Friday, January 22, 2016

Last Exit From Frackland.


The lede of Andrew Nikiforuk's latest in The Tyee:

A new industry report warns investors, governments and regulators that renewable forms of energy could outcompete high-cost and high-risk liquefied natural gas projects.

The sheer volume of shale gas in North America has blinded many of its key promoters to an important dynamic: "Namely the fast progress of renewable energy technologies capable of providing an alternative to one or more of the major sources of demand for LNG, electricity production and in the future perhaps heating," the report found...


If one were so inclined, it would be easy to dismiss the above as little more than pure opinion and conjecture.

But even the wizards and the cronies can't ignore the following:

Malaysia’s state oil firm, Petroliam Nasional Bhd., or Petronas, is planning to slash as much as 50 billion ringgit ($11.4 billion) in capital and operating expenditure over the next four years, according to an internal memo sent to staff by its chief executive officer...


What to do?

Well, as is ever (and has always been?) the case....

Send in the Lotuslandian proMedia expectations lowering team!


Which, as you might expect, is currently being led by Mr. Obvious himself in the pages of the Globe and Mail:

...I doubt Ms. Clark is overly worried that her re-election prospects might be dimming because of LNG. The fact is, she has the No. 1 economy in the country, a privileged position B.C. is expected to hang on to for at least a couple of years, according to the Conference Board of Canada. Her government has tabled three consecutive balanced budgets, driven in part by a real estate and construction boom, making it the envy of the country...

All of which makes one wonder if the puffed-up punditry is even paying attention.

What's the real key here?....Well, the way I see it....As the shift to renewables begins earnest we the people (who have been paying attention and know what has happened to Hydro and who know that the budget has been balanced on our collective backs, and who know that just about every young family in this province that doesn't have a sugar daddy and/or an astronomical slushpile of astronaut dollars cannot afford to buy a house in Southwestern BC) must ensure that the cronies do not suck up all the public money/assets/treasure/regulatory favours and, most importantly, ridiculously unsustainable longterm contracts once again....Which is why that incident in Haida Gwaii wherein our fine Premier suddenly started shoveling money to a crony-aligned local candidate off the back of a hastily constructed podium does matter....Merv Adey has more on how the Lotuslandian proMedia expecations lowering team has completely ignored that story...Here (see point #4).



Grant G said...

Perhaps Captain Obvious SPINNER should read this.

MLA Report, by Norm Macdonald

The New Year is always a time to reflect and re-evaluate, and as your representative to the Legislature, I’ve been thinking a lot about public policy and public spending.

The BC Liberals promised a Liquefied Natural Gas (LNG) industry that would create 100,000 jobs, an end to sales tax in B.C., a trillion dollars in economic activity, the elimination of the provincial debt and a $100 billion Prosperity Fund, with up to 17 LNG plants, the first to be up and running in 2015.

Turns out that none of those promises were real; the BC Liberals have failed to deliver on every count.

Instead of debt elimination, or even reduction, our debt under the BC Liberals has grown from $30 billion up to $165 billion, with more debt to be accrued.

And now with LNG stalled, Premier Christy Clark is placing all our economic hopes on the Site C dam project, which likely will cost more than $10 billion to build.


That was highlighted here..

And Mr. K...Did you hear about this?

And..I love this..Fun with LNG numbers..

Hugh said...

"driven in part by a real estate and construction boom (driven in part by money-laundering and ultra-low interest rates)"

And how do they claim balanced budgets, when the total provincial debt grows by $billions every year?

see page 126:

Grant G said...

And how can you ignore this.


B.C. holds first 2016 monthly natural gas, petroleum right sale

"FORT ST. JOHN, B.C. — Coming off its worst calendar year in more than three decades, and the first one below $100 million in bonus bids since the turn of the century, B.C. will today hold its first 2016 monthly sale of natural gas and petroleum rights.

It will offer eight parcels covering about 4,400 hectares, the same number of parcels purchased last January, which earned just over 2.2 million in tender bonus.

That however, was less than half of the 7.3 million earned from the sale of 21 parcels in January of 2014, and set the stage for a dramatic drop in the year-over-year bonus bids totals.

They went from 382.7 million in 2014 to 18.3 million last year, when five of the monthly sales failed to reach $1 million.

With the exception of 16.2 million in 1982, the 2015 total was worse than any calendar year on record with the Ministry of Natural Gas dating back to 1978.


Byelections on February 2nd...BC Liberals are talking Uber and High-tech...Absent is ANY BLATHER ABOUT LNG!


Grant G said...

Need a little more?


Moody’s says Petronas placed on review for downgrade

"KUALA LUMPUR: "Moody's Investors Service has placed the ratings of Petroliam Nasional Bhd (Petronas) and six south and south east Asian exploration and production (E&P) and integrated oil companies on review for downgrade.

The international ratings agency said on Friday the review was because oil prices have deteriorated substantially in the past few weeks and have reached nominal price lows not seen in more than a decade.

Apart from Petronas, the others are Energi Mega Persada Tbk, Oil and Natural Gas Corporation Ltd, Oil India Ltd, Pertamina and PTT Public Company Ltd.

Moody's sharply reduced its oil price assumptions in light of continuing oversupply in the global oil markets and demand growth that remains tepid. Iran is poised to add more than 500,000 barrels per day to global supply while OPEC and many non-OPEC oil producers continue to produce without restraint as they battle for market share."


I guess the Globe and Mail..Financial Post..The Province..The Vancouver Sun..Global BC..CTV and CKNW didn`t see any of these articles?

"There is none so blind as those who refuse to see"