RBC Capital Markets

EXPERTS GATHER AT RBC CAPITAL MARKETS’ ANNUAL OIL & GAS CONFERENCE TO DISCUSS WHICH COMPANIES WILL BENEFIT OR SUFFER?

Press Release   •   Oct 06, 2010 14:07 BST

London, 6 October 2010 - RBC Capital Markets, the corporate and investment banking arm of Royal Bank of Canada (TSX: RY; NYSE: RY), today held its annual international Oil and Gas Conference at Claridge’s in London, bringing together the senior executives from the world’s leading oil and gas companies.

 

Opening the conference, Doug McGregor, Chairman and co-CEO, RBC Capital Markets, said: “The global economic outlook is delicately poised, with strong BRIC growth offset by tepid OECD performance and huge sovereign debt burdens.  While debt markets are increasingly functional, equity markets are selectively supportive of new issuance.  Oil has traded for the past year in a relatively stable $70-80/ barrel window, while historical collective wisdom in the gas market has been disrupted by recent enabling of the unconventional gas shale plays.

 

“Energy hungry sovereigns - in particular China, Korea and India - are under great pressure to secure hydrocarbon reserves; however, access to large reserves remains very challenging.  This is driving many buyers to seek unconventional oil and gas in size, particularly in OECD countries. These factors, together with valuations which have typically not yet climbed to pre-crisis levels, make the energy sector particularly attractive, and we expect a pipeline of significant M&A and equity issuance over the coming year.”

 

Simon Lockett, Chief Executive of Premier Oil, also attended. He said: “With a current production portfolio of long-life world-class assets, an increasing number of quality development projects, a strong balance sheet and an exciting drilling programme over the next 12 months, including follow-up to the Catcher discovery recently made in the North Sea and wells in the highly prospective Natuna Sea area in South East Asia, we are well positioned to forge continued growth into the future.”

 

Ian Springett, CFO of Tullow Oil was also speaking at the conference. He said: "Tullow’s exploration-led growth strategy is delivering excellent results. The world-class Jubilee field, discovered in 2007, is due to come on stream at the end of this year in record time and significant new oil discoveries continue to be made in both Ghana and Uganda. A high impact programme of exploration wells is planned over the next six months and we are continuing to build and strengthen our exploration portfolio for future years.”

 

Other companies sharing insights at the conference were: Bankers Petroleum, Canacol Energy, Chariot Oil & Gas, Dana Gas, Dominion Petroleum, EnQuest, Gran Tierra Energy, Gulfsands Petroleum, Ithaca Energy, JKX Oil & Gas, Kea Petroleum, Lamprell, Pacific Rubiales Energy, Petrominerales, Salamander Energy, Serica Energy, SOCO International, Sterling Resources and Valiant Petroleum.  Sir Christopher Meyer, KCMG Former British Ambassador to the United States, joined the conference as the keynote speaker during the lunch session.

 

To access the audio webcast, please visit: http://www.wsw.com/webcast/rbc122/.  The webcast will be available for 30 days after the conference.

 

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Media Enquiries:

Greentarget, London: Dafina Grapci-Penney / Phillippa Cantrill - Tel: +44 (0)20 7680 5052 / 5063

RBC Capital Markets: Louisa Fairman - Tel: +44 (0)20 7029 7821

About RBC Capital Markets

RBC Capital Markets is the corporate and investment banking arm of RBC and is consistently ranked among the top 20 global investment banks.  With over 4,000 employees, RBC Capital Markets is active globally in fixed income, foreign exchange, infrastructure finance, ECM, metals, mining and energy. Working with clients through operations in Asia and Australasia the UK and Europe and in every major North American city, RBC Capital Markets provides capital markets products and services from 75 offices in 15 countries. RBC Capital Markets international fixed income and treasury businesses are managed from London, which is the centre of a 24-hour trading platform, with major hubs in Sydney, New York and Toronto. For more information, please visit www.rbccm.com

About RBC

Royal Bank of Canada (RY on TSX and NYSE) and its subsidiaries operate under the master brand name RBC. We are Canada’s largest bank as measured by assets and market capitalization, and among the largest banks in the world, based on market capitalization. We are one of North America’s leading diversified financial services companies, and provide personal and commercial banking, wealth management services, insurance, corporate and investment banking and transaction processing services on a global basis. We employ approximately 78,000 full- and part-time employees who serve close to 18 million personal, business, public sector and institutional clients through offices in Canada, the U.S. and 51 other countries. For more information, please visit rbc.com.