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 Trudeaus attempts to expand energy exports while reducing the countrys 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.
Its 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 its 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 its 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 cant get consensus, then nothing happens. I just worry that Canadians are missing the boat because were trying to over-analyze things.
(Excerpt) Read more at dailycaller.com ...
You snooze, you loose. The amazing Texas frackers should have a monument erected in their honor. They were the only thing keeping the US out of a Depression during the Obama years, they broke OPEC’s strangle-hold on our economy, and they can made us energy independent if the government will quit buying Middle East and Venezuelan oil. And as the price crashed from over $100/bbl to $40, they managed to stay in business, kept pumping, and have driven the Middle East producers to their knees, while US consumers enjoy $2/gal. prices.
Bravo!
In fact, the tremendous increase in natural gas supply has actually revived Americas plastics industry, since natural gas is a perfect base material to make plastics.
Low energy cost and abundant supplies of oil and gas
Feedstock for various petrochemicals, agrochemicals industries.
The USA will end up owning big chunks of these industries
Thursday, 9 Mar 2017 | 10:24 AM ET...CNBC
The U.S. is expected to see a wave of petrochemical plant openings between now and next year. Those plants represent about $50 billion of $160 billion in manufacturing investment earmarked by the industry since 2012, according to James Fitterling, president and COO of Dow Chemical. Among them are several big ethylene plants, including one expected to be opened by Dow in Freeport, Texas, in the second quarter.
"It's about 1.5 million tons of new capacity for us. It will be up in the second quarter sometime," said Fitterling, speaking in Houston at the CERAWeek conference, sponsored by IHS Markit. He said Dow also opened a billion-dollar propane dehydrogenation plant in Freeport at the end of 2015. "That was the first megaproject we've done on the Gulf Coast for quite some time."
Exxon Mobil this week announced a $20 billion spending program to expand its manufacturing capacity along the Gulf Coast, including some previously announced investment. The announcement came at CERAWeek.
Industry executives say this is the first big wave of chemical plant construction in decades.
President Donald J. Trump tweeted congratulations on Exxon's investment and promise of jobs. But the petrochemical renaissance has been building for several years. Trump's policy may unleash more if it results in the creation of pipelines and other infrastructure.
"The U.S. has gone from a shale gas boom to a petrochemical boom," said Scott Sheffield, CEO of Pioneer Natural Resources. While natural gas industry experts discussed the outlook for a long period of low gas prices at the conference, the petrochemical industry described what only can be viewed as a boom in an industry that had been declining in the United States.
Fitterling said there was a wave of plants that started construction back in the 2012 time frame, and between 2017 and 2018, there will be approximately $50 billion of that total $160 billion of capacity up and running. "These are all downstream petrochemical plants, including ethylene facilities, propylene facilities and all the downstream products associated with them. Another wave of plants some that started and some that were a little bit delayed and slid out to the 2019 time frame represent another $12 billion," Fitterling said. There are more than 20 big projects and other smaller ones, all which should be completed by 2023.
Another wave of new capacity is likely to be planned after that, Fitterling said. There are estimates that the current planned investment could generate 70,000 to 80,000 direct jobs
Just a little bit of the President Donald J. Trump leadership in MAGA.
Corrected headline:
CANADA SHOOTS SELF IN FOOT———AGAIN. (Energy, this time.)
There, all fixed.
I know of one piece of business Canada is missing. Mine. I’ve wanted to build on a certain piece of ground on the Yukon River in Yukon Territory Province for years. But, living alone, you have to have a gun in arms reach 24/7 not only for 4 legged animals but 2 legged ones also. YOU are your own sheriff!
My Remington 870 can’t be carried around all day. This means pistol. Pistol’s are illegal. I don’t fancy going to prison in Canada my last years on this earth.
Corrected headline:
CANADA SHOOTS SELF IN FOOT———AGAIN. (Energy, this time.)
There, all fixed.
Given our current congress, and twice electing Hussein; yes Trudeau is an idiot but we’re in no position to criticize our friends in Canada. We both have our problems..
:: since natural gas is a perfect base material to make plastics ::
The wells coming-in in the Permian’s Delaware sub-basin are showing up to 40% (v/v) of C2-C4.
As we say in the oil biz...that’s a lot of Saran Wrap!
Sorry Canada, but you can do the same thing. If you had Harper, instead of Trudeau we could tell Saudi and the other to F themselves..
Simple solution. If Canada doesn’t want fracking then don’t contract with US oil companies or write the contract banning fracking.
You can climb to be mohamedan, fire in self defence, and our ‘Dear Leader’ will give you $10.5 million CDN. Problem solved! </sarc>
‘climb’ s/b CLAIM
darn spell check/autocorrect sucks!
waaaaaaaah
I'm puzzled why Canada is not exploiting its hydroelectric potential. Hydro-Quebec has 37,000 megawatts of capacity. It supplies about 99% of the electricity used in Quebec and exports the rest.
Why don't Canadians exploit their huge potential for hydro? For some baffling reason hydro power is not considered "green". Canada could easily double its hydroelectric output in less than two decades.
New England which faces chronic energy shortages could partner with Hydro-Quebec. However, New Englanders can't even get the transmission lines built to support what is currently available. New England is apparantly exactly like California. They talk a good "green" game but are unwilling to fund even its rudimentary production or distribution.
Frack Canada
“including tightening regulations, long approval processes and environmentalist opposition.”
The libs try to impose hurdles for the oil pipeline process, which is the biggest of the oil projects for Canada, and then complain about the time it takes and the mode it is being done by.
And the media protects the people who try to harm us. Something about an anal/cranial insertion.
rwood
Canada is essentially 2 diff. countries...the Left out east and the west that aligns with Red state USA.
Ironic trump approves Keystone which helps Canadian tar oil get to refineries in cushing Ok.
What we have here is a regulatory battle of Canadian Enviro wacko’s not realizing what they do to a industry.
no diff than Aussies becomeing net food importers after a few years of enviro wacko’ regs
Yes and no - it does mean loss of jobs related to THOSE projects but it also means even more jobs are created in the US from fracking jobs and supporting industries. Net, net we are still better off and the tax domicile is the US for earnings, not Canada.
.......I think of the thousands of Canadian young men who landed on Normandy beaches and then I think of Trudeau. It’s hard to not conclude that Canada is just Lost....forever.
Does anyone see a pattern here? Build the pipeline, export coal, dominate the energy world, and DESTROY the middle east-all bridges and power plants. Why do you think Trump loves Putin?
...fyi, the specific beach was Juno that the Canadian 3rd Infantry Division had the responsibility to take from the Germans led by the the 9th Canadian Infantry Brigade and it’s 2nd Armored Brigade.
They encountered heavy resistance from the German 716th Division and lost 340 dead, 574 wounded and 47 captured.
This fact alone should disqualify Trudeau from leading Canada. Like the US in part, History obviously & simply has not been taught in Canadian Schools for decades.
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