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Old 11-12-2019, 12:01 PM   #4421
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This is a good story in an otherwise gloomy sea of stories:

Repsol Looks to Alberta to Replace Mexican and Venezuelan Oil

Repsol SA is looking as far away as Western Canada for oil for its European refineries amid dwindling supplies from Mexico and Venezuela.

The Spanish oil company is considering using rail to transport as much as half-a-million barrels of heavy crude a month 1,911 miles (3,075 kilometers) from Alberta to Montreal before loading it onto tankers bound for Europe, according to people familiar with the situation. The company has also considered shipping the crude to New Jersey for shipment to Europe.

The European company has typically sourced heavy crude supplies from Latin America, particularly Mexico and Venezuela. But U.S. sanctions, as well as civil strife, have crippled Venezuela’s oil production, which has fallen to less than 700,000 barrels a day from more than 2 million four years ago. Mexico’s oil production has fallen for 14 straight years to 1.83 million barrels a day in 2018. That’s left Repsol looking for alternatives.
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Old 12-02-2019, 09:32 AM   #4422
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https://globalnews.ca/news/6242957/h...medium=Twitter


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Husky Energy Inc. is cutting its capital spending plan for 2020 and 2021 by $500 million compared with its earlier guidance due to what it called changing market conditions.
The company is reducing its capital spending for 2020 by $100 million to between $3.2 billion and $3.4 billion. The spending plan for 2021 is being reduced by $400 million.

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The company says its capital spending for 2020 will focus on its Lloyd thermal project portfolio, its Liuhua 29-1 offshore project in China, and construction of the West White Rose Project in the Atlantic region.
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Old 12-02-2019, 11:17 AM   #4423
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Originally Posted by Ozy_Flame View Post
This is a good story in an otherwise gloomy sea of stories:

Repsol Looks to Alberta to Replace Mexican and Venezuelan Oil

Repsol SA is looking as far away as Western Canada for oil for its European refineries amid dwindling supplies from Mexico and Venezuela.

The Spanish oil company is considering using rail to transport as much as half-a-million barrels of heavy crude a month 1,911 miles (3,075 kilometers) from Alberta to Montreal before loading it onto tankers bound for Europe, according to people familiar with the situation. The company has also considered shipping the crude to New Jersey for shipment to Europe.

The European company has typically sourced heavy crude supplies from Latin America, particularly Mexico and Venezuela. But U.S. sanctions, as well as civil strife, have crippled Venezuela’s oil production, which has fallen to less than 700,000 barrels a day from more than 2 million four years ago. Mexico’s oil production has fallen for 14 straight years to 1.83 million barrels a day in 2018. That’s left Repsol looking for alternatives.
Brian Jean had an interesting piece this AM on CBC regarding Energy East.

https://www.cbc.ca/news/canada/calga...jean-1.5375934

I actually didn't know that TMX won't allow supertankers in.

It's a dirty little secret that most of the new TMX oil will be sold to U.S. west coast refineries. Very little of it will go to China, Japan, Korea or India, despite the fact that all of them want it. At most TMX will sell a few hundred thousand barrels a day to Asia.

You see, Vancouver's shallow port can't accommodate modern supertankers.

Most oil gets shipped in two million-plus barrel supertankers, but Vancouver can only handle 800 thousand barrel ships, and those can only be three-quarters filled before they bottom out.
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Old 12-02-2019, 11:19 AM   #4424
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Can we just dredge Vancouver Harbour? Maybe place most of the bottom silt on top of West Van?
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Old 12-02-2019, 11:27 AM   #4425
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Why is the terminal where it is, anyway? Wouldn't it make more sense to have it in Tsawwassen? It's where they ship all the coal out of.


https://goo.gl/maps/EiuhzYQ8NNxy3BWu7
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Old 12-02-2019, 11:38 AM   #4426
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Vancouverites, shallow just like their port.
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Old 12-03-2019, 03:42 PM   #4427
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https://twitter.com/user/status/1201964336291311616
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Old 12-03-2019, 03:53 PM   #4428
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Not surprising, it might be a miserable 2020.
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Old 12-03-2019, 04:02 PM   #4429
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This is terrible, and another big hit to our province. Why would anyone choose to stay here and operate at a loss, when all they have to do is shift their investment dollar south, where things are booming and the environment more stable? As captain said, not really a surprise.
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Old 12-03-2019, 04:49 PM   #4430
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This Halliburton news is bad, don't get me wrong but reading the 1 pt font tells you it's just the cementing group, not all of Halliburton.
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Old 12-03-2019, 04:58 PM   #4431
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that's two pretty big announcements in two days. Husky and Haliburton, probably takes close to a billion out of the economy.
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Old 12-03-2019, 05:17 PM   #4432
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that's two pretty big announcements in two days. Husky and Haliburton, probably takes close to a billion out of the economy.
Haliburton's cement business is $900m?
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Old 12-03-2019, 05:28 PM   #4433
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Really, Halliburtons market share will just get picked up by some of the sitting iron.
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Old 12-03-2019, 05:33 PM   #4434
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Halliburton swung the axe in the Calgary office a couple of weeks ago too, not a large number of positions compared to field operations. I was told about 20 people here.

But add up all the major service companies leaving Canada or downsizing and it adds up. First Baker Hughes (a couple of times) and now Halliburton. The service side jobs are the ones you don't see big announcements for. They just quietly go away in small bunches but they total up to way more people than the Operators have let go.

Cementing has always been a low margin business and it's tough for the big multi nationals to compete against the smaller independents and mid size companies.
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Old 12-04-2019, 02:28 PM   #4435
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that's two pretty big announcements in two days. Husky and Haliburton, probably takes close to a billion out of the economy.
The service industry is really in oversupply. Having big red, and BJ pull out of the country would likely be net positive for the rest of the industry. But really need to have some frac equipment leave to help, but there is so much parked in the states too, that where would it go?
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Old 12-04-2019, 02:38 PM   #4436
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The service industry is really in oversupply. Having big red, and BJ pull out of the country would likely be net positive for the rest of the industry. But really need to have some frac equipment leave to help, but there is so much parked in the states too, that where would it go?
Yah I don't think anyone is sad to see some of the big multi-nationals leave on the service side.
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Old 12-04-2019, 02:57 PM   #4437
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Halliburton is laying off in the US, too.

Announced they're closing a plant in El Reno, Oklahoma to the tune of 800 jobs.

LINK
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Old 12-06-2019, 08:07 AM   #4438
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An application from Chevron Canada for a 40-year licence to export natural gas from the proposed Kitimat LNG project has been approved despite environmental opposition, says the Canada Energy Regulator.


The application filed last spring to the National Energy Board, the CER's predecessor, aimed to double the previously approved export licence duration and increase the potential output of the facility to 997 billion cubic feet of natural gas per year.


That's the equivalent of about 18 million tonnes of liquefied natural gas, a substantial increase over the previous 10-million-tonne, 20-year licence, which is set to expire at the end of this year.
https://www.cbc.ca/news/canada/calga...-gas-1.5386132


Nice to have some good news on the approvals front..
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Old 12-06-2019, 08:29 AM   #4439
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Is that two plants approved then LNG Canada and Chevron? Or is LMG Canada now Chevron?
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Old 12-06-2019, 08:32 AM   #4440
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I think that must be a separate project, as Chevron is not listed on LNG Canada as a JV partner:


https://www.lngcanada.ca/about-lng-c...-participants/
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