1. On 12 December 2006, Communities and Local Government published its consultation paper on city development companies (CDCs). Rather than seek comments on a specifi c set of proposals, the consultation sought opinions on the rationale and the key principles for CDCs, as well as views on the form, function and location of such bodies.
2. We asked ten questions in the consultation paper: i. What are the advantages and risks in moving towards a more unifi ed approach to economic development at the city or city-regional level?
ii. Should Government seek to develop a city development company brand, with formal approval needed for city development company status to be granted?
iii. Is a variation on the Urban Regeneration Company model the best approach for city development companies to adopt?
iv. Are other existing models suitable for city development companies?
v. Do you agree with the suggested ‘basic principles’ for city development companies as set out in the paper?
vi. Will city development companies be more effective when operating at the cityregion scale?
vii. What are the functions that city development companies could most usefully perform?
viii. What role could city development companies play in supporting public-private regeneration vehicles?
ix. Do you agree with the suggested ‘governance’ criteria? Are other forms of ownership appropriate?
x. How could city development companies pursue innovative but reliable approaches to meeting running costs whilst avoiding confl icts of interest?
3. The consultation paper was published on the Department’s website. Letters publicising the paper were sent to each English local authority and over 100 other stakeholders and interested parties. These included Regional Development Agencies, Regional Assemblies, regeneration practitioners and others. During the consultation period, discussions were held with various consultees on a one-to-one basis and via correspondence.
Download report (2007) (16 pages; 227KB PDF)
The International and Offshore business includes our International operations and interests off the East Coast of Canada.
Outside of Canada, we have operations in the North Sea, North Africa/Near East and Northern Latin America. This business is growing by optimizing existing assets, implementing a balanced exploration program and pursuing business development opportunities. In the North Sea, we produced 43,700 boe/d net in 2006 and growth is expected in 2007 as the Buzzard field (in which we have a 29.9% interest) ramps up. In the North Africa/Near East region (Libya), we produced 49,400 boe/d net from continuing operations in 2006. In Northern Latin America, a 17.3% interest in a natural gas development in Trinidad and Tobago produced 63 MMcf/d (10,500 boe/d net) in 2006. Our exploration program spans all three regions.
In East Coast Canada, our participation in major offshore projects contributed production of 72,700 boe/d net in 2006. This production came from Terra Nova, (operator and 34% interest), Hibernia (20% interest) and White Rose (27.5% interest). At Terra Nova and White Rose, the oil flows from wells on the seabed into Floating Production Storage and Offloading (FPSO) vessels. Hibernia produces oil from a concrete gravity base structure. Our goal for East Coast Canada is to sustain profitable production by extending existing reservoirs and tying in satellite fields.
Petro-Canada International offices
Port of Spain
St. Petersburg Stavanger
Download Report (2006) (26 pages; 1.1MB PDF)
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