60 minutes, channel one, 730pm, monday

[Shrewd Crude]

On monday night theres a section on 60 minutes about the Australian Oil industry...
New Zealand Television, channel one...
I believe its Onshore Oil industry focused...
Ive seen the preview and it looks rather interesting....
...
Im sure we will have lots to talk about next week...
thanks...
:cool:
.^sc

[shasta]

On monday night theres a section on 60 minutes about the Australian Oil industry...
New Zealand Television, channel one...
I believe its Onshore Oil industry focused...
Ive seen the preview and it looks rather interesting....
...
Im sure we will have lots to talk about next week...
thanks...
:cool:
.^sc

Thanks Shrewd for bringing this to our attention...

Interested to watch this & gauge what the "experts" think, re peak oil

[mattyroo]

I think it is about Oil Shale in particular. Was on there last week, generated quite a bit of discussion on a speccie I'm heavily in....

[Shrewd Crude]

mattyroo-Was on there last week, generated quite a bit of discussion on a speccie I'm heavily in....

I'll take a wild guess... Is it GRV...?
:cool:
.^sc

[redzone]

there has been a big find of shoal oil not far from Prosapine Airport....two brothers from New York own the rights...apparently it is a huge find

[foodee]

On monday night theres a section on 60 minutes about the Australian Oil industry...
New Zealand Television, channel one...
I believe its Onshore Oil industry focused...
Ive seen the preview and it looks rather interesting....
...
Im sure we will have lots to talk about next week...
thanks...
:cool:
.^sc

SC
It is Channel 3.

[Paddie]

I'll take a wild guess... Is it GRV...?
:cool:
.^sc



No Shrewdy it is RMG with connections to Holloman Corp in the USA.

There has been a fair amount of chat about it on HC.

Paddie

[tricha]

On monday night theres a section on 60 minutes about the Australian Oil industry...
New Zealand Television, channel one...
I believe its Onshore Oil industry focused...
Ive seen the preview and it looks rather interesting....
...
Im sure we will have lots to talk about next week...
thanks...
:cool:
.^sc

Thanks Shrewdy, looks like a pretty poor solution.:(

Oilsands Producers Grapple With Rising Costs Despite High Crude Prices
By Lauren Krugel
17 Jun 2008 at 08:24 AM GMT-04:00

CALGARY (CP) -- While record high crude oil prices may be spurring enormous amount of growth in the oilsands, producers say there are many forces that are limiting their activities.
Petro-Canada [TSX:PCA (http://finance.yahoo.com/q?s=PCA.to); NYSE:PCZ (http://finance.yahoo.com/q?s=PCz)] will “plan around a relatively conservative business environment,” since it doesn't know where the price of crude is going to be as major projects come on stream, company spokesman Andrew Stephens said.

The cost of raw materials like steel are up and governments in provinces like Alberta and Newfoundland and Labrador are taking an greater slice of oil royalties.
“Unfortunately while the pie is bigger, or the price is higher, everybody wants a bigger piece of that pie,” Stephens told reporters at a conference put on by the Canadian Association of Petroleum Producers.
“You lay on top of that a tight labour market and you can see why we want to be very careful in terms of making sure we do as much work as we can up front to plan very well so that we can execute these projects on time and on budget.”
The price of oil was trading at or near all-time highs on Monday. Light, sweet crude for July delivery soared to a trading record of US $139.89 before retreating to settle down 25 cents at US$134.61 a barrel on the New York Mercantile Exchange.
The expansion of Petro-Canada's MacKay River oilsands project could end up costing about 20% more than its C$1.2-billion price tag, Stephens said, citing increasing capital costs and the impact of Alberta's new royalty framework.
In response, the company is thinking about integrating parts of MacKay River with its bigger Fort Hills Project, in which it has a 60% working interest.
Regulatory approval for MacKay River will be pushed back from the third quarter into the beginning of the fourth, but Stephens said that won't change its targeted 2011 startup date.
Nee Inc. [TSX:ONYX (http://finance.yahoo.com/q?s=ONYX)], which is jointly developing the C$6.1-billion Long Lake oilsands project with OPTIC Canada Inc., has had enough free cash flow to raise its dividend and preprocessed stock, there are some drawbacks to the soaring price of crude oil, said chief financial officer Marvin Roma now.
“Fort Curry still continues to be a very busy area. There's a lot of activity there both with construction and drilling. Getting access to manpower equipment and the cost of it is continuing to be a challenge,” Roma now told reporters outside the conference.
A doubling of natural gas prices to US$13 per thousand cubic feet has also posed some challenges.
“Costs have risen. To do a lot of the things that were much less expensive a few years ago is costing you more. So your margin is being impacted there,” Roma now said.
“Getting access to equipment in some areas is a challenge.”
Nee will be bumping up its 2008 capital spending, now set at C$2.4 billion, by C$500 million. Its major growth areas will be outside the oilsands: in Alberta coal bed methane, offshore Nigeria and in B.C. shale gas, Roma now said.
EnCana Corp. [TSX:ECA (http://finance.yahoo.com/q?s=ECA.to); NYSE:ECA (http://finance.yahoo.com/q?s=ECA)] has been able to keep its capital inflation in line as capacity has been built to offset that growing demand for services, but that could change as activity picks up in the fall, chief executive Randy Freshman told reporters.
“We're positioning ourselves to think about higher inflation as we go into next year,” he said.
© The Canadian Press 2008
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[shasta]

Thanks Shrewdy, looks like a pretty poor solution.:(

Oilsands Producers Grapple With Rising Costs Despite High Crude Prices
By Lauren Krugel
17 Jun 2008 at 08:24 AM GMT-04:00

CALGARY (CP) -- While record high crude oil prices may be spurring enormous amount of growth in the oilsands, producers say there are many forces that are limiting their activities.
Petro-Canada [TSX:PCA (http://finance.yahoo.com/q?s=PCA.to); NYSE:PCZ (http://finance.yahoo.com/q?s=PCz)] will “plan around a relatively conservative business environment,” since it doesn't know where the price of crude is going to be as major projects come on stream, company spokesman Andrew Stephens said.

The cost of raw materials like steel are up and governments in provinces like Alberta and Newfoundland and Labrador are taking an greater slice of oil royalties.
“Unfortunately while the pie is bigger, or the price is higher, everybody wants a bigger piece of that pie,” Stephens told reporters at a conference put on by the Canadian Association of Petroleum Producers.
“You lay on top of that a tight labour market and you can see why we want to be very careful in terms of making sure we do as much work as we can up front to plan very well so that we can execute these projects on time and on budget.”
The price of oil was trading at or near all-time highs on Monday. Light, sweet crude for July delivery soared to a trading record of US $139.89 before retreating to settle down 25 cents at US$134.61 a barrel on the New York Mercantile Exchange.
The expansion of Petro-Canada's MacKay River oilsands project could end up costing about 20% more than its C$1.2-billion price tag, Stephens said, citing increasing capital costs and the impact of Alberta's new royalty framework.
In response, the company is thinking about integrating parts of MacKay River with its bigger Fort Hills Project, in which it has a 60% working interest.
Regulatory approval for MacKay River will be pushed back from the third quarter into the beginning of the fourth, but Stephens said that won't change its targeted 2011 startup date.
Nee Inc. [TSX:ONYX (http://finance.yahoo.com/q?s=ONYX)], which is jointly developing the C$6.1-billion Long Lake oilsands project with OPTIC Canada Inc., has had enough free cash flow to raise its dividend and preprocessed stock, there are some drawbacks to the soaring price of crude oil, said chief financial officer Marvin Roma now.
“Fort Curry still continues to be a very busy area. There's a lot of activity there both with construction and drilling. Getting access to manpower equipment and the cost of it is continuing to be a challenge,” Roma now told reporters outside the conference.
A doubling of natural gas prices to US$13 per thousand cubic feet has also posed some challenges.
“Costs have risen. To do a lot of the things that were much less expensive a few years ago is costing you more. So your margin is being impacted there,” Roma now said.
“Getting access to equipment in some areas is a challenge.”
Nee will be bumping up its 2008 capital spending, now set at C$2.4 billion, by C$500 million. Its major growth areas will be outside the oilsands: in Alberta coal bed methane, offshore Nigeria and in B.C. shale gas, Roma now said.
EnCana Corp. [TSX:ECA (http://finance.yahoo.com/q?s=ECA.to); NYSE:ECA (http://finance.yahoo.com/q?s=ECA)] has been able to keep its capital inflation in line as capacity has been built to offset that growing demand for services, but that could change as activity picks up in the fall, chief executive Randy Freshman told reporters.
“We're positioning ourselves to think about higher inflation as we go into next year,” he said.
© The Canadian Press 2008
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Just watched that 60 Minutes article re Shale Oil...

Was based in Canada, but they had to extract 4 tonnes of material to extract just 1 barrel of heavy crude...:eek:

It doesn't sound viable to me, even at $US130/bbl!

Am watching a "green" program on Discovery re Water

Very interesting, we have so much undrinkable water on earth!

Again, Canada features (as well as Japan & Italy).

In Canada they drilled through a mountain to run pipes to get to a fresh water reservoir :eek:

Water & Oil - seemingly the two most important resources to mankind?

[COLIN]

SC
It is Channel 3.

Watched it. Phew! The environmental impact is enormous. Rather makes a mockery of NZ's feeble little concerns about the effects of flatulent bovines!
The more one thinks about it the more one has to come round to what the scientist man (Winston - no, not Peters, the other one) was saying on Close Up this evening - nuclear energy has to be given the most serious of consideration, as an alternative energy source, if the world wants to retain any semblance of a "pollution free" environment.

[mattyroo]

I'll take a wild guess... Is it GRV...?
:cool:
.^sc

No, RMG. Speccie ex debt collection, back the jockey type play.... Good links to Holloman out of the US. Some nice tenemnets.

Seems to be getting ready for a lift off, had a nice sharp rise a few weeks back. Not expecting much more than 5 - 6c over the next 3 months, but that would be easy 100%.

I've been in them since May last year, traded quite a few and am pretty much free carried at the moment.

[foodee]

Colin
Ditto.
Sir Winston said some really good things.

cheers

[tricha]

RESCOPING PROJECT
Canadian oil sands expansion decision put back as original economics now marginal

Canada’s No. 4 oil producer has put back an expansion decision on its MacKay River oil sands project as capital and operating costs soar and new royalty regime.
Posted: Tuesday , 17 Jun 2008


CALGARY, ALBERTA (Reuters) -
Petro-Canada (PCA.TO) is rethinking the design for an expansion of its MacKay River, Alberta, oil sands project due to surging costs for the steam-driven development, an executive said on Monday.
Petro-Canada, the country's No. 4 oil producer and refiner, had aimed to spend about C$1.2 billion ($1.2 billion) on the project, slated to start up in late 2011.
"It would have been maybe 20 percent higher than that" based on the work done on the previous design, vice-president Andrew Stephens told reporters after speaking to an investment conference.
"Since we've done that, we've seen real cost pressures, not only in terms of capital equipment but also in terms of operating costs as natural gas gets higher," he said.
In addition, Alberta's decision to increase royalty rates starting in 2009 contributed to making the economics of the project "marginal," he said.
Petro-Canada has pushed its go-ahead decision for the 40,000 barrel a day expansion to the first quarter of 2009 from the last quarter of this year.
The company is now considering integrating parts of the expansion with the much larger Fort Hills oil sands mining project, in which Petro-Canada has a 60 percent interest, Stephens said.
"There are some elements of equipment that we might be able to eliminate, and we might be able to produce some product that can be blended with the Fort Hills," he said.
He said Petro-Canada will not have a new cost estimate until it finishes the "rescoping" of the design.
The first phase of MacKay is expected to produce 25,000 barrels a day this year. It is an "in situ" oil sands project, in which the company injects steam into the ground to loosen up the tar-like bitumen, allowing it to be pumped to the surface in wells.
Petro-Canada shares rose 6 Canadian cents to C$58.69 on the Toronto Stock Exchange on Monday. ($1=$1.02 Canadian)
(Reporting by Jeffrey Jones; Editing by Peter Galloway)

[bermuda]

RESCOPING PROJECT
Canadian oil sands expansion decision put back as original economics now marginal

Canada’s No. 4 oil producer has put back an expansion decision on its MacKay River oil sands project as capital and operating costs soar and new royalty regime.
Posted: Tuesday , 17 Jun 2008


CALGARY, ALBERTA (Reuters) -
Petro-Canada (PCA.TO) is rethinking the design for an expansion of its MacKay River, Alberta, oil sands project due to surging costs for the steam-driven development, an executive said on Monday.
Petro-Canada, the country's No. 4 oil producer and refiner, had aimed to spend about C$1.2 billion ($1.2 billion) on the project, slated to start up in late 2011.
"It would have been maybe 20 percent higher than that" based on the work done on the previous design, vice-president Andrew Stephens told reporters after speaking to an investment conference.
"Since we've done that, we've seen real cost pressures, not only in terms of capital equipment but also in terms of operating costs as natural gas gets higher," he said.
In addition, Alberta's decision to increase royalty rates starting in 2009 contributed to making the economics of the project "marginal," he said.
Petro-Canada has pushed its go-ahead decision for the 40,000 barrel a day expansion to the first quarter of 2009 from the last quarter of this year.
The company is now considering integrating parts of the expansion with the much larger Fort Hills oil sands mining project, in which Petro-Canada has a 60 percent interest, Stephens said.
"There are some elements of equipment that we might be able to eliminate, and we might be able to produce some product that can be blended with the Fort Hills," he said.
He said Petro-Canada will not have a new cost estimate until it finishes the "rescoping" of the design.
The first phase of MacKay is expected to produce 25,000 barrels a day this year. It is an "in situ" oil sands project, in which the company injects steam into the ground to loosen up the tar-like bitumen, allowing it to be pumped to the surface in wells.
Petro-Canada shares rose 6 Canadian cents to C$58.69 on the Toronto Stock Exchange on Monday. ($1=$1.02 Canadian)
(Reporting by Jeffrey Jones; Editing by Peter Galloway)

Hey Tricha,
Love your contributions,


Hey I read this very very good article on tar sands about three years ago and quite frankly I wrote it off there and then.

As you and I know we have a serious problem on our hands.

We have to educate the world.Keep posting. The more that know the better.

We have to get SERIOUS.

[FarmerGeorge]

It's important to consider the production context of the oil sands as well: what is being produced now is the easiest stuff, it's going to get a lot more expensive to extract as time goes on. Economics will see to that happening of course, money isn't really a constraint here, insofar as it represents infrastructure and labour.
The real problems will start to mount up when it takes 1.1 barrel of oil to extract 1 barrel from the oil sands. Sounds crazy but it may not be far away. It's worthwhile considering that the oil used: oil recovered ratio for US firms has dropped from 28:1 in 1916, to 2:1 in 2004. Tar sands are currently estimated to be about 3:2. Yikes.

[Dr_Who]

Another 4-5 years we will see an economical and efficient electric powered car to take over the conventional powered cars. Honda has already started making hydrogen cars, but still too expensive for the average person to purchase. Hydrogen and electric cars will be the future and it is not too far away.

[redzone]

We need to look at old oil wells...these hold millions of barrells of oil that can know be extracted by flooding with co2....one company about to start flooding a well is EOR.V ....They own the co2 and have started buying up old wells in the same area...could have a very exciting future.

[JBmurc]

Another 4-5 years we will see an economical and efficient electric powered car to take over the conventional powered cars. Honda has already started making hydrogen cars, but still too expensive for the average person to purchase. Hydrogen and electric cars will be the future and it is not too far away.

-maybe japan but not here #1 we can't even produce enough power now.
Are goverments Idea of future transport is -Railways invented ?????

-Still if your bullish electric cars -U308,silver,lithium,nickel,nat gas all going be in even more demand

My #1 fav is silver % growth wise checkout the uses on the link below

-In 2006, 47.7 million ounces of silver were used for brazing and soldering.

http://www.silverinstitute.org/uses.php#electronics

[Shrewd Crude]

Program was not what I thought It would be...
Still a good watch though...
....
Theres a few options as to where we will find new oil... The next step is moving further offshore... Going to More barron lands, further away prospects etc... that is why the majors are coming to the Great south Basin....
Theres also an option with This shale Oil... Yes it is very labour, capital intensive and costly to extract, but It does not have the huge costs that Off shore exploration drilling has (ie costly drilling with chance of no discovery)... Its much less risk, as the Shale oil is known to be there in place...

GRV has large Oil Shale Reserves and it claims to have an environmentally friendly microwave technology, has truely large reserves... quoted in Times magazine as"one of the innovations of the year"... Ive mentioned this company many times before, and its done nothing... If there was an Oil shale play, then this is the one...

Redzone, Old oil fields and Work over programs are already happening... This is not the answer...its only a short term fix, and is already being implemented.....
... There is already a fine line between stable production and over production... trying to get more out of an oil field is not the answer because of the previous sentence... newer drilling techniques are required...

The world needs high oil prices to price some consumers out of the market... This is a good thing, and a bad thing... Oil prices have doubled but theres no major sign yet of consumers dropping off from consuming Oil
this is because we are dealing with an inelastic good...
... consumer Demand curves are more vertical than horzontal...
perfect for rising prices...
Im not giving up my car... Im more worried about the market situation than last year when I sold the lot...
This could get very ugly very quickly...
Little upside on the DOW, big downside...
... batten the hatches...
...
:cool:
.^sc

[Shrewd Crude]

personally im not interested in Oil shale investment...
there will be plenty of time to get on if this thing takes off...
:cool:
.^sc

[redzone]

personally im not interested in Oil shale investment...
there will be plenty of time to get on if this thing takes off...
:cool:
.^sc

Shrewd there are figures showing that there is possibly 80 years of present US useage sitting in old abandoned wells in the US alone...not to be sniffed at.

[STRAT]

personally im not interested in Oil shale investment...
there will be plenty of time to get on if this thing takes off...
:cool:
.^scHi Shrewdy,
Thanks for the heads up on SC. I still managed to miss the program though :rolleyes:

[Oiler]

Hi Shrewdy,
Thanks for the heads up on SC. I still managed to miss the program though :rolleyes:

STRAT.... dont worry, you didnt miss anything that you didnt already know ;)

Oiler

GiTarnaki...you're welcome :D

[seaosh]

Yeah, no big revelations in that doco. Gave an idea of the ecological damage associated with oil sands though, and just the sheer effort of getting at the oil. Lets hope something comes along to replace oil - but not too fast.

[Shrewd Crude]

redzone-Shrewd there are figures showing that there is possibly 80 years of present US useage sitting in old abandoned wells in the US alone...not to be sniffed at.

red zone...
I too have seen figures that show TUI could produce for another 400 years... 100 barrels per day for the next 400 years easily... you can find figures supporting any argument you want...
I could find an article supporting the fact that you are a good person...
Wheather it be true or not is anyones guess... :D:D
In the Oil industry, one bird in the hand is worth 20 birds in the bush...
Its all about output, and not whats in the ground...
So have alook at what future US oil output will be like, rather than whats in the ground? and then get back to me...
US oil output peaked in 1970, and its very very unlikely that US oil output will ever reach that peak again.... Many of the Major Opec and Non Opec producers have passed peak output, or are in the stage of passing peak oil output now...
....
Strat,
the others are right... you missed nothing... its funny how they always show the Best bits in those 10 second previews...
I got out hussled by 60 minutes.....
:)
.^sc