Tuesday, June 21, 2016

Postmedia Defends the Indefensable, Site C Dam Boondoggle and Defunct British Columbia LNG Industry



Written by Grant G



Ross K likes to use fanciful verbiage when describing British Columbia's media and BC's provincial Liberal government..."lotusland...Clarkland..Clarklandia" etc etc etc ..

And if one really thinks about it....Ross K's descriptors are the most accurate around...

Is there any better way to describe our legislative reporting gang..?..Perhaps..The in need of polident denture glue?..that way they can sink their teeth into a story or scandal without fear of their pearly whites falling out...or perhaps we could call our legislative reporting gang...The demented bunch...

as in suffering from dementia, suffering from selective memory loss and prone to fits of anger when bloggers and BC Poli watchers attempt to set the record straight....isn't that so Keith Baldrey?

Lotusland legislative reporting from "the demented bunch" and back of the napkin governing from the "queen of mean" Christy Clark...

As Norman Farrell pointed out just yesterday....back in 2005 in the lead up to that provincial general election Gordon Campbell and these same BC Liberals presented another whopping vote getting fairy tale..that being..

British Columbia will become a hydroelectric exporting super-power, run of river power generation could create as many as 400,000 jobs....

Now in 2016 BC Hydro is drowning in debt and with future obligations going out decades, future obligations to buy at guaranteed prices from run of river power projects electricity at rates far above what BC Hydro can sell it for...to the tune of $70 billion worth of power buying...BC Hydro might be able to sell this un-needed power for $30 billion....maybe...that leaves a $40 billion dollar hole to be picked up by BC Hydro ratepayers.....it's about to get real ugly...

https://in-sights.ca/2016/06/20/bc-citizens-dutiful-oysters/


"Lotusland media reporting" indeed....I remember very well...Bill Good was on air blathering the BC Liberal talking points..the years were 2004..2005...2006...and on and on..at the time I was a regular caller to CKNW radio, and the cutting edge of the ledge Friday segment....I recall arguing with Bill Good..Keith Baldrey and Vaughn Palmer about run of river and the guaranteed contracts..I discussed the selling of public rivers to BC Liberal friends and party donators....

I remember too well...and I wasn't alone.....John Calvert..


https://www.amazon.ca/Liquid-Gold-Privatization-British-Columbia/dp/1552662446

John Calvert wrote of this exact scenario....debt obligations and the demise/bankrupting of BC Hydro....

John Calvert was absolutely correct....funny..Bill Good..Keith Baldrey and Vaughn Palmer defended the run of river scheme, those BC Liberal pom pom girls claimed that the argument I was making and John Calvert was making against run of river private power generation was an..

"ideological argument, not grounded in facts,, merely a weak public ownership versus private ownership"......

actually, it wasn't, our argument was two-fold...destruction of wild fish habitat and the financial argument, the bankrupting of BC Hydro......

John Calvert was right...so was I.......BC Hydro is in a huge financial pickle...a politically made pickle..

More importantly....where is the legislative reporting gang, what happened to holding the government to account?...that selective memory thingy rears it's head again...you know.."The demented gang"

There is no mention anymore of B.C. becoming an electrical exporting super-power..Huh?...those 400,000 mystery jobs..what jobs?...it's like it never happened, those long-gone BC Liberal election promises...funny eh, yet our legislative media and MSM still has to energy to discuss Fast Ferries and Glen Clark tales from the darkside...including a 2016 Global BC newshour Glen Clark anniversary trilogy special...did I mention run of river power buying contracts are bankrupting BC Hydro...

From Canwest to Post Media...what a fall, from quality journalism in the 21st century to printing blatant partisan propaganda originating in corporate boardrooms...Corporate agenda disguised as news, portrayed as fact..spin, distort, delete and more importantly...omit the real facts...

Just for a moment...let's forget that Christy Clark and the BC Liberals promised a 100,000 plus LNG jobs...the elimination of the provincial sales tax, elimination of the rapidly growing BC Debt, money for schools, hospitals, First Nations and northern communities and a whopping $100 billion dollar prosperity fund....

As Norm Farrell points out in his radio spot with Ian Jessop....The media forgot all about Gordon Campbell and the BC Liberal's grand promises related to run of river....I guess that gives Christy Clark and this current batch of Liberals confidence that the same "media memory loss" will occur in the 2017 election....

Such sad reporting, I wonder what it's like to belong to an organization where one's school training, one's ethical guidelines are tossed out, ....Journalism and media ethics...honour, ethics and the ability to look in the mirror flushed down the toilet..all for a paycheque...

Right now...today, June 21st 2016...The BC Liberal government is running around like chickens with their heads cut off...Christy Clark trying to dispel her "queen of mean" reputation...BC Liberal government running around like chickens(cluck cluck cluck) trying to put out vote snuffing fires...School/education Money infused in Coralee Oakes riding, an attempt to save this lacklustre BC Liberal ....School funding rules being made on the fly...a BC Liberal held riding, if there is a chance of losing the seat..infuse some cash, save the riding's school....if the riding is NDP...well..95% capacity required for Seismic funding, 95% capacity required to keep the doors open...BC Liberal riding where they are vulnerable...forget about that 95% requirement..50%..30%...it's ok..we'll save the school..

Bill Good...Keith Baldrey..Vaughn Palmer....Those three stooges so defended Gordon Campbell and his run of river scheme....They, those stooges were not neutral..they were promoters, those stooges went after any and all who weren't on board with private run of river power, and the fact that run of river is a financial boondoggle..those three media voices would rather forget run of river ever happened than admit how they were wrong, won't admit they promoted run of river on radio and in newspaper print (Canwest)...any valid arguments made against run of river those three parrots started echoing Gordon Campbell's spin..years later.....Suddenly, there it is, again, "selective memory loss"...What run of river disaster...Who talks about the disasterous financial numbers related to run of river and BC Hydro..Bloggers, internet scribes, Farrell, Rafe Mair..Straight Goods..

A story finally appeared in the Vancouver Sun, an article where the economics of the Site C dam project is seriously called into question....as in another financial boondoggle in the making...

I will not get fooled again into thinking that Post media is finally prepared to do it's tasked job, informing the public of facts, unbiased facts...

The financial damning Site C dam article didn't linger on the Vancouver Sun front page very long,  it was quickly replaced with another Site C dam bafflegab word salad special....it tells no facts, it implies, suggests, it muses...

I will highlight the particular offending Vancouver Sun article.......however, let me first say...the offending Vancouver Sun article on Site C is ....lost, has no direction, all over the map..

I see clearly what Post Media is up to....in their bid to reelect the BC Liberals, in PostMedia's latest article(?) on Site C .... PostMedia leaves all their BC Liberal promotional options open....

 In an article titled...


Justin Trudeau "Open" to $1-billion  B.C. power line into Alberta

The article is confused, it leaves all options open...here are some of the offending passages...
_____


"Premier Christy Clark’s government has launched “exploratory” talks on a jointly funded project, estimated to cost close to $1 billion, with the Alberta and federal governments.

The objective would be to help BC Hydro improve the economics of the $8.8-billion Site C hydroelectric project, while helping Alberta reduce its dependence on coal and natural gas.

Alberta Premier Rachel Notley’s government, meanwhile, has expressed an interest in the notion as long as B.C. shows more support for an oilsands pipeline to carry diluted Alberta bitumen to the West Coast."


______


First off..exploratory talks?...how is it a massive $10 billion taxpayer funded project is allowed to even get off the ground..why isn't the media assailing Christy Clark and the BC Liberals over sanctioning an uneconomical project...

here is a little more from the spinning article..

_______

"Alberta Premier Rachel Notley’s government, meanwhile, has expressed an interest in the notion as long as B.C. shows more support for an oilsands pipeline to carry diluted Alberta bitumen to the West Coast."

_______

OK..So Rachel Notley, who will be punted out of office in three years when the next Alberta general election happens is potentially agreeable to Site C dam if..if she can get Kindermorgan tripling pipeline pushed forward and or Enbridge's Northern Gateway pipeline through...Enbridge, a pipeline Rachel Notley was against pre-election and has now flipped 180 degrees and supports Enbridge....So Rachel Notley will buy Site C power IF SHE GETS TAR GOOP PIPELINES TO B.C. BUILT....

Is that how one governs in the 21st century, by blackmail?...

Here's a little more from the article..
__________

"Harry Swain, who was the chairman of the defunct federal-provincial panel that assessed the Site C proposal, cited in a Vancouver Sun opinion piece last week figures that indicated B.C. power would cost Alberta more than twice what it pays producing power with natural gas and its own renewable sources.
“The Alberta market is not for real,” writes the former senior federal bureaucrat, who is now an associate fellow at the University of Victoria’s Centre for Global Studies."

http://vancouversun.com/news/local-news/justin-trudeau-open-to-1-billion-b-c-power-line-into-alberta

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So...Rachel Notley will lock Alberta into higher electrical rates, higher by double, ..hurt her own domestic natural gas producers in a bid to push through dirty tar pipelines to BC.s pristine coast...Take electrical power, at double the price or more, claim to do it to reduce emissions all the while big energy corporations in Alberta ramp up dirty tar/bitumen production, which in turn ramps up pollution....what am I missing...Spend $billions on Site C dam....Claim Site C power will make Alberta's GHG totals decline...While simultaneously blackmailing BC Hydro...no Alberta buying BC Hydro electrical power unless more dirty tar oil hits the westcoast for export to China......

Can't the media see the irony...Alberta moving to cleaner electricity if and only, unless they can ramp up tar goop production and ship it through new targoop pipelines to BC's pristine westcoast...

Rachel Notley...Elected promising reforms, promising change and a new future..only to be elected and near instantly become controlled by Big Oil..same old same old..  ...Rachel Notley will accomplish nothing of substance, abandon almost every election promise, cowtow to big industry and still get punted out of office...

Now back that Postmedia article...

Postmedia had to add some bafflegab....Postmedia is not prepared to let the LNG road to golden riches BC Liberal election gambit die just yet...in the article highlighted above this nugget was added...

_________

"The Canadian Energy Research Institute, in a January study of options available to transmit electricity to power the oilsands sector, also said the B.C. option  would be significantly more expensive than natural gas.
And the study questioned whether B.C. system will have the capacity to follow through.".....

 One main factor that leads to uncertainty in the viability of importing hydroelectric power B.C. is the high forecasted electricity demand growth in B.C. " the institute noted....

The BC Hydro system appears to run into electrical and capacity shortages in the early 2020s, the report noted...

"Therefore it is uncertain whether the B.C. hydropower options would be able to export large volumes of baseload electricity into oilsand operations in Alberta"

http://vancouversun.com/news/local-news/justin-trudeau-open-to-1-billion-b-c-power-line-into-alberta

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Full Stop....The Canadian Energy Research Institute...Who are these people?

The CERI...They seem to be parroting BC Hydro's electrical forecast without any evidence, ...BC Hydro's electrical demand was predicated on a robust B.C. LNG industry rising up...it isn't, it won't..The LNG market is dead for at least the next 10 years...

Before we move on...Who is CERI..who are the people parroting the BC Liberals and BC Hydro...?

_____________

http://www.ceri.ca/partners/


Chairman


Mr. Mike Cleland?

Former CEO of the Canadian Gas Association

______

Mr. Terry Abel

Director, Oil Sands at

Canadian Association of Petroleum Producers

____________

Mr. Kendall Dilling

Vice President, Environment and Regulatory


Cenovus Energy Inc


________
Mr. Michael W. Ekelund



Assistant Deputy Minister, Strategic Initiative
Alberta Department of Energy

_________

Mr. Allan FogwillPresident and CEO
Canadian Energy Research Institute


Mr. Fogwill previously worked for natural gas distribution companies in BC..Alberta and Ontario

________

Mr. Kevin Heffernan
Consultant...

Mr. Hefferman was a stakeholder in Trident Exploration, a private company developing coalbed methane..

_______


CERI is a group of industry insiders with vested financial interests, in other words, the more gas and oil moved and produced, the more money those individuals make....

Full Stop....

How is it Site C dam project got off the drawing board with no business case...We have Christy Clark musing that Site C is Alberta's answer to reducing GHGs...by displacing natural gas power...???

We have Rachel Notley musing about saddling/costing industry and ratepayers by buying high-priced Site C power...Buying Site C power to reduce Alberta's GHG emissions while admitting that any Site C purchase is contingent upon British Columbia allowing targoop pipelines to the westcoast of B.C....for the stated purpose of hugely expanding the tar sands...What am I missing..Clean power to expand dirty tar goop expansion....

We have people with vested financial reasons with CERI echoing BC Hydro's electrical forecasts which were predicated on a robust LNG industry rising up...

In other words.....The Vancouver sun article leaves all options open..All the possible BC Liberal election gambits are still in play...

Site C will reduce BC and Alberta's GHG emissions....Site C power has a market in Alberta...Site C power project can be bailed out financially if BC allows dirty targoop pipelines and...

Site C power is needed because BC will be electrically deficient by the early 2020s...

Lastly..Site C power will be needed for the burgeoning LNG industry...

Nowhere in the article was ridicule directed towards the BC liberals...No where does the article question the sanity of spending over $10 billion tax dollars on a project without a business case, a project the BC Liberals refuse to let the BCUC or any other non-partisan group of experts examine...

That Postmedia article tells me that big media is well prepared to sell whatever yarn Christy Clark is knitting...

Oh, I did tell you this article is about LNG..About the death of LNG in British Columbia...

The latest bad(for British Columbia)LNG news not reported by Postmedia or by any of our legislative gang, you know..

"The demented bunch"

 _________

Japan Steps on Gas in Bid to Reshape LNG Market

Tokyo wants to overhaul a market in which Asian buyers pay higher prices and establish Japan as an LNG trading hub


___________


Japan is using their LNG buying clout, using their clout in an energy world awash, a world saturated with excess gas, excess LNG to rewrite the LNG buying rules...That Asian premium for LNG...It's gone...Japan will now pay the lowest LNG prices in the world....It really is a big story, ignored by the demented bunch...

There's more bad LNG news...another possible LNG market dries up...Egypt, ..there was a huge offshore(offshore Egypt) gas discovery in Egypt...a mere year ago, one of the biggest REAL gas finds...Egypt, who has been struggling to pay their LNG bills....They have an answer...Egypt has sanctioned/fast-tracked the development of this gas field for....

Not for selling gas to Japan, not to create a 100,000 jobs, not to eliminate taxes and create a massive prosperity fund...Egypt is fast-tracking this gas find for...

For domestic use in Egypt, to remove the reliance on high-priced LNG imports...To become self sufficient with energy...Another LNG market is gone..

_____________

The fast-track project, which won the support of the Egyptian minister of petroleum Tarek El Molla in November last year, will bring 300 million cubic feet a day of much-needed gas to the Egyptian energy market.

Market analysts say the speedy development of the Atoll gas field - from its discovery in March last year to a government green light within eight months - shows the Egyptian government's support for oil and gas exploration by BP, and could clear the way for further investment in the region.


BP’s North Africa boss Hesham Mekawi said the acceleration of the project is a “significant achievement” that will “bring critical gas to the Egyptian market and establish a new material hub offshore East Nile Delta”.


Two years ago the country was wracked with blackouts due to its growing population and the ensuing shortfall of gas and power supply. It has been forced to pay billions to foreign companies to import gas via tankers.


Gas discoveries off the Egyptian coast by BP and Italian energy giant Eni have emerged as a boon for the country.

http://www.telegraph.co.uk/business/2016/06/20/bp-fast-tracks-egyptian-gas-project/


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Altagas....Kaput, cancelled...BG Gas..Prince Rupert project, scrubbed..Chevron in Kitimat..Out..Shell Canada..taking a long LNG time out, Prince Rupert project shelved....Quicksilver Resources..out, bankrupt..LNG is dead in British Columbia..

____________


Tsartlip Elder Takes Gordon Wilson To Task At North Saanich-Steelhead LNG Meeting


http://richardhughes.ca/tag/tsartlip-elder-mr-fraser-smith/





Woodfibre...Wanting more government concessions, no funding secured...

Petronas in Prince Rupert...The project has been deferred to the middle of the 2020s...need more..

The IEA, international energy agency has talked about the massive LNG glut..a glut until at least 2020....Actually, the glut is even worse...

__________________


MEI; LNG Oversupply To Stretch to 2024

The latest research by McKinsey Energy Insights (MEI) predicts the LNG oversupply could last until 2024, meaning few projects could reach financial investment decision in the next 12 to 18 months. 

The research shows the LNG supply glut is “exacerbated by the 100 million tons per annum of new export terminal capacity currently under construction in the United States and Australia.”
By 2019, MEI expects the oversupply to peak at 60 mtpa.

According to James Walker said, “Our research shows that the current market oversupply is creating challenging conditions for operators hoping to take FID on projects in the near term.”


He adds that, in order to be viable, such projects would require an assumption of either a sustained high LNG price post-2024 or a cost optimization strategy to reduce projected capital expenditures.


In an oversupplied market, many projects will struggle to secure buyers, Walker said, adding that, even if the projects move to the construction phase, LNG supply would hit the market at a bad time.
The research predicts that the market will remain oversupplied unless the current low prices can stimulate a demand recovery, however, that response has been limited over the past two years

http://www.lngworldnews.com/mei-lng-oversupply-to-stretch-to-2024/


_______________

So let's examine the situation..at present there is a massive LNG glut, with near 100 million tonnes of capacity, 100 million tonnes of new LNG supplies already under construction...best case scenario, demand catches up to supply by 2024...However, every new big LNG project coming online extends that glut out to future years beyond 2024...Every nuclear plant in Japan coming online extends the LNG glut..Every country that sources it's own natural gas/LNG extends the gas glut well beyond 2024...

Meanwhile, we have no LNG final investment decisions...any LNG revenue forecasts by the BC Liberals or their spindoctors are meaningless...LNG terminals selling gas at a loss pay no income to government...They claim financial losses against future earnings...

It really is that simple...

Meanwhile, I won't hold my breath waiting for Postmedia to start practicing journalism... and or any of our legislative gang ...

"The Demented Bunch"....

CERI might want to re-evaluate their forecasts too....Stop parroting the cronies the BC Liberals appointed to BC Hydro...


Written by Grant G

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The Straight Goods

Cheers Eyes Wide Open(ears too)


Monday, June 20, 2016

Seeing Canada’s Direction? Imperial Globalization. Part III



Seeing Canada’s Direction? Imperial Globalization.  Part III.

Written by Robin Mathews


Something strange is occurring in Ottawa… something more than ordinarily strange.


Call it, for short, The Canadian Infrastructure Bank … an apparently totally unnecessary (and expensive) idea being moved toward existence by the Liberal government headed by Justin Trudeau.  The work of such a ‘Bank’ can be done by the Bank of Canada and has already been done by that Bank.  It worked for several decades before 1974 with unquestioned success, financing huge infrastructure activity through interest-free loans, keeping the country almost debt-free. 


In 1974 the Liberal government of Pierre Trudeau silently let that power slip away to please the [imperial globalizing] Bank of International Settlements and its very close connection to International Capital and U.S. designs for the globe.  Since that time Canadian debt has sky-rocketted almost beyond the possibility of paying it off as Canadian governments have borrowed at market rates from private Canadian banks or foreign ones.

The Justin Trudeau Liberals have appointed an “advisor” to the Minister for Infrastructure from The Bank of America Merrill Lynch in the U.S.A. (as well as other unnamed advisors to cabinet to design the new Infrastructure Bank).  But the Liberals know that COMER (the Committee on Monetary and Economic Reform), with William Krehm and Ann Emmett, is conducting a case in the Federal Court of Canada to return the Bank of Canada to its fully viable function as the already existing Canadian Infrastructure Bank!

Something Not At All Strange: the COMER case was launched by Rocco Galati in December of 2011.  And from the start the Conservative government led by Stephen Harper fought hard to destroy the case, wanting no power removed from Big Private Capital, no matter how much it pauperized the country. 
Something Most Strange: The Liberal Party platform for the November 19, 2015 election contained the promise of heavy Infrastructure spending to fill real need and to further employment and industrialization. But when the Liberals took government, they continued (and still do) to fight the COMER case in an attempt to destroy it (just as the Conservatives did).


Reasonable Canadians might well have expected the Liberal government to withdraw opposition to the COMER case and to announce that the existing power of the Bank of Canada to finance Infrastructure and related spending, interest-free, would be taken up and used – and so COMER could fold its court action as unnecessary.

That didn’t happen.

In an article in the March-April COMER (pp. 1-5) Joyce Nelson draws attention to the simple stupidity (my word) of appointing, however talented, an advisor from two U.S. corporations (now one - Bank of America Merrill Lynch) deeply tainted by the Derivatives Scandal and Bank Collapse of 2008.  Does that mean the Liberal government is going to involve U.S. ‘international capital’ in the “Canadian” bank? Nelson points out the additional stupidity (my word) of the Liberal government in appointing a number of other advisors, too, to the Infrastructure Bank matter without making public even their names!  That is exactly what the ugly, insensitive Conservative government of Stephen Harper would have done.
Something more than ordinarily strange is going on in Ottawa … obviously.

Into the picture comes Paul Hellyer, for years a Liberal (and cabinet minister) and then a Tory, and then founder and continuing supporter of the Canadian Action Party – and a person deeply concerned with the questions raised by COMER, by the national debt, and by ways to finance the Canadian economy and public spending in a way that is viable and debt-free.

In “An Open Letter to Prime Minister [Justin] Trudeau” (Dialogue, Summer 2016, pp. 8-9), dated June 1, 2016, Paul Hellyer says nothing about the COMER case that he earlier supported.  That may be an accident. He proposes (without reference to the Liberal intention to create a Canadian Infrastructure Bank) a process of feeding into the Canadian economy money (not loan-created debt) in order to absorb previous debt and re-root private banks and the economy on a sound basis. [That process would have to have money created by the Bank of Canada available to feed into the Canadian economy. Hellyer doesn’t mention that very significant fact.]

His proposal, I think, is sound.  He is a Privy Counsellor, which means he may be given privileged information by government and may be consulted in confidence by government.  Does his letter suggest that both Rocco Galati and the COMER case to retrieve the Bank of Canada for the Canadian people have been thrown to the wolves?

Hellyer makes a very strange statement in his letter to Justin Trudeau… that in 1974 “Bank of Canada Governor Gerald Bouey, unilaterally, and without consultation or agreement with your father, the prime minister, announced that the Bank was adopting ‘monetarism’.  There was no hint that shareholders’ interests were to be abandoned in favour of policies established by the International Bank of Settlements, an organization indirectly controlled by the elite banking families.” (Dialogue, p. 8)
That statement seems almost over-simple.  Even if what Hellyer says is true, the Pierre Trudeau cabinet could have said to Bouey: “That initiative must be significantly reconstructed. Do it”. Pierre Trudeau was prime minister for nearly another eight years and had the power (with his cabinet) to change the situation at any time.  The Bank of Canada is not more powerful than the cabinet - which is The Government of Canada in fact. The Bank of Canada is not a separate State.  And so blaming the Bank of Canada for the huge failure of the Pierre Trudeau cabinet may be admirably loyal, but it is considerably less than convincing.  (That was a time, moreover, when Pierre Trudeau was still in his phase of “internationalism”, and splenetic anti-nationalism.)



The cabinet of Pierre Trudeau (and the following cabinets of both major Parties) permitted the “imperial globalizing” Bank of International Settlements to make major (damaging) monetary and economic policy for Canada. And, now, the present Justin Trudeau cabinet is using boatloads of taxpayers’ dollars to defeat the COMER action to return the Bank of Canada to it’s pre-1974 state as Canada’s very successful Infrastructure Bank! ! !


Something more than ordinarily strange is happening in Ottawa ….
Could it be that the Liberal Party of Canada is tied to International Capital, to phoney, and “world” organizations (the hand-maidens of U.S. imperial globalizing) and can’t confront them through the Bank of Canada? Could it be the Liberal cabinet is going around them – to avoid bloody confrontation - and moving to create a separate Canadian Infrastructure Bank (seemingly abandoning the Bank of Canada’s role as lender-without-interest for Infrastructure and related projects)? What they are doing seems more than ordinarily tricky, tacky, and strange.  Can they (possibly?) be creating a “Canadian” Infrastructure Bank with U.S. partners – another name for National Suicide? Questions.  Questions.  Questions.


Neither you nor I know the truth of the “Infrastructure” situation, nor the answers to the questions asked above … and no one who knows is willing to tell Parliament - or us - what is really happening.  Why not?

Written by Robin Mathews

____________



"Does anyone really care what time it is"


The Straight Goods

Cheers Eyes Wide Open


Tuesday, June 14, 2016

British Columbia's Legislative reporters and Columnists go silent on Christy Clark's Epic Failures including her Whopping LNG Fabrications



Perhaps you wondered why I reposted this LNG article..

http://powellriverpersuader.blogspot.ca/2015/08/british-columbia-and-lngs-last-gaspa.html

The answer is obvious...For several years now I have been calling out the LNG industry, and calling out the BC Liberal government...been warning everyone who will listen that British Columbia arrived too late to the LNG game, very similar to those dupes who gamble on a pyramid..you know..put in $10,000 dollars into the pot and then go bring in 20 more suckers so you get paid off..problem is with pyramids, only those who get in early reap any rewards and eventually all pyramids collapse under their own weight...

Greed...Pure greed killed the golden LNG goose..

Japan, faced with public fear over safety of their nuclear power after the Fukushima disaster shut down all of their nuclear power generation and..

And big energy companies pounded Japan financially with skyrocketing LNG prices...

Big energy companies did not help out Japan for altruistic reasons, they gouged Japan with sky-high energy prices, energy bills of $TENS OF BILLIONS per month ...

And it wasn't just big energy companies that went for Japan's scalp..So did Christy Clark and the BC Liberals..

Christy Clark told the British Columbia electorate, the world and Japan that British Columbia was going to become super rich, debt free, eliminate sales tax, payoff crown debt, remove road tolls, 100,000 s of jobs, money for First Nations, money for northern communities....and a $100 billion dollar prosperity fund!!!

All that wealth to be bled from Japan.....

And for the last 4 years nothing has happened , the LNG jobs aren't there, no FIDs...in fact the only one getting rich on LNG is Gordon Wilson..
School boards were forced to start training students for the BC Government advertised LNG jobs...

Full Stop.....

Christy Clark could have forecast during the 2013 election......The possibility of two LNG terminals and a few thousand permanent jobs and an opportunity to bring in some needed government revenue...

But no, Christy Clark, Rich Coleman and Pamela Martin went all in, promised a $trillion dollar bounty, wealth beyond our imagination..

2013 Christy Clark promised the sun, the moon and endless wealth.....Students/young people jumped on the LNG training train

I don't blame the electorate for falling for the bullshit, the media deliberately failed...I and others reported on the bogus LNG job projections Christy Clark and Rich Coleman were using, on how they were manufactured for the 2013 election....The public for the most part is not engaged in fact-finding missions, yes, the public understands the basics, mortgage, job, bills, school, healthcare but LNG was a blank slate...

At one time in history legislative scribes like Vaughn Palmer would sink their teeth into an issue and suss out the truth, separate the bull from the shaft, at one time big media actually broke down the stories and informed the public of the facts, particularly the financial facts....Fast ferries were pounded by the media for years....

BC Hydro is in a very bad financial way and it's about to get a lot worse and the only ones highlighting this pending disaster is David Bond....Rafe Mair,  Norm Farrell..and a few other internet scribes.. 

______


Failed Liberal plans will boost B.C.’s deficit


http://www.kelownadailycourier.ca/opinion/article_eabb10f6-31b1-11e6-831d-a70b350eddbd.html?platform=hootsuite

________

Rafe: Clark getting free ride from media, Horgan just dropping ball

http://commonsensecanadian.ca/rafe-clark-getting-free-ride-media-horgan-just-dropping-ball/

__________


IPPs received $672 million above market price in 2015

  https://in-sights.ca/2016/04/24/ipps-paid-672-million-above-market-price-in-2015/
_________



  This BC Liberal LNG gambit started 2012/2013...It did not start in 2014..2015..2016...20 LNG proposals and not one sanctioned, nothing sanctioned for financial reasons..no return on investment..

Going on 5 years...LNG riches have been promoted by the BC Liberals as our financial saviour for 5 years...

and now, in 2016, even the most lazy media outlets, the most bias reporters and columnists, there isn't one media outlet that really believes in Christy Clark's LNG fantasy...They, Baldrey, Palmer, Smyth...Every media personality knows LNG as a moneymaker for British Columbia is D.OA...Dead on arrival....

Silence, all we hear is media silence on the BC Liberal failures..


Funny eh, instead of holding Christy Clark, Rich Coleman and the BC Liberal's feet to the fire on LNG, instead of criticizing Christy for the $trillion dollar lie our legislative gang just decided to forgot about those issues..as in what LNG..you mean LEAP Manifesto..you mean the party of no, are you talking about the anti-industry NDP..Fast Ferries...or perhaps Global BC wants to talk about Glen Clark's alleged crime of the century..a patio deck..call it a television blockbuster...Call it the Global TV elect the BC Liberals anniversary 2016 special...The Glen Clark trilogy....Global B.C.....March 2..in the year 2016..The below Global BC special anniversary Glen Clark trilogy was broadcast(in between the saturation/carpet bombing BC Liberal Government ads Blitzkrieg)



____________

March 2, 2016 6:08 pm


Updated: March 3, 2016 2:20 pm


The police and the premier: remembering the RCMP raid on Glen Clark’s home


http://globalnews.ca/news/2551548/the-police-and-the-premier-remembering-the-rcmp-raid-on-glen-clarks-home/

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That Global BC Glen Clark trilogy anniversary special was a long program..as in most of the news hour, not a soundbite, ..Global BC went all in, nuanced, detailed, longwinded....A deck on a house, and now,...2016..BC LNG, the $trillion dollar lie...let's talk about LEAP Manifesto....




Now in 2016...LNG training curriculum falls away and Christy Clark's BC Liberal Government is talking "coding" as the new big thing for educators and students...Christy Clark's government has loosened the purse strings and allotted a massive...

$10 dollars of coding funding per student....

Full Stop...

Where is the media in calling out the BC Liberals?

Christy Clark promised BCers the moon in 2013....

What kind of ethical governing has the BC Liberals done since then...?

Still no real $funded transit plan...no money for seniors care, no money for education, no money for anything except....$Except BC Hydro being forced to spend 15 $billion on Site C dam(for the purpose of providing free electricity for a non-existent LNG industry) and a back of the napkin plan for a sky-high Massey bridge...High enough off the water so LNG super tankers can get up the Fraser River...even worse..

After a 10 year rate freeze for people on disability the BC Liberals offered up a meager increase, $55 dollar per month increase...Only to clawback the bus passes thus eliminating the rate increase..

A blatant slap towards all those on disability...

So brazen and crass, so out of touch with British Columbia the BC Liberals couldn't see the outrage, couldn't see the optics and the best BC Government spindoctors couldn't put lipstick on that disability rate increase pig!..

Altagas...Bankers shut down their BC LNG proposal...Shell Canada has cancelled their LNG project as has BG, Chevron and Petronas..

All the big LNG projects have faded to black...

What was Christy Clark to do?

Here's an idea, pay Gordon Wilson's better half(?) to write the Christy Clark book....it went over like a lead balloon...recent polling had Christy Clark swirling the toilet bowl in popularity...

And still the LNG news, the bad LNG news drips out from around the world...nary a word whispered by our BC Legislature covering media..

Fast forward to 1 week ago...(June 6th/2016)

Shell Canada announces they are freezing their LNG business, ..Shell announced to the world they were taking an LNG time-out because of the world glut and low prices..

___________



Shell to move away from growth in natural gas business






____________

Later that same day(June 6th/2016) the IEA ..International Energy Agency came out with a damning report on the LNG glut...low demand, massive glut for the next decade and on-going low prices....
__________

LNG glut will continue for years as demand falls and supply surges: IEA


________

And where was Vaughn Palmer, Michael Smyth, Keith Baldrey, where was any mainstream media with any LNG article of substance...

The next day, June 7th 2016....CKNW radio, 10:30 am to 11:00 am..

Keith Baldrey and Michael Smyth talk Christy Clark on CKNW..How great a campaigner she is..They also bash John Horgan and the NDP over LEAP Manifesto..

Then...Then Keith Baldrey and Michael Smyth mention the "Christy Clark botched disability clawback" and how Christy Clark needs to somehow dispel and or lose her "queen of mean" persona..

June 6th/2016...really bad news on the LNG rears it's head..

The B.C. media is silent....June 7th/2016...

Keith Baldrey and Michael Smyth tell/advise Christy Clark to work on losing her "queen of mean" persona...

The next morning June 8th/2016...

Lead story on Global news..headlined story on CKNW..Front page story at the Vancouver Sun..The Province and The Globe and Mail..

Even worse ...Big media called Christy Clark's revelation a "sexual assault"....it wasn't, not quite sure what it was...Christy Clark at age 13 went to work at a restaurant immediately after the alleged grabbing...she had no ripped clothes, no wounds, ..Christy Clark told no one..not her many friends, boyfriend, girlfriends, parents, teachers or even her employer....Christy Clark was physically grabbed by someone at age 13, wriggled away, frightening indeed..However...

Big media went way over the top with their coverage of Christy Clark's 37 year old revelation, thus drowning out any real news..you know, like the demise of the promised $trillion dollars...!

Only after the Christy Clark book authored by Judy Tyabji went over like a lead balloon, only after BC Liberal supporter Keith Baldrey and Michael Smyth advised Christy Clark to try and lose her queen of mean reputation did Christy Clark tell a 37 year old horror story....Which just happened to be uttered on the same day the BC Liberal advertised BC LNG road to riches fantasy came crashing down...

A week has gone by...I don't want to talk about Christy Clark..This article is about LNG and the future of LNG.

Where is the media on the LNG debacle...

Greed, greed by the big energy companies caused the LNG goose to die...

Fools rush in, everyone was going to cash in on Japan's power woes..

Game over..Japan has restarted some nuclear power, with more scheduled to come online this year, that combined with gobs of available LNG ...So much gas, gas gas everywhere gas and new gas discoveries..

Lastly..The reason for this posting...Big energy has a new plan to  get the LNG gravy train rolling...

Big energy is not interested in bringing poor nations and isolated communities into the 21st century for any altruistic reasons...

The LNG glut is so severe, so deep, no big population or populations can absorb the excess gas and LNG can't be easily stored...there is so much excess gas, so desperate to find away to move the excess gas a new plan is being hatched...and the plan is laughable..

In a nutshell...One particular company thinks they can build LNG burning electrical plants in rural towns, tiny villages, create many tiny niche markets...in other words, build gas plants here there and everywhere...for but one reason.., not to bring people out of the dark ages but to absorb the excess LNG big energy dumped on the market..

It won't work, those tiny little towns can't afford big LNG prices...The poor can't pay for the rip-off price for LNG Japan was paying a few years ago....

Those LNG prices will never ever get close to those highs ($21 dollars per MMTBUs, current price, $3 to $4 for longterm LNG buying contracts, spot market price?..Even lower..$3 dollars per MMBTU) again, never, there is too much available LNG/gas from too many sellers...and too much...

Cheaper renewable power..Wind..Solar..Tidal..Geothermal...

The Christy Clark LNG super power road to riches fantasy is dead...

Where is the BC Mainstream media on this.... That's right..

Polishing Christy Clark's "cowboy up" boots...What LNG says the B.C. legislative gang...we have 37 year old horror tales to tell along with some dated Glen Clark sagas..

The below article lays waste to any thoughts that British Columbia will reap any LNG rewards....

Game over Christy Clark

_______________

Coming wave of gas puts focus on finding new shores

Energy giants such as Royal Dutch Shell and Total are looking to build terminals and power plants in new markets to soak up the industry’s rapidly burgeoning supply.


Companies have invested billions in plants to produce liquefied natural gas (LNG) in places such as Australia and the United States.


But gas demand growth is slowing, prices are down and the LNG volumes companies are set to produce will exceed those even major buyers such as China and Japan can absorb.

That has turned attention to the downstream market and opportunities to create new markets from Ivory Coast to remote Indonesian islands by building gas-fired power plants, pipelines, regasification and storage terminals.

“We are ready to go downstream as much as it takes to unlock gas demand,” said Laurent Vivier, president for the gas division at Total. “We need to be present in downstream ourselves, to create demand and unlock bottlenecks along the chain including regasification, pipelines and power plants.” Total aims to triple the number of its gas and power markets and raise its annual LNG output to 20 million tonnes and its trading to 15 million tonnes by 2020.

The company is taking part in LNG infrastructure tenders, including several gas-fired power plants, in countries including Indonesia, Chile, Ivory Coast, Ghana and Morocco, Vivier said.
Shell believes the number of markets buying LNG could double, according to its chief financial officer, Simon Henry.
“From around 20 to 30 …we can see potential for around 50 different markets if you look out to 2030,” Henry said. “Our aim is to capture the best share of those who are looking now to start or grow.” The focus on downstream mimics a model that companies such as Shell, Total, Exxon Mobil and Chevron have used for decades in the oil sector where their operations span oil wells, refineries and service stations.


But some analysts question how easily that model can be reproduced.


“Whether they succeed in this is another story, whether they have the mindset for this type of work is also another story,” said Thierry Bros, senior gas analyst at French bank Societe Generale.

It will be a painful test for these companies who are not that experienced in building small downstream demand,” he said.


TECHNOLOGY

New technologies are helping speed development, with floating terminals, for example, offering a cheaper alternative to onshore units that cost more than $1 billion.

“We are looking at multiple markets around the world in terms of potential to regas,” said Shell’s Henry. “Quite a lot of it is floating regasification because it is quick and you can develop (a market) in stages.”
Shell, the world’s top LNG trader after buying BG Group, expects to produce around 30 million tonnes of LNG this year and trade nearly 50 million tonnes, accounting for about a sixth of global trading volume.

Global output capacity is expected to rise by half by 2020, potentially adding some 150 million tonnes of LNG to the market.

However, overall gas demand growth is expected to slow to 1.5 percent a year to 2021 from the 2.5 percent rate seen recently, the International Energy Agency has forecast.

In step with oil and gas, LNG prices have also struggled in the last two years. That has prompted traders to offer more single cargoes for immediate delivery on the spot market, making it easier for smaller buyers to find supply.

http://www.lngworldnews.com/coming-wave-of-gas-puts-focus-on-finding-new-shores/

_______________


Well there you have it....British Columbia will create a $100 billion dollar prosperity fund, eliminate our $70 billion dollar and growing B..C. debt, eliminate our sales tax and create 100,000's of LNG jobs by merely creating LNG markets in remote villages on the Ivory Coast..

When Pigs Fly.......

Must be time for the BC Liberals and our mainstream media to publish and print liquor announcements and more tales from the 1980's



The Straight Goods

Cheers Eyes Wide Open










Sunday, June 12, 2016

British Columbia LNG Industry, The Last Gas(P)....A Straight Goods Special


 
(The below was originally posted August 21st/2015...Thought June 12th/2016 would be good time to revisit this post....Grant G 


British Columbia LNG Industry, The Last Gas(P)......A Straight Goods Special




Written by Grant G


"A fool and their money soon part ways".....

Seems to me that every time devastating news on the world LNG front rears its head out comes a British Columbia made LNG spin story, yesterday was no different, articles and newscasts came out blazing, ...The proponent,...Steelhead LNG

Steelhead`s proposal, a floating LNG operation near Mill Bay on Vancouver Island and a $30 billion dollar LNG liquefaction plant in Port Alberni..

 http://www.vancouversun.com/news/metro/Floating+plant+proposed+Saanich+Inlet/11305428/story.html

This proposal will never happen, never be built, a foolish pipedream, ...Steelhead LNG is not an energy company, they have no assets, they own no LNG facilities, they own no upstream drill properties, Steelhead LNG is a group of people, including BC Liberal Geoff Plant and some other people with expertise in the energy game, but to be clear they have no financial means to back up their silly proposal..

I feel bad for Vancouver Island First Nations who have drank the LNG koolaid...

Steelhead LNG proposes a pipeline from northeast British Columbia to our southern B.C. coastline, from there another pipeline on the bottom of the Georgia Straight, from there a pipeline to cross Vancouver Island to BC`s wild west coast, (Sarita Bay)...In Sarita Bay Steelhead LNG proposes building a $30 billion dollar liquefaction plant, ..Thus having massive LNG tankers traversing the wind-swept Alberni canal, a waterway that is winding, very narrow, where winds whip up to 100 miles per hour on a regular basis, winds that come out of nowhere, regardless of the weather, the Port Alberni canal is a natural wind tunnel, winds race through the canal without a cloud in the sky, winds in the canal are thermal dynamic driven...The canal is also full of fishing vessels, both sport and commercial, the canal is also a tourist destination with fishing lodges and camp-sites from end to end...

This project will never happen, for two reason, the first being the risk to tourism, to salmon, to life itself, the canal is too small and too windy to ever have that kind of operation approved..

The second reason why the project will never happen is money, Steelhead has no financial means and no bank or money lender will ever sanction such an expense on an industry gone/going bust.

Breaking News...Japan has restarted their first nuclear plant(Sendai #1) ..Japan is also on pace to restart 11 more nuclear plants in the next year...

Remember this during BC`s 2013 election ...Christy Clark said this about LNG and I quote..

"British Columbia can receive five to six times the price for BC LNG in Japan"

"British Columbia will create hundreds of thousands of high-paying LNG jobs"

"British Columbia will create a $100 billion dollar prosperity fund"

"British Columbia through LNG will retire our provincial debt, pay off all crown debt, eliminate bridge tolls, British Columbia could even eliminate our provincial sales tax" 
_______

This section updated January 1st 2016...Japan is ramping up their nuclear restarts, so...Don`t look to Asia, as in Japan to buy any B.C. LNG...Nuclear power has NO GHG emissions...

Read this all you LNG spindoctors....And, it`s not just Japan ramping up nuclear power, South Korea is ramping up nuclear too...China has 50 nuclear plants under construction as I write this, however, for now let`s peruse Japan`s latest strides towards restarting the nuclear power grid..




Japan Nuclear Update

Sendai 1 and 2 Generated 1.3 Million MWh in November


Dec. 17, 2015–Japan’s Kyushu Electric Power Co. generated a combined 1,346,924 megawatt-hours (MWh) of electricity at its Sendai 1 and 2 reactors in November, the Federation of Electric Power Cos. of Japan (FEPC) said Dec. 11.

FEPC said Japan’s nuclear generating capacity factor for November was 4.4 percent, up from 2.7 in October, 2.2 in September and 0.9 in August. The latest generating figure means that Kyushu operated its two 890-megawatt pressurized water reactors at 105 percent capacity on average in November. Sendai 1 and 2 began full commercial operations Sept. 10 and Nov. 17.


Takahama Restart Gets Local Approval



Dec. 10, 2015–Kansai Electric Power Co. received approval from the town of Takahama on Dec. 3 for the restart of its Takahama 3 and 4 reactors, a local government official said. Kansai Electric also needs approval from Fukui Prefecture to resume operations of the reactors.



Kansai Electric said Nov. 25 that it expects the restart of Takahama 3 and 4 to be delayed to late January and late February 2016, because of a delay in its preparations for final on-site checks by Japan’s Nuclear Regulation Authority.


Kansai Electric also is waiting for Fukui District Court to decide on its appeal against an injunction preventing the restart. A court hearing ended Nov. 13.

 

Takahama Restart Delayed by a Month



Dec. 3, 2015—Kansai Electric Power Co. said Nov. 25 it expects the restart of its Takahama 3 and 4 reactors to be delayed by one month, to late January and late February 2016.


Kansai EPC said the postponement is due to a delay in its preparations for final on-site checks to be conducted by Japan’s Nuclear Regulation Authority. The company also is awaiting a court decision following a Nov. 13 hearing on its appeal to lift an April injunction preventing the restart.


Kyushu Electric Power Co.’s Sendai 1 and 2, the first Japanese power reactors to restart, resumed normal operations in September and November. All 41 other operable reactors in the country are shut pending confirmation they meet NRA safety requirements, obtain permission from local authorities and complete required pre-operational inspections.


The NRA on Nov. 18 granted full 40-year operating licenses for Takahama 3 and 4 and for Sendai 2. Under Japanese regulations, nuclear power plant operators receive a 40-year operating license, subject to a review of the operator’s maintenance plan at the 30-year mark. All three reactors are now licensed to operate until 2025.


Meanwhile, Kansai EPC filed an application Nov. 26 for a 20-year license renewal for Mihama 3, the first reactor to request a total 60 years of operation. NRA inspections required for the application included age-related assessments, ultrasonic testing of the reactor pressure vessel’s base metal and welds, and confirmation of the concrete containment’s strength, and found “no abnormality.”




Sendai 2 Begins Commercial Operations




Nov. 19, 2015—Kyushu Electric Power Co.’s 846-megawatt Sendai 2 pressurized water reactor in Kagoshima prefecture has attained full commercial operation. The reactor is the second reactor to restart in the country since the introduction of post-Fukushima regulatory standards. Power generation began last month, and operators have been gradually increasing output and carrying out tests.


The electricity output from Sendai 1 and 2 in October was about 840,000 megawatt-hours, according to the Federation of Electric Power Companies of Japan. Japan’s nuclear generating capacity factor in October was 2.7 percent, up from 2.2 percent in September.


The rest of Japan’s 43 operable reactors are shut pending confirmation by Japan’s Nuclear Regulation Authority that they meet post-Fukushima safety requirements. On Nov. 18, NRA commissioners approved 10-year life extensions for Sendai 2 and Kansai EPC’s Takahama 3 and 4, both of which are undergoing pre-operational inspections prior to restart.


JAPC Files for Examination of Tsuruga 2



Nov. 12, 2015—Japan Atomic Power Co. has filed for the Nuclear Regulation Authority to examine its 1,100-megawatt Tsuruga 2 pressurized water reactor for compatibility with post-Fukushima regulatory standards. NRA earlier approved an evaluation report by its expert panel concluding that a fault zone beneath Tsuruga 2 was active. JAPC will have to convince NRA to overturn that evaluation if the reactor is to pass the compatibility examination, without which an early restart of the reactor is unlikely.



Various Japanese power companies have filed with NRA to restart 26 Japanese reactors, five of which have shown they comply with the new standards.


 

Sendai 2 Attains Full Power Operations






Nov. 5, 2015—Japan’s Kyushu Electric Power Co. expects to begin commercial operation of its 890-megawatt Sendai 2 nuclear power reactor as early as Nov. 17, once the Nuclear Regulatory Authority completes final checks. The reactor started running at full capacity Nov. 1.


Sister plant Sendai 1 returned to regular commercial operations Sept. 10. Kyushu EPC said the two reactors’ return to commercial operation will enable it to cut monthly losses of $99 million, returning the company to profitability this fiscal year.


Shikoku EPC to File for Ikata 3 Restart Oct. 30




Nov. 5, 2015—Japan’s Shikoku Electric Power Co. will file with the NRA a document on tornado impact countermeasures for its 890-megawatt Ikata 3 nuclear reactor that could move it closer to restarting.




The tornado measures are the last issue needed to complete Ikata 3’s engineering work program. NRA’s approval of the engineering program will allow Shikoku EPC to submit an application for pre-operational inspections, the last regulatory requirement prior to restart. Local authorities approved the restart Oct. 26.



Takahama Engineering Work to Be Completed February



Nov. 5, 2015—Completion of safety engineering work at Kansai Electric Power Co.’s 870-megawatt Takahama 3 and 4 reactors will be delayed past the original December deadline until February 2016.


Kansai EPC also hopes the Nuclear Regulation Authority will simultaneously complete its fifth and final set of pre-operational inspections at the two units by then. The inspections began at the two reactors Aug. 17 and Oct. 21.



Ikata 3 Restart Gets Final Local Approvals




Oct. 29, 2015—The governor of Ehime Prefecture, Tokihiro Nakamura, has approved the restart of Shikoku Electric Power Co.'s Ikata 3 nuclear reactor. The Japan Atomic Industrial Forum said the restart is scheduled for early 2016. Local authorities from the town of Ikata already have approved the restart and all procedures to obtain agreements from local communities have been completed.




In July the 846-megawatt pressurized water reactor cleared examinations to confirm its compatibility with new post-Fukushima regulatory safety standards imposed by the Nuclear Regulation Authority. Shikoku EPC will file with NRA by Oct. 30 a plan for tornado countermeasures, the last document required before it applies for pre-operational inspections.



http://www.nei.org/News-Media/News/Japan-Nuclear-Update



______________





Christy Clark said all those things and more, including Christy Clark saying this, and I quote...

"We can sell British Columbia LNG to japan for five to six times the North American price" snip

Christy Clark, Rich Coleman and other LNG spindoctors are too stupid to realize why Japan is returning to nuclear power, because of money, profitability, in order to compete with other countries in manufacturing/heavy industry...Japan was not going to sit there and do nothing, Japan was not prepared to be held hostage by big energy companies and mouthy governments..Christy Clark literally told our Japanese neighbours that British Columbia was going to get rich off gouging them..Christy Clark, the mouth that roared empty words....Pretty safe to say now that Japan won`t need a lick of BC LNG...And who can forget what the painted lady Pamela Martin said about LNG..!



Christy Clark`s communication director Pamela Martin stated, and tweeted to British Columbia`s public, and I quote..



"What would you do with a $trillion Dollars"



Where to even begin, there is so much bad news out there for British Columbia`s LNG industry..

Najib Razak, Malaysia`s prime minister and Petronas head is in survival mode, the proposed Petronas Prince Rupert project has been put on the back-burner, in fact I and many others believe the project is about to be officially cancelled altogether...Yes Petronas has some contracted obligations to deliver LNG in the future, many BC LNG spindoctors ( Brad Zubyk, Resources Works, BCLNGA) and others have blathered about Petronas and the LNG they were contracted to deliver by 2019...

Petronas has solved that problem with this acquisition..

______________

Sarawak Shell Berhad, a unit of Shell, has handed over its 50 percent stake of MLNG Dua to Malaysia’s Petronas.

Previously, MLNG Dua was operated by Shell via a production sharing contract signed with Petronas in 1993.
With this handover, Petronas subsidiaries PCSB and EPMV now own 90 percent and 10 percent equity respectively as PSC operators. The previous PSC expired August 20, Petronas said in a statement on Friday.
“Petronas is committed to ensure that there will be no interruption to the supply and demand of gas and achieve stability in the operations of MLNG Dua,” said Petronas Senior VP Upstream Malaysia, Mohd Anuar Taib.

 http://www.lngworldnews.com/petronas-takes-over-shells-stake-in-mlng-dua/

___________


Petronas has just secured supply, with that acquisition they can meet their deliverable contracts without their Prince Rupert LNG liquefaction facility......An acquisition and major news story that BC`s lamestream media ignored....They were too busy spinning Steelhead LNG`s uneconomical and unattainable pie in the sky proposal.

The world LNG market today, in 2015 is already in a structural glut, and that`s before the 60 million tonnes of new capacity comes online in the next four years, the world LNG market is in a structural glut before Japan restarted their first nuclear plant, with 11 more nuclear plants slated to come online in the next year, and I remind you that at present Japan is the largest by volume consumer of LNG..NOT FOR LONG..

The news gets worse, existing LNG operations have seen their profits plunge year over year and anyone paying attention to world economies, China is in recession, manufacturing in free-fall, energy stocks are low, oil hovering at $40 dollars per barrel and forecasted to reach lows not seen in decades, possibly dropping as low as $20 dollars per barrel, expert forecasters are predicting oil to remain low for at least another decade..

___

Australia’s Santos, operator of the GLNG project, reported a half-year net profit of $37 million after tax, 82 per cent lower than the previous first half, reflecting significantly lower oil prices and a higher exploration expense.

The half-year results were also highlighted by improvements in production and significant cost reductions across the business, Santos said in its results report on Monday.
Strong operational performance – particularly from PNG LNG and Darwin LNG – saw Santos record production growth of 13 per cent compared to last year. However, the lower realised oil prices resulted in sales revenue declining by 15 per cent.

http://www.lngworldnews.com/santos-profit-plunges-82-percent/

_________

Japan, even before they restarted their first nuclear plant have seen LNG imports decline precipitously ...
And as for South Korea...Here`s more bad news for British Columbia`s LNG aspirations..
______


"Yoo Sang-Hee told Platts that high prices of LNG compared to coal and nuclear push the demand for the liquefied natural gas further down in the power generation sector as more gas-fired power plants remain idle.

Operating rates of gas-fired power plants went from 61.3% in 2013 to 50.8% in 2014, and as Yoo said, it is expected that these rates will slip to 23.7% by 2019 and even lower to 16.8% in 2022."

 http://www.lngworldnews.com/lng-being-pushed-out-of-south-koreas-power-generation-market/


   /

Kogas of South Korea, the world’s largest corporate buyer of LNG, said its sales volume totaled 1.90 million mt in July, a drop of 20 percent as compared to the same month last year.

Gas sales into the power sector were at 1.01 million mt, down 26.8 percent when compared to July in 2014, Kogas said in a filling to the stock exchange.
The company’s city gas sales dropped 10.6 percent on year to 887,000 mt.
Kogas imported 16.54 million mt of LNG in the first half of 2015, down 17.1 percent as compared to the previous year.

 http://www.lngworldnews.com/kogas-july-sales-down-20-pct/

__________
   
Kiss Japan as a B.C. LNG buying market goodbye...you can add South Korea to the not interested in BC LNG camp too....

And what about China?.....Well, China has lost nothing but money on Canadian energy projects and now China is getting the hell out of Canada..
___________

"After a string of bad investments, China Investment Corp. (CIC) has shut down its Toronto office and is opening a new one in New York, part of a quiet retreat from Canadian natural resources by China’s state-controlled entities......

CIC was founded in 2007 by the Chinese government to help the country earn a higher return on its pool of foreign exchange reserves, worth US$3.44 trillion at the end of November. CIC manages US$747 billion......

Some of that money flowed into Canada at the height of the commodity boom. CIC committed US$500 million in 2009 to SouthGobi Resources Ltd., the Vancouver-based company with operations in Mongolia, then invested $1.7 billion in Teck Resources Ltd...

All Canadian positions became big money losers. In some cases CIC is now the largest shareholder after others bailed. The move to New York may signal CIC will cut its Canadian holdings"



__________

I don`t believe China will be too interested in losing more money on unprofitable LNG export terminals


The bad news on the LNG front is staggering, the prospect for British Columbia to get any LNG projects is very, very grim indeed...Petronas, the company the BC Liberals bent over backwards for and sold out British Columbia to is in a world of hurt...Firstly...Petronas`s LNG sales are in steep decline,....And even the head honchos at Petronas see no relief in the near to long term..

________

Malaysia’s oil and gas giant Petronas said it has sold 8 percent less LNG in the second quarter of 2015, as compared to the same quarter a year ago.

The company’s LNG sales were at 6.92 million tonnes, down by 0.6 million tonnes on year due to lower production at its LNG complex in Bintulu, Petronas said on Friday.
In the first half of this year, Petronas sold 14.96 million tonnes of LNG, down from 15.15 million tonnes a year ago.


Petronas President and Group CEO Datuk Wan Zulkiflee Wan Ariffin said that the company does not foresee a reprieve from the low oil prices in the near future
“I do not expect our cash flow from operations this year to meet our CAPEX and dividend commitments. This means that we will have to persevere through with more austerity measures, and will have to draw on our cash reserves,” he said.

 http://www.lngworldnews.com/petronas-lng-sales-drop-8-pct/

___________

The news for Petronas`s Najib Razak and the people of Malaysia gets even worse....Petronas which supplies the government of Malaysia upwards of 30% to 40% of their national budget...Petronas will not be able to meet their dividend obligations to Malaysia...Meaning the entire population of Malaysia are about to feel the pain, cutbacks and worse..

___________













Petronas cuts dividend payment to RM26b in 2015


Summary of the news presented in point form:

  • Petroliam Nasional Bhd (Petronas), is trimming the national oil firm’s dividend paid to the government this year, in view of weaker earnings.
  • Revenue dropped 21% to RM66.2 billion for 1QFY15, from RM84 billion a year ago.
  • Oil firm has allocated a full year dividend of RM26 billion for the government, as compared to the RM29 billion last year. In 2013, Petronas paid a dividend of RM27 billion.
  • Petronas saw a 39% decline in its net profit to RM11.4 billion for the first financial quarter ended March 31 (1QFY15), compared with RM18.8 billion in the previous corresponding period. 
  •  
_________

Christy Clark and Rich Coleman blather about a generational opportunity with LNG, all the promised riches, a $trillion dollars was hyped a few short years ago and now those numbers slashed by a factor of 20 today, and now Petronas can`t even honour commitments to their own country...

The LNG industry is oversupplied, in structural over-supply with 60 million tonnes of capacity under construction coming online in the next few years, even American brownfield LNG projects are in doubt as to profitability...A brownfield operation is where most of the LNG infrastructure was already in place, in the USA a decade ago $billions were spent to gear up for LNG imports, regasification plants and pipeline networks were built, but along came the fracking revolution and the USA found themselve awash in natural gas, those facilities have been, are being converted to LNG export facilities...In British Columbia LNG would be a greenfield industry, meaning nothing is in place, no existing facilities available for conversion, no pipeline networks, everything has to be built from scratch, also, BC`s gas supplies are hundreds of miles and a rugged mountain range away from the coastline....Making BC LNG very expensive indeed, not counting First Nations needing equity deals and protecting a very diverse rich river and salmon environment...Nothing easy, not without destroying our forever sustainable wild salmon..

PIRA, they have recently come out with data implying the USA`s brownfield LNG exports plants are going to struggle to make financial returns...

___________


YC-based PIRA Energy Group believes that the return of Japanese nuclear capacity, surging Asian LNG supply, and the weakness of crude prices does not bode well for Atlantic Basin flows to Asia.

The broader compression of Asian spot prices at the high end against Henry Hub at the low end strongly implies shorter haul LNG trade and lower prices, PIRA said in its report.

  
The North American natural gas supply curve continues to look flatter. PIRA still believes that there will be an uptick in price as the US passes through its demand surge and LNG and industrial projects start up, but the extent of the inflation adjusted run-up post-2020 has been reduced as the resource base expands and productivity improves.
PIRA also sees an increasing concern that U.S. LNG projects will find it difficult to recover full costs plus a return in an increasingly competitive market.

 http://www.lngworldnews.com/pira-u-s-lng-projects-could-struggle-to-recover-costs/

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Let me be perfectly clear, if USA brownfield LNG export projects are now looking very iffy as to profitability and return on investment than British Columbia greenfield proposals are money sinkholes that will never see a profit...Unless British Columbia gives Petronas free gas, tax free and royalty free the proposed projects aren`t viable and what is even more scary...The LNG obsessed BC Liberal Government is ramming forward with a $10 billion dollar plus Site C dam project to supply electricity for an LNG industry that ISN`T going to happen!..

Over $10 billion dollars flushed down the toilet, $10 billion plus taxpayer dollars flushed away...Petronas can`t even pay themselves let alone pay British Columbia..

This information has been available here at The Straight Goods for some time, only now are the world energy experts and forecasters coming to terms with this new LNG reality, unfortunately Christy Clark and the BC Liberals put all their eggs in one basket and our domestic media sold out the people of British Columbia...Here a simple blogger with little means, no research staff, no money, a one person operation has put the Vancouver Sun, The Province, Global BC, CTV, CKNW, Vaughn Palmer, Michael Smyth, Les Leyne, Keith Baldrey and others to shame....

Those entities have the resources and the information but unfortunately they have been corrupted, sold out to the BC Liberals and to big industry..

I have saved the best for last...From Bloomberg....Nothing new that hasn`t already been reported here for several years, but confirmation..

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Gas Golden Age Fades as Supply Boom Meets Japan Nuclear Rebirth




The golden age of natural gas lost some of its luster this month.

Japan, the world’s biggest buyer of the fuel in liquid form, restarted a nuclear reactor on the island of Kyushu Aug. 11, re-embracing atomic power to shrink energy-import costs.

 A week later, a production milestone was marked at Santos Ltd.’s Curtis Island plant in Australia, a new liquefied natural gas project that’s part of a record annual capacity increase.

Japan’s return to nuclear power after the 2011 Fukushima disaster and China’s economic slowdown are undermining the demand that prompted the International Energy Agency to envision a golden age four years ago. Companies including Chevron Corp. and BG Group Plc were counting on Asia’s consumption as they sank hundreds of billions of dollars into new supply. A glut will cap LNG prices for years, according to Citigroup Inc.

Japan is going to do very well out of this,” Christopher Haines, a senior oil and gas analyst at BMI Research in London, said by phone Aug. 20. “Australia will probably be hit the hardest, there is a lot of new capacity coming online.”

The fossil-fuel import bill for Japan, once Asia’s biggest nuclear power producer, surged after Fukushima as the nation turned to other energy sources including LNG to plug the gap. This contributed to four years of trade deficits that hit a record 12.8 trillion yen ($103 billion) in 2014.

Sendai Restart

Kyushu Electric Power Co.’s No. 1 reactor at the Sendai facility is the first to come back online under new post-Fukushima safety rules as Japanese Prime Minister Shinzo Abe seeks to revive the atomic fleet. While Kyushu plans to resume operations at a second unit in October, the timing on further restarts is uncertain due to tougher procedures set by Japan’s Nuclear Regulation Authority, legal challenges and public opposition.

Utilities have applied to resume operations at 25 of Japan’s 43 reactors. Next year, 11 units may restart, according to Polina Diyachkina, an analyst who has covered the nation’s power providers for three years at Macquarie Group Ltd.


Australian Supply

Demand for LNG will slow as the nuclear restarts continue, Citigroup analysts including Ed Morse said in an Aug. 12 research note. The price of the fuel shipped to northeast Asia has slipped about 60 percent since climbing to a record $19.70 per million British thermal units in February 2014.
“There will be a glut of spot cargoes which will put further downward price pressure to spot prices” as Australia starts up 13 LNG units over the next three years, David Hewitt, the co-head of global oil and gas equity research at Credit Suisse Group AG, said by e-mail. “We would not be surprised to see some very low headline spot price deals in the next few years.”
LNG producers are forecast to add 50 million metric tons of new capacity next year, the largest single annual increase in history and equivalent to a fifth of current global demand, according to Sanford C. Bernstein & Co.

$150 Billion

The bulk of the supply is coming from Australia, where companies including ConocoPhillips, Royal Dutch Shell Plc and Inpex Corp. are spending more than $150 billion on ventures due to start in the next two years.
On Curtis Island in Queensland, the $18.5 billion Santos development sent gas into the first processing unit of its LNG plant, a key step on the path toward starting production, the company said Aug. 18. There are two other projects on the island, including Origin Energy’s A$24.7 billion gas-export venture with ConocoPhillips.

The next wave of exports will come from North America, where only six of the roughly 40 proposals so far will be built, according to a Bernstein report last month. Those facilities -- from Cheniere Energy Inc.’s Sabine Pass project in Louisiana to Dominion Resources Inc.’s Cove Point project in Maryland -- are scheduled to construct more than 60 million tons of capacity by 2021, according to the researcher.

 http://www.bloomberg.com/news/articles/2015-08-21/gas-golden-age-fades-as-supply-boom-meets-japan-nuclear-rebirth

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Meanwhile, British Columbia doesn`t have a single final investment decision, not one shovel in the ground, all that Australian and American capacity coming online, already under construction, 60 million tonnes annually coming online from the USA alone....

Australia has downgraded government revenue forecasts from existing LNG operations...

The news get even worse, green technology, solar energy and roof-top applications will soon see electricity produced cheaper than gas or coal....clean green technology..

 http://powellriverpersuader.blogspot.ca/2015/07/british-columbias-lng-balloon-goes-pop.html

From an earlier Straight Goods posting..

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 The renewable-energy boom is here. Trillions of dollars will be invested over the next 25 years, driving some of the most profound changes yet in how humans get their electricity. That's according to a new forecast by Bloomberg New Energy Finance that plots out global power markets to 2040. 

Here are six massive shifts coming soon to power markets near you:


1. Solar Prices Keep Crashing


The price of solar power will continue to fall, until it becomes the cheapest form of power in a rapidly expanding number of national markets. By 2026, utility-scale solar will be competitive for the majority of the world, according to BNEF. The lifetime cost of a photovoltaic solar-power plant will drop by almost half over the next 25 years, even as the prices of fossil fuels creep higher.
Solar power will eventually get so cheap that it will outcompete new fossil-fuel plants and even start to supplant some existing coal and gas plants, potentially stranding billions in fossil-fuel infrastructure. The industrial age was built on coal. The next 25 years will be the end of its dominance. 

2. Solar Billions Become Solar Trillions


With solar power so cheap, investments will surge. Expect $3.7 trillion in solar investments between now and 2040, according to BNEF. Solar alone will account for more than a third of new power capacity worldwide. Here's how that looks on a chart, with solar appropriately dressed in yellow and fossil fuels in pernicious gray:





© BNEF Expect $3.7 trillion in solar investments between now and 2040, according to BNEF. Solar alone will account for more than a third of new power capacity worldwide.


3. The Revolution Will Be Decentralized

The biggest solar revolution will take place on rooftops. High electricity prices and cheap residential battery storage will make small-scale rooftop solar ever more attractive, driving a 17-fold increase in installations. By 2040, rooftop solar will be cheaper than electricity from the grid in every major economy, and almost 13 percent of electricity worldwide will be generated from small-scale solar systems.
4. Global Demand Slows

Yes, the world is inundated with mobile phones, flat screen TVs, and air conditioners. But growth in demand for electricity is slowing. The reason: efficiency. To cram huge amounts of processing power into pocket-sized gadgets, engineers have had to focus on how to keep those gadgets from overheating. That's meant huge advances in energy efficiency. Switching to an LED light bulb, for example, can reduce electricity consumption by more than 80 percent. 
So even as people rise from poverty to middle class faster than ever, BNEF predicts that global electricity consumption will remain relatively flat. In the next 25 years, global demand will grow about 1.8 percent a year, compared with 3 percent a year from 1990 to 2012. In wealthy OECD countries, power demand will actually decline.  

5. Natural Gas Burns Briefly

Natural gas won't become the oft-idealized "bridge fuel" that transitions the world from coal to renewable energy, according to BNEF. The U.S. fracking boom will help bring global prices down some, but few countries outside the U.S. will replace coal plants with natural gas. Instead, developing countries will often opt for some combination of coal, gas, and renewables.  
Even in the fracking-rich U.S., wind power will be cheaper than building new gas plants by 2023, and utility-scale solar will be cheaper than gas by 2036.
Fossil fuels aren't going to suddenly disappear. They'll retain a 44 percent share of total electricity generation in 2040 (down from two thirds today), much of which will come from legacy plants that are cheaper to run than shut down.

 http://www.msn.com/en-ca/money/markets/the-way-humans-get-electricity-is-about-to-change-forever/ar-AAbZhP2?ocid=iehp

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Petronas`s proposed Prince Rupert project is about to be cancelled, I suspect that`s why the political forces that be, the BC Liberal Government and a sold-out compliant BC Media ran guns a blazing with the Steelhead LNG proposal...What a waste of spin on a project so uneconomical, never going to happen...With green technology running over fossil fuels, with a world glut of LNG, with oil prices in the tank, with China`s economy just starting a 10 year economic slowdown, maybe even recession...

With Iran, Iraq, Turkmenistan, Russia, China all busy constructing natural gas direct pipelines to Asia, to Japan, to Pakistan, tonnes of natural gas not needing expensive liquefaction facilities on one end and regasification terminals on the other..

Now with Japan for domestic financial reasons proceeding with nuclear restarts..

LNG export industry is the new poster boy for fools rush in..

Lastly...Steelhead LNG is nothing but noise, no financial institution is going to bankroll that operation on slim margins, in an already saturated market, with LNG use on the decline, with Japan about to slash its LNG use, with China starting a longterm slowdown, with oil and energy stocks in the tank..

The time is ripe for the BC Liberals to present their plan B to pay off the massive $140 billion they added to BC`s debt..

I won`t hold my breath.



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