Posted on 11/14/2007 6:23:22 PM PST by Dane
Alberta oil too costly: Saudi official Energy minister says Middle East a better investment than oilsands Shaun Polczer, Calgary Herald Published: Wednesday, November 14, 2007
Canada is one of the world's costliest oil producers and requires high prices to remain viable, Saudi Arabia's oil minister said in Riyadh on Tuesday, suggesting Saudi Arabia is a better value for investors.
Commenting in Arabic, Ali Al-Naimi noted that the "sands of oil" in northern Alberta need prices to be at least $40 to $60 US a barrel to develop the massive reserves, which are pegged as second only to Saudi Arabia's.
"Today, the price of oil is proper for producers there," he said at a news conference to kick off the third OPEC summit.
"If you can show me that investing and producing a barrel from the sands in Canada is better than investing and producing a barrel in Saudi Arabia, then I would go there, but it doesn't," Al-Naimi said bluntly.
(Excerpt) Read more at canada.com ...
No Norway is not a member, neither is the UK or Russia.
ALWAYS good for the competitior
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Wrong. It’s good for the competitor that wins the competition...bad for the one that loses.
Venezuela, Nigeria?
Venezuela is. And I think norway is also. I’ll check.
From what I remember it is right across the line in USA but our ENVIROMENTALISTS just wont allow it. We also of course have oil in Alaska, along the east coast along the west coast and some inland but I don’t remember where.
We all know we would destroy the beaches of Fl. and Ca. if we drilled in either ocean.
Of course the Chinese drilling 90 miles off Florida’s coast for Cuba will make certain we will never have any problem with the oil they are retrieving.
I sometimes think that in a few short years, if China does succeed, after a big hurricane and a big break in the oil lines, I wonder where that oil will end up. Most likely from prevailing winds etc it will be all up and down the eastern seaboard. It will serve USA right.
no kidding. anyone with familiarity knows the arabs can put you out of business in the blink of a camel’s lash. thats why we have such a keen interest in the region’s politics.
AND it renders Iran's proximity to the Straits of Hormuz a null point.
Cheers!
I believe the plan has been to relieve everyone else of their resource before tapping into ours. Or at least see how long you can try.
There is a saying that one should never get in an argument with somebody who buys ink by the barrel.
Similarly, one should never get in a price war with a nation which can produce oil for $2 per barrel. At some point the people who are investing in alternative energy schemes are going to find themselves producing product which is not price competitive even with vast government subsidies.
You are correct. I was wrong.
Members:
Angola (January 1, 2007)
Libya (December 1962)
Nigeria (July 1971)
Algeria (1969)
Iran (September 1960)
Iraq (September 1960) (Excluded from OPEC production quotas since 1998)
Kuwait (September, 1960)
Qatar (December 1961)
Saudi Arabia (September 1960)
United Arab Emirates (November 1967)
Ecuador (1963–1993, since 2007)[7]
Venezuela
Indonesia (December 1962; membership under review as Indonesia is no longer considered a net oil exporter by OPEC)
Perspective members:
Bolivia, Mexico, Sudan and Syria have been invited by OPEC to join.[8]
Sudan is currently seeking membership.[9]
Former members:
Gabon (full member from 1975 to 1995)
The USA was a member for a time when it was officially running the iraqi government...HOWS THAT FOR A GOTCHYA?
The Japanese have oil sands?
You said it all.
By percentage, you are getting more gas from Canada now than from Saudi.
I would rather make Canadians rich, not wahabbists that want to kill us.
Agreed. I'd be willing to pay a $1/gal premium easily to get Canadian oil vs Saudi oil.
Technical expertise on extraction and refining. Marubeni, Mitsui, Mitsubishi Heavy Industries, etc.
Japan doesn’t have oil itself, but they build the best refineries and petrochemical plants in the world — and they are always looking at ways to cut their dependency on Middle East crude.
They thought they had a good thing going with Mitsui-Sakalin Island, but Putin and his goons have moved in under the pretext of “environmental concerns” and blackmailed a majority share of the business out of them.
They still expect good things from that project, but given Moscow’s past use of the “energy weapon” in international negotiations, they don’t want to be come to dependent on Russia either.
Bottom line, if Alberta opens up in a big way, the Japanese will want to be in on the ground floor.
Just in case you have no idea what I was talking about.
Here at youtube, is the intro to “six million dollar man”, popular in the 1970s. Dang, thanks for jogging the old memory, have not seen that goofy lead to a series in probably 30 years.
http://www.youtube.com/watch?v=woOLEEu8RLI
“Canada is one of the world’s costliest oil producers and requires high prices to remain viable, Saudi Arabia’s oil minister said in Riyadh on Tuesday, suggesting Saudi Arabia is a better value for investors.”
At the rate OPEC is going, Canadian oil will soon be very price competitive.
Ablerta oil sands facilities have gotten the cost way cheaper than that.
There are $150 Billion in new projects are various stages ongoing.
Inventory of Major Alberta Projects
http://www.alberta-canada.com/statpub/albertaConstructionProjects/mpgetem.cfm
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