RBC Capital Markets Hosts International Oil And Gas Conference

 

London, October 9, 2008 - RBC Capital Markets, the corporate and investment banking arm of Royal Bank of Canada (TSX: RY; NYSE: RY), today held its inaugural international Oil and Gas Conference at Claridge's in London. The conference brought together the senior executives of leading oil and gas exploration and production companies including Addax Petroleum Corp and Niko Resources Ltd.

 

Opening the conference, Bill Sembo, Vice Chairman, RBC Capital Markets, commented: "It is important to remember that the fundamentals facing the oil and gas industry remain largely intact; namely, unprecedented global demand coupled with a huge supply challenge.  This has been compounded by a shortage of capital and a high cost environment.

 

"There has been a growing presence of independents operating in international jurisdictions for over 60 years. As a result, this group has established its legitimacy amongst a broad universe of institutional and retail investors. This sector of the petroleum industry has been responsible for many of the world's great hydrocarbon discoveries."

 

Commenting on the current economic climate and the effects on the energy sector, Russell Jones, Head of Fixed Income and Currencies Strategy, RBC Capital Markets said: "The world economy is headed for a serious recession, perhaps on a par with the downturns experienced in the early-1980s or mid-1970s. Whatever the longer term bull case for energy related commodities flowing from the development of China and the other "BRICS", the immediate cyclical dynamics are, to say the least, challenging."

 

Among the speakers at RBC Capital Markets' Oil and Gas Conference was Jean Claude Gandur, President and CEO of Addax Petroleum, who said: "I strongly believe that increased foreign investment of human and financial capital will ultimately benefit the people, infrastructure and economy of the Kurdistan Region of Iraq, and of Iraq as a whole. Having first taken an interest in the world class Taq Taq field in 2005, we look forward to continuing to collaborate closely with the KRG authorities as we build up production and grow our presence in the region."

Also speaking was Edward Sampson, President and CEO of Niko Resources Ltd who said: "Niko looks forward to first gas from block D6 at the end of 2008, which should double India's gas production through 2009."

 

Other speakers sharing insights at the conference were Delta Hydrocarbons, Bowleven, Gulf Keystone Petroleum, Heritage Oil Ltd, Rift Oil Plc, Western Zagros Resources Ltd, Canoro Resources Ltd, Hardy Oil and Gas, Sterling Resources Ltd, Stratic Energy, Antrim Energy Inc, Arawak Energy Limited, Coastal Energy Company, Ithaca Energy Inc, Resaca Exploitation, Gulfsands Petroleum, Premier Oil, SOCO International, Venture Production and Sterling Energy Plc.

 

To access an audio webcast, please visit http://wsw.com/webcast/rbc98/.  The webcast will be available for 30 days.

- end -

Media Enquiries:

Greentarget, London

Anna Watson / Phillippa Cantrill

Telephone: +44 (0)20 7680 5052 / 5063

 

RBC Capital Markets

Louisa Fairman / Beverley Weber

Telephone: +44 (0)20 7029 7821 / 7685

 

About RBC's Energy business

RBC Capital Markets is a leading adviser and financier to the global energy sector (oil & gas, renewables) in the primary and secondary markets. Our 165 dedicated energy professionals provide on-the-ground in-depth industry knowledge and execution capabilities (corporate finance, M&A, research, sales and trading) to the world's largest energy companies including exploration & production, oil field services, pipelines, MLPs, refining and marketing, and alternative sustainable renewable businesses. RBC's equity research covers more than 200 global energy companies.

 

About RBC Capital Markets

RBC Capital Markets is the corporate and investment banking arm of RBC and the 12th largest investment bank in the world (Bloomberg, April 2008).  RBC Capital Markets is active globally in fixed income, foreign exchange, infrastructure finance, metals, mining and energy. RBC's international fixed income and treasury businesses are managed from London, which is the centre of a 24-hour trading platform with major hubs in Toronto, New York and Sydney. 

 

RBC (RY on TSX and NYSE) is Canada's largest bank as measured by assets and market capitalisation (market capitalisation of US$62 billion as at 12 September 2008) and ranks among the top 20 banks in the world (#15 at 12 September 2008). RBC is the 5th largest financial institution in North America with over 75,000 employees globally, serving more than 16 million personal, business, public sector and institutional clients through offices in 47 countries around the world. RBC has a Tier 1 capital ratio of 9.5% and senior debt ratings of Aaa (Moody's), AA- (S&P). RBC has been named the safest financial institution in Canada and 3rd safest in North America (Global Finance, 1999-2007). For more information please visit www.rbccm.com