Official (Alberta) Oil Discussion Thread

[edslunch]

Originally Posted by burn_this_city

Line 3 in service Oct 1st.

https://www.cbc.ca/news/canada/calga...line-1.6193519

This is good news. Will this be used to increase export capacity or replace rail?

[Zarley]

WTI trading at its highest level since 2014 and no discussion here? What's going on?

[Fuzz]

Originally Posted by Zarley

WTI trading at its highest level since 2014 and no discussion here? What's going on?

Our spirits are broken.

[Bring_Back_Shantz]

Originally Posted by Fuzz

Our spirits are broken.

Nah, too busy stacking all these extra cold cuts!

[Azure]

Canada should be all in when it comes to natural gas.

We are extremely short sighted.

[burn_this_city]

$0.85 away from steak and cheese subs. I keep expecting the markets to waterfall at any moment.

[accord1999]

Originally Posted by Azure

Canada should be all in when it comes to natural gas.

We are extremely short sighted.

Australia thanks us for our generosity:

By exporting an estimated record 77.5 million t of locally produced LNG in 2019, Australia has edged out the former number one LNG export titleholder Qatar, expected to produce 75 million t in 2019 (results to be confirmed).

Australia’s 2019 LNG exports were more than twice those of the US, the world’s other fast-growing LNG producer. The US Energy Information Administration expects the US to have exported 34.3 million t in 2019.

Dr Bethune said EnergyQuest analysts estimated total 2019 LNG export revenue was A$49.0 billion, up from A$43.3 billion in 2018 and A$9.4 billion a decade ago in 2010 at the start of the Australian LNG development boom.

“To put the A$49 billion of LNG export revenue in context, the total value of exports of both goods and services from Victoria was estimated by Global Victoria to be A$57.7 billion in 2018 – 2019,” Dr Bethune said.

“So, LNG contributed nearly as much export revenue last year as all of the exports from Australia’s second-largest state.”

https://www.lngindustry.com/liquid-n...porter-of-lng/

[chemgear]

Originally Posted by accord1999

Australia thanks us for our generosity:






https://www.lngindustry.com/liquid-n...porter-of-lng/

[Locke]

Originally Posted by Fuzz

Our spirits are broken.

Remember that time we were going to build a pipeline all the way East?

We are too stupid to have nice things.

[you&me]

Originally Posted by accord1999

Australia thanks us for our generosity:

Pffft, what could we use $49B for?

[GGG]

Originally Posted by Locke

Remember that time we were going to build a pipeline all the way East?

We are too stupid to have nice things.

That was a crappy pipeline, Tarrifs were ridiculous.

[Locke]

Originally Posted by GGG

That was a crappy pipeline, Tarrifs were ridiculous.

I dont know all of the details, sure. But one of the important things that this Pandemic should have taught us is that we need to be independent in some very key areas and energy is one of the big ones.

I think about this: Eastern Canada imports a lot of their energy, well look no further than a lot of businesses that are struggling with shipping costs and availability.

If they have to ship everything over that energy is going to get very expensive in a real hurry.

[Oil Stain]

Originally Posted by chemgear

The time to be getting in on the LNG game was during Harper's reign.

Shell's prelude project received funding in 2011 and become operational in 2018.

[cal_guy]

Originally Posted by Oil Stain

The time to be getting in on the LNG game was during Harper's reign.

Shell's prelude project received funding in 2011 and become operational in 2018.

Back then North America was planning LNG IMPORT terminals. In fact a couple US LNG export project got online at right time because they were originally plans as import projects. Basically the market got it completely wrong and it worked out for them.

Originally Posted by Locke

I dont know all of the details, sure. But one of the important things that this Pandemic should have taught us is that we need to be independent in some very key areas and energy is one of the big ones.

I think about this: Eastern Canada imports a lot of their energy, well look no further than a lot of businesses that are struggling with shipping costs and availability.

If they have to ship everything over that energy is going to get very expensive in a real hurry.

Most of that imported oil if from nearby US sources, if that oil is expensive ours isn't going to be cheap.

[Tron_fdc]

Wasn't Petronas going to build some giant LNG terminal in Prince Rupert or something?

I don't recall exactly what happened, only that I knew someone that was offered a job on their legal team and they walked when the project was shelved. That was over 10 years ago so I might not be remembering correctly.

[Mr.Coffee]

Yes.

I feel so bad for Petronas haha. Also any of the large companies involved in LNG. Can’t be done in Canada very easily at all.

Such a gong show country. Now the Blueberry FN have frightening control in NEBC as well. People have no clue how tough it’s been actually.

But I’ve learned that it doesn’t matter anymore. Oil companies are the villains and always will be, despite the fact people refuse to adjust their lives.

[chemgear]

Originally Posted by Oil Stain

The time to be getting in on the LNG game was during Harper's reign.

This is still a thing?

The time for people to save for retirement was in their 20's. But #### it, not going to bother in your 30's, 40's or 50's.

[Tron_fdc]

Yikes, I just googled it and found this

https://financialpost.com/commoditie...lved-in-canada

Somewhere in the range of 50-80 million tonnes of LNG egress per year has been mothballed over the last decade. I'm sure there's a lot of overlap in capacities with the 3 or 4 different projects listed, but that's a LOT of money. Asian LNG is around 6.8 $/mmBTU (lhv) or 318 $/ton USD. US LNG is around 1/3 that price if I am reading things correctly.

That's an outrageous amount of revenue and missed royalties, even taken on the low end of the scale.

[nik-]

Originally Posted by Tron_fdc

Yikes, I just googled it and found this

https://financialpost.com/commoditie...lved-in-canada

Somewhere in the range of 50-80 million tonnes of LNG egress per year has been mothballed over the last decade. I'm sure there's a lot of overlap in capacities with the 3 or 4 different projects listed, but that's a LOT of money. Asian LNG is around 6.8 $/mmBTU (lhv) or 318 $/ton USD. US LNG is around 1/3 that price if I am reading things correctly.

That's an outrageous amount of revenue and missed royalties, even taken on the low end of the scale.

Yeah, but think of all the countries that will point at us and say "Look. Look at Canada leading the charge on thinking of the environment. They shot themselves in the foot in regard to their economy and their sovereignty because they're so influential and everyone will follow their lead"

Or they'll laugh at us because we're idiots and no one cares about what Canada does in the slightest because we're irrelevant. One of the two.

[Tron_fdc]

For anyone that wants to read the most bullish take on oil I’ve seen since 2008, give this a perusal.

https://oilprice.com/Energy/Oil-Pric...e-180-137.html

It frightens me to think where oil and gas might go, and what it would mean to this province.