Posted on 07/30/2017 3:04:56 AM PDT by Trump20162020
Booming energy production from U.S. hydraulic fracturing operations has hurt Canadian oil and gas projects, according to a report by Bloomberg.
Canadian energy projects have become less competitive than their U.S. equivalents for a variety of reasons, including tightening regulations, long approval processes and environmentalist opposition. Canadian Prime Minister Justin Trudeau’s attempts to expand energy exports while reducing the country’s greenhouse gas emissions has further complicated the issue.
Petroliam Nasional cancelled a $27 billion liquefied natural gas (LNG) export project Wednesday due to an “extremely challenging environment” for business. This followed a slew of sell-offs by major oil companies, including ConocoPhillips and Royal Dutch Shell, liquidating more than $20 billion in Canadian oil assets.
“It’s another negative data point for doing business in Canada,” Swanzy Quarshie, a Canadian investor who manages $80 million in energy assets, told Bloomberg. “The biggest concern is the perception that investors are not seeking Canada as an investment opportunity, and what does that do to other investment opportunities?”
U.S. fracking is out-competing Canadian oil and gas, so export terminals will increasingly be built in America. The U.S. is producing natural gas so efficiently it’s almost counterproductive to the industry. Additionally, American politics are far more friendly to energy exports than their Canadian equivalent.
“The disturbing part of this is that it’s not the first project and the first international major company to leave Canada,” Murray Mullen, CEO of a Canadian oilfield services company, told Bloomberg. “When you combine all of those together and you can’t get consensus, then nothing happens. I just worry that Canadians are missing the boat because we’re trying to over-analyze things.”
(Excerpt) Read more at dailycaller.com ...
Aaaaand we are just getting warmed up!!!
Petroleum is a commodity. The Saudis dumping oil has probably done more damage than US fracking.
Canada’s energy woes are mostly self-inflicted ... misleading headline/excuse
Aw shucks.
bkmk
Because, diversity, eh?
How much of Canada’s vaunted “Single-Payer” is funded through petroleum sales?
Agreed. Our politicians and activist judges have delayed projects and missed the window of opportunity. The massive electricity price hikes in the Province of Ontario demonstrate the folly of relying on “green” energy projects, and instead of learning a lesson the politicians are doubling down on this stupidity. The demise of the energy sector in western Canada will have huge ramifications for the national economy.
Saudi’s tried to bankrupt the US Fractors.
Saudi’s lost.
Sorry Canada.
Unlike everyone gets a trophy, Business plays for keeps.
The Canadian oil industry relies on hundreds of US firms for all kinds of stuff. Cessation of projects will mean a loss of US jobs.
“Canada’s energy woes are mostly self-inflicted ... misleading headline/excuse”
Yah, much of Canada’s oil is extracted from sand and tar. Cleaning it up and refining it is expensive and thereby at current prices not competitive.
Probably all of it that isn't paid for by healthcare rationing.
Couldn’t happen to a “nicer” country. The United States “northern leech” can go to Hell and take their little “nancy boy” Prime Minister with them. Canada is almost as bad as Mexico as a “neighbor!”
Every cancelled project in Canada saves the earth from globull warming,
Victory!
Canadian heavy-sour production really got going in 1948 or so I was told. Cold Lake, Lloydminster and a couple of other locations pumping from traditional wells came on in the early 50s. Some of the wells needed constant encouragement, spawning Canadian Fracmaster and similar “work-over” companies.
This crude always sold at a discount to WTI.
Winning!!! Our GOOD friends in Canada are on their way to becoming America’s farm team again. And the fool that leads them has begged for more muslim animals.
>>Canadian Prime Minister Justin Trudeau’s attempts to expand energy exports while reducing the country’s greenhouse gas emissions has further complicated the issue.<<
AKA the “eat more beans but don’t fart” policy.
Shut yer ignorant yap before you sound even more ignorant.
This Albertan vet has risked his life repeatedly for my southern brothers in arms, who I love like my own regimental brothers.
Don’t equate a bunch of liberals in Ontario etc to how western Canadians are.
I’m an oil and gas electrician and instrumentation guy now, and I’ve been doing well thanks to Trump. Thanks for electing him.
Shut yer ignorant yap before you sound even more ignorant.
This Albertan vet has risked his life repeatedly for my southern brothers in arms, who I love like my own regimental brothers.
Don’t equate a bunch of liberals in Ontario etc to how western Canadians are.
I’m an oil and gas electrician and instrumentation guy now, and I’ve been doing well thanks to Trump. Thanks for electing him.
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