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France to ban oil drilling
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maryjane48
- Buddha of the Board
- Posts: 17124
- Joined: May 28th, 2010, 7:58 pm
France to ban oil drilling
CALGARY - The traditional 20th anniversary present is china but Canada's Vermilion Energy Inc. (TSX:VET) is getting quite a different gift for its second decade as a light oil producer in France: a divorce petition with an implementation date of 2040.
France imports 99 per cent of the oil it consumes but the Calgary-based company produces three-quarters of the other one per cent. It thus stands to be more impacted than most by a draft climate change bill that could be law by year-end.
The bill would make France the first country in the world to ban all domestic hydrocarbon production.
In an interview at his downtown Calgary office, Vermilion CEO Tony Marino is taking the setback in stride, although the company produces about 11,400 barrels of oil per day in France, roughly 16 per cent of its overall output.
It even held its investors' meeting in Paris last spring to mark the 20th anniversary.
"We would have preferred to have an open-ended industry with no long-term end point. Perhaps policy will change over the next 23 years," he said diplomatically, adding the draft bill at least provides some "certainty" over the long term.
"It isn't something for us to get excited about."
Vermilion is an oddity in the Canadian oilpatch, a medium-sized company that produces 42 per cent of its oil and gas in Canada but gets the rest from onshore and offshore wells in Australia, Netherlands, France, Germany, Ireland and the United States. More recently, it has added exploration lands in Slovakia, Hungary and Croatia.
France imports 99 per cent of the oil it consumes but the Calgary-based company produces three-quarters of the other one per cent. It thus stands to be more impacted than most by a draft climate change bill that could be law by year-end.
The bill would make France the first country in the world to ban all domestic hydrocarbon production.
In an interview at his downtown Calgary office, Vermilion CEO Tony Marino is taking the setback in stride, although the company produces about 11,400 barrels of oil per day in France, roughly 16 per cent of its overall output.
It even held its investors' meeting in Paris last spring to mark the 20th anniversary.
"We would have preferred to have an open-ended industry with no long-term end point. Perhaps policy will change over the next 23 years," he said diplomatically, adding the draft bill at least provides some "certainty" over the long term.
"It isn't something for us to get excited about."
Vermilion is an oddity in the Canadian oilpatch, a medium-sized company that produces 42 per cent of its oil and gas in Canada but gets the rest from onshore and offshore wells in Australia, Netherlands, France, Germany, Ireland and the United States. More recently, it has added exploration lands in Slovakia, Hungary and Croatia.
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The Green Barbarian
- Insanely Prolific
- Posts: 85938
- Joined: Sep 16th, 2010, 9:13 am
Re: France to ban oil drilling
This makes sense given France's intelligent commitment to nuclear power. If all other countries were as smart as France and told all of the doom-saying anti-science hippies *removed* to shut the hell up and move ahead with nuclear, a lot of the mass money-losing and downright stupid wind farms and solar farms wouldn't be getting set up, as all those scams do is waste billions of taxpayers dollars.
Last edited by ferri on Sep 25th, 2017, 1:38 pm, edited 1 time in total.
Reason: off topic
Reason: off topic
"The woke narcissists who make up the progressive left are characterized by an absolute lack of such conscience, but are experts at exploiting its presence in others." - Jordan Peterson
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Jlabute
- Guru
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- Joined: Jan 18th, 2009, 1:08 pm
Re: France to ban oil drilling
Well, they will have to buy their lubricants, jet fuels, and piles of other stuff from somewhere else, which is what they already do. 11,400 barrels a day is practically next to nothing anyways so why even bother doing it. If you import 99% of everything you need, it is just too much of an added expense to produce your own 1%. It is good they are nuclear. Electric costs in France off-peak are about 0.07 euro per KWH.
Lord Kelvin - When you can measure what you are speaking about, and express it in numbers, you know something about it.
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gman313
- Lord of the Board
- Posts: 3538
- Joined: Sep 15th, 2008, 8:03 pm
Re: France to ban oil drilling
Jlabute wrote:Well, they will have to buy their lubricants, jet fuels, and piles of other stuff from somewhere else, which is what they already do. 11,400 barrels a day is practically next to nothing anyways so why even bother doing it. If you import 99% of everything you need, it is just too much of an added expense to produce your own 1%. It is good they are nuclear. Electric costs in France off-peak are about 0.07 euro per KWH.
Ya good point Airbus might move