case of contango. Futures are exactly that: a contract to buy an item or asset at a price in the future. This is the case with oil, with traders buying and selling contracts to acquire a barrel of oil in months down the line. When a market is in contango, spot prices, or the price of a commodity if you were to buy it right now, are lower than forward prices.
Why is that important? Well, it usually tells you the supply of a given commodity is plentiful (since, according to Economics 101, a large supply usually leads to cheap prices).
Incidentally, if you think contango is a mouthful, its opposite condition is known by the equally tongue-tying term backwardation.
