bout de papier, Vol. 3, No. 3 (1985) — Fall 1985 // Automne 1985, p. 29
A strong entrepreneurial drive has thrust Bow Valley Industries Ltd. from its humble beginnings in 1949 to the forefront of the oil and gas industry today. Bow Valley has grown from a small Canadian-based enterprise to a major energy company with operations in I countries, direction of Daryl K. “Doc” Seaman, direction of Daryl K. Founder of the company. Today the company has 1,200 employees, gross revenues of $800 million and a stock market valuation approaching $1 billion.
Bow Valley’s programs are international in scope, with oil and gas exploration and development programs conducted in Northwest Europe, Southeast Asia, the Mediterranean area, the Middle East and North America.
In 1984, the company more than doubled its net income and its cash flow over the previous year. Oil production in the United Kingdom, Indonesia, Canada, and Abu Dhabi improved significantly. In the first six months of 1985, Bow Valley’s average oil production from its international operations (in barrels per day) was: United Kingdom -13,858, Indonesia – 10,907, Abu Dhabi —828, United States — 2,940 and Canada —2,255, for a total of 30,788 barrels per day. Production is currently 35,000 barrels per day which, compared to average rates of 5,000 barrels per day in 1982, represents one of the best percentage increases in the Canadian oil industry.
The largest source of oil production is the United Kingdom sector of the North Sea, where Bow Valley holds a 14 per cent interest in the five Brae Blocks. Bow Valley’s oil reserves in these fields amount to over 100 million barrels of oil and almost 300 billion cubic feet of natural gas. The Company also has an eight per cent interest in the Heimdal gas condensate field in the Norwegian sector of the North Sea. Bow Valley’s share of reserves is 93.6 billion cubic feet of gas and 2.2 million barrels of condensate. Production will begin in 1986 and will peak shortly thereafter at 27 MMcf per day to Bow Valley.
In Southeast Asia, the company’s most significant holding is a 40 per cent interest in the 3.1 million acre Corridor and Tempino blocks.
On the North American continent, Bow Valley holds an interest in 8.1 million acres in Canada. Its major petroleum assets in Canada include 23.5 million barrels of oil reserves and 630.1 billion cubic feet of gas reserves. Off the east coast of Canada, it holds varying interests in approximately one million acres on the Scotian Shelf and 2.4 million acres on the Grand Banks. The Mackenzie Delta and Beaufort Sea areas have good potential for future production.
In the U.S., Bow Valley’s proved oil and gas reserves are located primarily in the Rocky Mountain region, the Mid-Continent, the Gulf of Mexico, and the Appalachian states.
Another facet of Bow Valley’s global involvement is a 47 per cent interest in Bow Valley Resources Services Ltd. (BVRS), the largest oil well drilling contractor in Canada, with 52 oil well drilling rigs in North America as well as several international locations. BVRS also has a manufacturing and distribution operation.
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Originally published in bout de papier, Vol. 3, No. 3 (1985) — Fall 1985 // Automne 1985, p. 29. Read the rest of this issue →
