Yesterday after Petronas divulged they were canceling their ill-fated LNG project Keith Baldrey started spinning like a top, spinning like a BC Liberal shill....
Keith Baldrey claimed the change in government caused Petronas to bail on their project...
CKNW/Global audio vault...listen to July 25th...just after 7:30 pm news(about 7:33 mark)
and later last night Postmedia's energy writer(Financial Post) and Husky Energy lobbyist Claudia Cattaneo wrote a brutal opinion piece blasting NDP and John Horgan for Petronas' decision to scrap a money losing proposition...
Time to set the record straight, no spin, just the facts on the ground.....
Petronas canceled their LNG proposal(2 years ago when BC Liberals were in power)..just like AltaGas gas, who had all the certificates and approvals to go forward.....Just like Shell Canada, who also had all the permits and approvals required(18 months ago when BC Liberals were in power and looked near certain to maintain power)...Just like Chevron's Kitimat LNG proposal..and Douglas Channel LNG proposal....
those projects all walked away, canceled or deferred to some mystery date in the future...all while the BC Liberals were in power, were the government of the day....
Woodfibre LNG proposal...despite Postmedia saying that Woodfibre LNG has made a FID(final investment decision)..they have not...there is a HOA agreement, nothing more ....
Woodfibre lng STILL has not secured any longterm buyers of LNG....there is no FID...the project in Howe Sound(Squamish) is virtually dead, on life-support, the odds of it going forward...? almost 0%..
The reason Petronas...Chevron...Shell Canada..Kitimat LNG...AltaGas all cancelled their fully permitted LNG proposals is because....
So, 2014...Apache and Chevron bailed on B.C...... In 2015 Quicksilver went belly up, ending Campbell River LNG proposal.. Shell Canada cancelled their Prince Rupert LNG proposal last year... AltaGas shelved their Kitimat LNG proposal last year... And now Michael Smyth..Keith Baldrey, Vaughn Palmer..Claudia Cattaneo..Les Leyne..all Postmedia shills are saying Petronas bailed because the NDP took power...What a bunch of sore losers you clowns are....
That my fellow BCers is the very bottom line, the economic viability isn't there....period..
Even in Alaska...Conoco Philips mothballed a small full-functional LNG export terminal(it was not profitable in this market)
Alaska Governor Walker ...and his predecessor before him have been, for years and years trying to get a LNG export industry up and running(North Slope Natural Gas)...Like B.C.,,,,Alaska's gas is quite some distance from the coast, the estimated cost for the pipeline network, port facilities and liquefaction terminal is a staggering $45 to $50 billion....a consortium of energy companies, with Exxon Mobile being the lead....those energy majors bailed on Alaska last year...citing not being economically viable as the reason for bailing....imagine that, big industry, bigtime resource exporting Alaska, run by Republicans...a state with oil exports and pipelines...and still big energy companies walked away....now, the Alaska government is so hellbent on exporting LNG are now attempting to do the project as a state financed project, a state-led LNG proposal...
Governor Walker and his quislings have made Asian LNG trade missions after more Asian LNG trade missions all to no avail....Alaska and Governor Walker have failed to find longterm buyers of LNG at a pricepoint that's profitable...
Keith Baldrey..Vaughn Palmer..Claudia Cattaneo, Postmedia and the BC Liberals are 100% wrong, they know they are, they know the NDP are not at fault for these fairy-tailed LNG projects dying on the vine.....Those are the facts....
Those above mentioned spineless spinners also say(to bolster their bullshit claims) .."USA and Canada started looking into LNG at the same time, US went forward, Canada didn't"....
Again...don't let the facts get in the way of your bullshit boys(and girls).....
British Columbia is classed as...."a greenfield proposal"....Where the USA was a "brownfield proposal" ....back in around the year 2000.(before the fraccing revolution) the USA was contemplating running out of conventional natural gas and becoming a LNG importer...so, big energy companies built, in anticipation of those LNG import needs built infrastructure..pipeline grids to distribute gas, they built regasification plants(where you warm up LNG and convert back to gas)....
What happened next...before the US had a need to employ the use of this infrastructure with imported LNG something happened, the fraccing revolution/secret got out....the USA suddenly found themselves awash in natural gas...the $10s of billion spent on infrastructure for regassing imported LNG was now obsolete before it even got used......
Obsolete regasification plants, located in American east coast ports...obsolete...ahh, except for converting those import facilities into export facilities, and that's exactly what they did...American LNG liquefaction builders saved anywhere from 30% to 60% over the cost of building from scratch, (also known as greenfield)....
Those are the facts.....complicating factors even more....Australia drank the LNG Koolaid too...Australia set out to be the world's largest LNG exporter...Qatar increased output to maintain their market share..Russia has increased LNG production..along with Malaysia, Iraq..Iran,..Africa, Papua New Guinea, ....with the fraccing revolution...almost every country in the world has domestic nat-gas...that includes China....
Further complicating matters with LNG is the price of renewable power...Solar power is almost as inexpensive as gas...Wind generated electrical power is now cheaper than natural gas based electricity..economies of scale see the cost of producing electricity with renewable as cheaper or even cheaper than natural gas/LNG....
Sorry Vaughn Palmer..Keith Baldrey, Claudia Cattaneo...Postmedia..David Keane(BCLNGA)..ICBA independent contractors/builders association......you fucking spindoctors are wrong, your coordinated anti-NDP spinfest is almost as pathetic as your bootlicking endorsements of Christy Clark and her BC Liberal gang(and your asswipe endorsement of Stephen Harper in Federal election 2015)...
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There's more....Vaughn Palmer..Keith Baldrey..Postmedia....BC Liberals....it drives them crazy that one honest blogger beat those mentioned above like a drum...one man, one writer with little to no means outperformed Postmedia, called it accurately on LNG for years, year after year The Straight Goods produced the real story on LNG....Postmedia.....you lose, you lost to a single blogger..
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Before I finish up.....how did we get here....what made the greed monsters go for the LNG hook..
Japan...Japan was hit with a mega-thrust 9.0 earthquake and the following tsunami...the wave of water caused Fukushima nuclear plant to literally meltdown....Japan panicked(rightfully so)..
Japan as a precautionary measure shutdown their entire nuclear grid....now starved for power, LNG imports surged...so did the price of LNG..soared to record high prices...Big energy bent Japan over and rammed them up their arse...
and the vultures pounced...Big energy saw dollar signs, Japan was the road to untold riches...then the worm turned...Japan elected Shinzo Abe, he ran on a pro-nuclear platform, after winning office, the nuclear restart was underway...Japan now not requiring as much LNG..the price crashed....the vultures I mentioned...LNG liquefaction projects were proposed everywhere, some went forward, ..Brownfield builds progressed, Greenfield builds did not....with all the new LNG capacity, coupled with Japan slashing its LNG use...
The world found itself awash in LNG...a massive glut, a glut now forecast to go out to at least 2030..
That my friends is the short version of events....Petronas, Woodfibre..Shell Canada...AltaGas...Kitimat LNG..Douglas Channel LNG...Quicksilver LNG..Steelhead LNG..Aurora LNG.....
Those above mentioned LNG export project proposals all have one thing in common....
None of those companies could secure any longterm LNG buyers at a pricepoint that made economic sense(cents) ...Postmedia knows that...so does Baldrey..Palmer..Cattaneo....and Rich Coleman....
Lastly...Petronas actually cancelled the project 2 years ago...I wrote several LNG articles stating just that...
I wrote in January/2016(19 months ago) ..
It Looks Almost Certain That Petronas Will Defer Their British Columbia Prince Rupert LNG Project(PNW LNG) Well Into The Future
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..
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
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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..
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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.
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..
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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.
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..
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"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."
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.
__________ 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..
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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.
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..
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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.
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.
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..
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:
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.
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..
Written by Grant G Good morning British Columbia, and the top of the morning to all, including the pathetic Christy Clark led BC Liberal Government..
Time for another Straight Goods LNG special report...
I have covered the LNG scam for the last 3-4 years, every angle, nuance and development from far and wide..
3 years ago there was LNG hype, brought on in part by the Fukushima nuclear disaster...LNG exporters jumped all over Japan and gouged the heck out of them..they nearly brought Japan to their knees, every big energy company swooped in and hovered like vultures...
Japan under pressure shut down their nuclear power...That time in history has now passed, Shinzo Abe was elected 2 years ago on a pro-nuclear stance "Abe-Economics"...Japan has restarted three reactors and 10 more are scheduled to restart this year...In other words, the Japan gravy train has left the station, leaving big LNG energy companies high n dry..
Meanwhile during the last 5 years gobs of new LNG supply have hit the market...more supply than customers..Longterm LNG contracts are being inked for $5 dollars per MMBTU`s..
That is less than half the money required by Petronas, Shell Canada and Altagas to break even...
Altagas, they had their import duties waved on their 100% foreign built floating liquefaction facility, they had an existing pipeline in Kitimat to hook up to, they had First Nation support from the Haisla...With all that Altagas couldn't secure any customers at a price anywhere near breaking even...
The cheapest of the cheap in terms of LNG production couldn't make an economic go of it...If Altagas couldn't survive as a bit player neither can Petronas..
LNG is different than oil,...oil can be stored relatively cheap, tanks can be built ...as for LNG.. Storing LNG is very expensive and very limited, storing LNG and waiting for a time and place when prices rise is not an option, gas, LNG is under enormous pressure, it's very expensive to store, very limited, in other words any LNG produced must be sold...So, without customers, without committed longterm buyers at a high price new projects die on the vine..
With the LNG glut and China slowdown combined with Japan restarting their nuclear plants along with worldwide pressure to go green, with renewable power, solar and wind power generation dropping in price the golden age of LNG is over..(before it even started)
British Columbia missed the boat...By the grace of God British Columbiamissed the LNG disasterous Titanic boat..
Years ago...LNG world news....and the LNG Journal was filled with story after story of new developments, new mergers, acquisitions...Today LNG World News and the LNG Journal is barren of news...Most stories emanating from those LNG news sources are of refinancing, lowered expectations, bankruptcies, delays, deferrals...Here are the latest examples(last night) from LNG World news...
__________
Exmar of Belgium said it has terminated the agreement with Pacific Exploration and Production executed in March 2012 for the deployment of the Caribbean FLNG in Colombia.
Japan’s price of spot liquefied natural gas contracted in February averaged US$6.5 per mmBtu on DES basis.
The price dropped 8.5 percent compared to $7.1 per mmBtu January, when it has already reached the lowest point since Japan’s Ministry of Economy, Trade and Industry (METI) started publishing monthly reports in March 2014. Compared to the same month in 2015, the contract-based price dropped 13.3 percent from $7.5 per mmBtu. According to METI’s latest report, the average price of spot-LNG imported into Japan that arrived in February stood at $6.9 per mmBtu. This was a drop of 12.7 percent compared to the $7.9 per mmBtu in January 2016. In comparison to February 2015 when it stood at $10.7 per mmBtu, the arrival-based price dropped 35.5 percent. Only spot LNG cargoes are taken into account in this assessments, excluding short, medium and long-term contract cargoes, as well as those linked to a particular price index.
The Sodeshi LNG terminal, operated by Shizuoka Gas, is close to starting liquefied natural gas reloading operations, company’s deputy general manager, feedstock department, Hirotaka Kaneda said.
Kaneda told Bloomberg that the reloading facility at the Sodeshi terminal is set to be completed in April, becoming the first Japanese facility to resell cargoes on a regular basis. He added that currently only Kansai Electric Power has an LNG reloading facility in Japan. The facility has been completed in 2007 and only used to reload one cargo, the report said. Shizuoka Gas imports about 1 million tons of LNG per year and plans to resell up to two cargoes per year to neighboring countries like China and South Korea, according to Kaneda. He noted that smaller companies like Shizuoka Gas could cut average prices by reloading and reselling cargoes. Japan is expected to have a 12.2 billion cubic meters of LNG surplus in 2017 with declining imports and other utilities are also interested in using Shizuoka Gas’ reloading facility to resell surplus gas. Kaneda declined to reveal the names of interested companies, although he did add that the reloading facility would allow them to buy cheap spot cargoes and ship them elsewhere once the prices of LNG recover, the report said. http://www.lngworldnews.com/shizuoka-gas-to-start-reselling-lng-cargoes/
Texas-based LNG player Excelerate Energy said it reduced the size of its commercial trading and chartering team as part of a reorganization.
The reorganization, made due to the near full commitment of Excelerate’s fleet to long-term projects, resulted in the elimination of six positions, a spokeswoman at the company told LNG World News in an e-mailed statement late Monday. However, despite reducing the size of its trading and chartering team, Excelerate will continue to be active in those areas, the spokeswoman said. http://www.lngworldnews.com/excelerate-shrinks-lng-trading-staff-as-part-of-reorganization/ _______________
I could go on and on citing articles and reports ....But there is no point...Petronas has been playing politics with Canada and in particular with British Columbia...Michael Culbert, the head man for Petronas PNW LNG is being punted up to Progress energy, he is no longer leading Petronas's PNW LNG....Another Petronas talking whore was a man named Spencer Sproule, he was Petronas's BC spokesperson..He was also employed a few years back by Christy Clark and the BC Liberals...
These talking heads are gone, kaput.....
Where was I....ah yes, LNG produced must be sold...There is a world glut now, as in today with gobs of new supply coming online from Australia, USA and Iran, and Russia...Those companies have cut deals already to sell cheap LNG for decades to come, cut cheap LNG deals to secure market share...
"One in the hand is worth two in the bush"
LNG can't be stored and British Columbia is not a banana republic(well, BC Liberal Government are corporate fascists)...British Columbia loves it's nature, it's salmon, ..British Columbia will fight to save the Skeena River and Justin Trudeau will not approve the project...Petronas can find another location, there are 20 other dead LNG proposals in British Columbia and Petronas can buy one of those locations if it wishes to..
However...Petronas is not going to build anything, Petronas will fling mud at Trudeau and play footsy with Christy Clark a while longer...The British Columbia LNG fantasy is dead..
Oh...One more thing...Big energy companies that lose money pay no taxes, any royalty payments would be deducted against taxes owed and we the people of Canada would not only pay the price tag for foreign built LNG facilities we would also end up paying Petronas to take our gas..
The Skeena river will be saved...Rich Coleman and Christy Clark will continue to advertise LNG riches just over the horizon...That LNG bonanza will never come, that sunrise will never be seen..
Read the below information....My condolences to the people of northern British Columbia...Don't be mad at me, be mad at Christy Clark and the BC Liberals for making such outlandish claims..
Debt free..$100 billion dollar prosperity fund...Eliminate the sales tax...100,000's of LNG jobs..
Christy Clark is a nasty political whore, she's rude, she's stupid, she can't speak English she speaks word salad...
_____________ But in an interview from Kuala Lumpur, where Petronas is based, Michael Culbert, the project’s president, denied proponents have given Ottawa a March 31 ultimatum for a decision on where it can be built.....
“We are continuing to move that forward and we believe we are in the final stages to a final decision,” said Culbert, who is stepping down April 1 from the LNG leaderhip role to concentrate on the upstream end of the project.
The shareholders of the $36 billion proposed project will decide whether to go ahead after reviewing its economics and the conditions of its permit. The project is owned by Petronas, China’s Sinopec, Japan Petroleum Exploration Co., India Oil Corp. and Petroleum Brunei.....
Culbert also denied the project is laying off staff, even though a terminated employee said Tuesday some are being advised they will be out of a job....
Meanwhile, more than 130 Canadian and international scientists are urging the federal government to reject an environmental review of the project, claiming it is “scientifically flawed.”
Reported elsewhere....More words that strongly suggest Petronas is walking away...
_____________
The national oil corporation also said it would review the final report with project shareholders and evaluate conditions attached to the report to further determine their impact on overall cost structure and project schedule.
"The outcome, reviewed together with the LNG market outlook and overall project commerciality, would be used to develop the proposal for an investment decision to be considered by PNW LNG shareholders," the statement added. - Bernama
____________ Scientists want federal environment minister to reject 'flawed' B.C. LNG report That's because opposition from First Nations, environmental groups and some area residents has focused on a concern the project will harm eelgrass beds on Flora Bank. The bank, adjacent to Lelu Island where the terminal will be built near Prince Rupert, is considered prime fish-rearing habitat, including in a federal study dating back to 1973. The scientists said, in the letter addressed to Environment Minister Catherine McKenna and copied to Trudeau, that scientific flaws in the draft report include: not accurately characterizing the importance of Flora Bank for fish; conclusions on the lack of harm to species such as oolichan without evidence; and a disregard for studies that were not funded by the company. "Five decades of science has repeatedly documented that this habitat is not representative of other areas along the north coast or in the greater Skeena River estuary, but rather this is exceptional nursery habitat for salmon that support commercial, recreational and First Nation fisheries from throughout the Skeena River watershed and beyond," says the letter signed by the scientists, including Moore. The scientists who signed the letter - largely fisheries biologists and ecologists - come from across Canada and the U.S. states of Alaska, Washington, Oregon, California, Montana and North Carolina. Several former federal and provincial scientists also signed the letter, including Otto Langer, former head of habitat for the Department of Fisheries and Oceans, as well as scientists affiliated with environmental groups. The scientists also said there had been inadequate consideration of cumulative effects, such as destruction of shoreline habitat, acid rain and accidental spills. Also of concern is that a plan by the company to offset habitat loss by improving habitat in other areas has not been proved to be helpful and could do more damage, said the scientists. Public comments on the draft report close March 11, after which CEAA will produce a final report.
_________________ British Columbia will a need plan B to pay off the massive debt accrued by the BC Liberal Government...Time to stop Site C dam...The power will not be needed and ratepayers have been hurt enough.. Time to start making real loud noises John Horgan...Time to get off the LNG fence
Worms, squirms and the usual suspects, aided and abetted by you know who...PostMedia, oh boy, look at the neon, flashing strobes, look at the not so shiny baubles Postmedia presents as news, my gawd, how can Postmedia editors and editorial boards, living on a round earth(?) publish such blatant politically infused propaganda.....articles that appear to be written by either the BC Liberal party or industry lobbyists...
But I digress....a beautiful day is when the reek of desperation falls from the pages, before your eyes, when Postmedia's bought reaching looks....childish, childlike...
First up....Mayoral Monkey Lois Jackson......
________
The project has been in the works for years and preliminary construction on the $3.5-billion bridge has already started. However, it could be derailed by the new NDP government.
“The need is definitely there,” Jackson said.
Jackson plans to meet with Premier John Horgan, Liberal Opposition Leader Christy Clark and Green party Leader Andrew Weaver to convince them that the project should go ahead.
“I really think I’ve got to stress with the three leaders (to) set your politics aside and look at the issue and what’s best for the province and the people that live here, and let’s do the right thing,” Jackson said
The bridge was a pet project of Clark’s when she was premier, but Horgan has said a bridge is not necessarily the right way to address congestion in the area. He has stopped short of saying he will scrap the project altogether, and instead has talked about reviewing options.
“I’m going to take counsel from the ministry when I get a chance to sit down with staff and be guided by the hard work the mayors in the region have done,” Horgan said Tuesday after he was sworn in as premier.
Newly appointed Transportation Minister Claire Trevena echoed Horgan’s comments that more research will need to be done on the bridge project, but that most local mayors don’t want it and the NDP will focus on what the mayors want for transit in the region
"how quickly we can get together with the three leaders I don't know, we've certainly been trying to get meetings with them to explain to them how important it is"
One of the funny things about the above Postmedia article....the article derived from a Lois Jackson sit-down interview with the Vancouver Sun and Province editorial boards....seems odd don't you think, not sure who asked for the "interview" ....well, when they are one in the same, turns to slant..
I recall Postmedia/Vancouver Sun and Province editorial boards endorsing Harper in 2015....we know they endorsed Christy Clark...so, a partisan rightwing editorial board conducts an "interview with Lois Jackson, the one and only cheerleader of Christy Clark's doomed Massey boondoggle...
The election is over boys..and girls, you lost....Clark's election platform is out, so is the Massey bridge...if you want to write Christy Clark stories Postmedia...do it through the frontdoor..not the backdoor...because it smells, like inside the outhouse door..
Lois Jackson, a longtime politician, a Christy Clark partisan cheerleader, an elderly political pro, who knows how the "game" is played, how governments work, how provincial governments work..
wakey wakey Lois...here's a newsflash....John Horgan doesn't do tri-party meetings, meetings with the defeated and non-premier as a full-participant, Christy Clark isn't premier anymore, Clark is not a transportation expert, she's not well-versed in anything but partisan bluster...
In 16 years of BC Liberal rule..how many meetings did Gordon Campbell invite Carole James, or Adrian Dix, how many meetings did Christy Clark invite John Horgan to...answer...NONE..
Christy Clark is now a nothing...if you Lois Jackson want a meeting with Christy Clark..go to Kelowna Westside, or invite her over to your Delta digs....but get it through your partisan head...Christy Clark is out...and you damn well know that's how governments work...opposition parties are left on the sidelines, and nothing you blather about will change that...your bridge..it's too far, too expensive and won't survive the overdue mega-thrust earthquake...6 minutes of shaking, only a fool would build a monster bridge in quicksand...
Vancouver Sun editorial board....they too know that opposition leaders are not included in governing, why is it I'm not surprised Postmedia never told Lois Jackson in that meeting that the chances of Clark being included in any government discussions are that of a snowball in hell....get over it...Clark is powerless, in fact Christy Clark is a lame-duck Clingon...
Premier Horgan has been busy, he raised welfare and disability rates....toll relief is fast approaching and...
Did I mention the beautiful day part....for me it is...having endured 16 of Democracy shrinkage and political plants infesting crown corporations, professional positions turned into YES people within...
Brad Bennett....pack your shit man....get the hell out of here...one of the first acts Premier Horgan executed was the eradication of Brad Bennett, chair of BC Hydro...a position Christy Clark granted Bradley after he joined(?) with Christy on the election 2013 campaign bus...
Brad Bennett...the man prostituted himself...he turned a honourable position into a parody...
Brad Bennett...related to the honourable WAC Bennett...after getting appointed to BC Hydro chair as a reward for campaigning for Clark...to take a leave of absence to once again join with Clark on election 2017 campaign bus not only appeared to be a direct conflict of interest, it stunk to high heaven.....Brad Bennett looked the fool...acted the fool, all for some tail-wagging comfort eh Brad...You are an embarrassment to the Bennett legacy...
John Horgan dished out orange crush.....what the hell were you thinking Brad Bennett(or was the little head doing the thinking)....
Euphoria erupts...with a twist of orange....
Jessica MacDonald today got punted out of her partisan appointed job....as a head of a crown corporation...Jessica should have told Brad Bennett NO...you can't campaign for the woman who gave you a paid gig at BC Hydro...MacDonald failed badly...she was caught lying about information provided to the BCUC...MacDonald took direct marching orders from the BC Hydro...MacDonald was appointed to her paying gig by another brutal partisan...Gordon Campbell..
Jessica MacDonald and Brad Bennett need to slither off to their rocky abodes, and hopefully these scourge members are never heard from again...
ICBC Chair..axed and bleeding orange juice....and many other BC Liberal moles have been rooted out and shown the outhouse door...
Lastly....(for now)
Chris Varcoe....a Calgary Herald Postmedia energy industry pimp...
Postmedia....look at that headline.....Canada has no LNG "bold" LNG dream....most of Canada don't give a rat's ass about LNG...Canada had no dream...Christy Clark had a 2013 election whopper...
There is nothing to rekindle, it never kindled in the first place...
in the article...we hear from no other than BCLNGA mouthpiece David Keane....now these same Postmedia spinners..the Capp crew..
they are now talking about a new window of LNG opportunity after 2025...oh boy...we are in 2017...BC has been hearing about LNG riches from the BC Liberals since 2012...and now BC,s natural gas industry(not LNG) is a welfare industry..it's a net drain on provincial resources, other sectors are subsidizing our natural gas industry...
everything you need to know on LNG has been written here....PETRONAS is not going forward...either is Shell Canada...the little tiny Woodfibre LNG proposal has been scrapped too..
On the world LNG scene...right now there is a 100 million tonne glut...that glut rises to 250 million tonnes of LNG on the market....
We have a Qatar..Australia and USA all trying to poach the other' market share...we also have Russia chasing more market...we have Iran..and Malaysia...all wanting more market share...
There's also huge gas discoveries everywhere...those countries with reserves want to market their gas too...bargaining gas rights for a quid pro quo deal...supply domestically for accessing the remaining for export....
in other words...there's too much gas...a glut to 2030..minimum...
As for BC natural gas....soon most of BC's excess natural gas will be piped to gulf coast liquefaction terminals...deals have been signed...BC is a greenfield operation...requiring $7 billion dollar pipeline over tough ground, mountains and rivers..it's not economically viable...not with a 15 year gas glut rearing up..
so...Varcoe and Postmedia trying to rattle Michelle Mungall...not a chance in hell..
BC LNG won't be rekindled...the fire was never lit...LNG is a mere Ponzi scheme...only the lowest cost producers will make money..Qatar and Russia Iran and Iraq....
Postmedia needs to get over it....BC Liberals lost the election....LNG was never real, never an ambition, or bold...
drill hole, fill hole with water and chemicals, blast the shale rock and force gas out.....
Not exactly hightech..or bold...only bullshit...or as I call it...The Leaking and the Lemon.
