LNG in BC fantasy or reality

[maryjane48]

my kink alfred is this .


https://www.scientificamerican.com/arti ... rthquakes/

[hobbyguy]

https://www.theglobeandmail.com/report-on-business/rob-commentary/andrew-weaver-is-wrong-resource-jobs-are-real/article35560113/

To me, this an obvious lobbying opinion, however he makes some good points worth thinking about:

"Academics are often accused of being ensconced in an “ivory tower” – turrets of isolation and imagination where reality rarely intrudes. Fair or not, sometimes the indictment is accurate: Witness former University of Victoria academic and BC Green Party Leader Andrew Weaver and his frequent skepticism about the benefits of resource development."

That statement is something of an unfair generalization, but it does go the divide we witnessed in the last BC election. For Vancouver area residents and Victoria area residents, where public sector jobs abound, and the service sector is the big deal, resource related jobs are indeed "academic". There are no copper mines in Vancouver. Their closest experience is Britannia Beach - a historical development that paid zero attention to the environment. Copper mines are a distant thing that such urbanites never hear about or think about unless there is a problem that hits the news - to many of them the electricity hits the wall plug by magic. They come home on a cold winter evening to warm house heated by natural gas, and only possibly think about it briefly when paying the monthly bills - unless of course, like many, their bills are set up on auto pay.

"To be specific, Mr. Weaver has variously described several thousand construction jobs at the Site C dam site in northern British Columbia as “artificial.” His position, a flip-flop from several years ago when he argued hydro power was green, is connected to Mr. Weaver’s opposition to liquefied natural gas (LNG). Mr. Weaver now wants the dam, already under construction, cancelled; he argues its electricity would be provided to a “non-existent LNG industry.”"

"Mr. Weaver reminded a reporter of his statement from four years ago: “LNG isn’t going to happen; I said it cannot happen, because there’s no market for it.”

This rather skips over years of attempts to get LNG export plants built on B.C.’s coast. That includes Pacific NorthWest LNG with lead partner, Malaysia-based Petronas. That consortium has already spent $7.4-billion since 2013 in its attempts to build an LNG export terminal. Meanwhile, Woodfibre LNG’s processing and export facility, worth $1.6-billion, is already approved and moving ahead. Companies do not spend billions of dollars on unicorn-like fantasies."

"Another fact check: With a look back at 2016 and an estimate to 2020, the provincial budget forecasts $926-million in total natural-gas royalties alone, never mind additional corporate tax revenue. Then there is the $1.4-billion in provincial revenue in the sale and leasing of Crown land and drilling rights, a figure that includes proceeds from B.C.’s oil and gas sector. Development of an export-oriented LNG sector would only add to such totals."

The writer goes on to laud the Australian LNG industry, which has indeed created over 100,000 good jobs, but glosses over the downsides they have experienced. The lesson from Australia is that yes, LNG can provide a solid boost and create jobs, but everything in moderation.

[maryjane48]

petronis pulls plug . lng now dead


http://www.theprovince.com/petronas+pul ... story.html

[dogspoiler]

Petronas just cancelled the LNG project. I wonder how much money was spent so far ?

[maryjane48]

Petronas just cancelled the LNG project. I wonder how much money was spent so far ?

alot but there was lots more that needed to be spent . thats the way freemarket works . some winners some losers

[neilsimon]

I wonder how many will blame the NDP for the oversupply in international LNG markets.

[maryjane48]

Petronas, the Malaysian state energy firm with a 62 per cent stake in a consortium proposing to build a US$36-billion LNG project near Prince Rupert, did not offer a public thank you or congratulatory statement to the B.C. government of Premier Christy Clark for its efforts and hard-earned legislative victory.

The Pacific NorthWest LNG (PNW) consortium's other shareholders, Sinopec (10 per cent), Indian Oil Corp (10 per cent), Japan Petroleum Exploration (10 per cent), China Huadian (five per cent) and PetroleumBrunei (three per cent), have been equally quiet.


thats from 2015 . seems to me they had problems with bclibs then

[Dizzy1]

I wonder how many will blame the NDP for the oversupply in international LNG markets.

I wonder how many will praise the Liberals for dilly dallying instead of putting their foot down to get it built up and running? Petronas is looking elsewhere now. Don't blame them.

[Even Steven]

Well, what do you expect with the change in the gov't.

[flamingfingers]

Anyone who was reading up on global markets prior to 2013 could easily see that BC was way, way too late. Christy duped a whole lot of people into voting for her because of the LNG! LNG! LNG! TRILLIONS of dollars!!! JOBS! JOBS! JOBS!!!

[hobbyguy]

Market conditions for LNG have not changed much since 2013. So why did Petronas pull out now? What actually HAS changed?

Ah, the Green party made a backroom deal with the NDP party of "Noooo".

CEO of Petronas, "Well, we've gone from a small chance to no chance at all. Time to cut our losses and pull the plug." - if he didn't, his board fire him.

[maryjane48]

Market conditions for LNG have not changed much since 2013. So why did Petronas pull out now? What actually HAS changed?

Ah, the Green party made a backroom deal with the NDP party of "Noooo".

CEO of Petronas, "Well, we've gone from a small chance to no chance at all. Time to cut our losses and pull the plug." - if he didn't, his board fire him.

thats very below most posters standards to post an out right lie . i have read every petronas statement from today and have yet to see that one. what they did say is what they said few months ago , the prices and glut equal a no go . other countries are producing and have infrastructure in place . its the freemarket at work . what you should be asking yourself is why you so easily fell for the bclibs election marketing

[maryjane48]

well i googled hobbys made up quote and found this


We are disappointed that the extremely challenging environment brought about by the prolonged depressed prices and shifts in the energy industry has led to this decision,” Anuar said. He said the decision to cancel the project was not related to the change in government in B.C., where a coalition between the NDP and Green Party recently unseated Christy Clark’s Liberals.


http://business.financialpost.com/commo ... 404a3fc77d

care to refute financial post interview hobby ?

[maryjane48]

TransCanada Corp. which was selected to build a pipeline between the Montney formation and Prince Rupert to supply gas to the $11.4-billion liquefaction facility, said it would be reimbursed for all the costs it incurred in advancing the Prince Rupert Gas Transmission project so far, which RBC Capital Market pegs at $500 million.

transcorp gets full reimbusment as part of the deal so they not out a cent and petronas is still viable on quebec so they not hurting either

[harblz]

Market conditions for LNG have not changed much since 2013.

https://blogs.thomsonreuters.com/financ ... e-hub-bub/
https://ycharts.com/indicators/japan_li ... port_price

The links above seem to indicate that market conditions for LNG in Asia have changed substantially since 2013.

I don't claim to know much about this, but that seems maybe a little more reasonable than a week or so of an NDP premier killing a multi-billion dollar project.