25%. Interest that major petroleum player Petronas is selling in the Pacific North West Liquefied Natural Gas (LNG) development in British Columbia, Canada.
The firm said this week it will on-sell the interest in the project to a consortium including an Indian party and an Asian LNG buyer. Providing a major vote of confidence for one of the anchor projects in this emerging mega-play-where other majors including Shell have been circling.
This follows on the heels of an announcement earlier in February of a new tax regime for LNG from the British Columbia provincial government. The scheme would see LNG projects here pay an initial 1.5% tax on net income-escalating to 7% following recovery of capital costs.
Such LNG developments have the potential to create hundreds of billions in spending in the region. Potentially driving up gas producers and services firms here. And this week's events suggest we're getting ever closer to a firm construction decision on an initial facility.
$1.08 billion. Purchase price Anadarko Petroleum will receive for its Chinese subsidiary. The unit of the major firm is being bought by Hong Kong-listed Brightoil Petroleum.
This is an interesting deal. Showcasing yet another example of a major pulling out of a decent oil project because it lacks the scale to create impact for a large-overhead firm.
The China holdings consist of two offshore blocks in Bohai Bay-producing about 32,000 barrels per day.
While this…
25%. Interest that major petroleum player Petronas is selling in the Pacific North West Liquefied Natural Gas (LNG) development in British Columbia, Canada.
The firm said this week it will on-sell the interest in the project to a consortium including an Indian party and an Asian LNG buyer. Providing a major vote of confidence for one of the anchor projects in this emerging mega-play-where other majors including Shell have been circling.
This follows on the heels of an announcement earlier in February of a new tax regime for LNG from the British Columbia provincial government. The scheme would see LNG projects here pay an initial 1.5% tax on net income-escalating to 7% following recovery of capital costs.
Such LNG developments have the potential to create hundreds of billions in spending in the region. Potentially driving up gas producers and services firms here. And this week's events suggest we're getting ever closer to a firm construction decision on an initial facility.
$1.08 billion. Purchase price Anadarko Petroleum will receive for its Chinese subsidiary. The unit of the major firm is being bought by Hong Kong-listed Brightoil Petroleum.
This is an interesting deal. Showcasing yet another example of a major pulling out of a decent oil project because it lacks the scale to create impact for a large-overhead firm.
The China holdings consist of two offshore blocks in Bohai Bay-producing about 32,000 barrels per day.
While this isn't massive, it could be a very good opportunity for a smaller firm like Brightoil. Recent attempts at using unconventional directional drilling in Bohai fields have been showing promising results in increasing production and reserves. It's not the kind of thing a major would care about-but similar plays have been producing spectacular results for junior developers in the Gulf of Mexico.
This is a spot to watch as assets continue to shift from the hands of larger companies into those of smaller, more nimble firms.
350 million tonnes. Estimate of how large India's "coal shortage" could get by 2016-17, according to Reuters, citing sources from Coal India.
This came at the tail end of a piece on India's surging thermal coal imports, and the troubles Coal India is having in ramping up its domestic mine output.
The number is staggering. India's thermal coal imports are currently running somewhere in the neighborhood of 10 to 12 million tonnes monthly. But a shortfall of 350 million tonnes would suggest this figure could grow to nearly 30 million tonnes per month.
That would be an incredible increase in a very short time. Almost certainly driving the Asia-Pacific thermal coal market into supply deficit. Especially in light of recent supply restrictions in major producing nations like Indonesia.
The Reuters numbers are much larger than any projections previously put out by market observers. No exact attribution is given, so we'll see if more clarification emerges. But the pattern certainly fits with recent trends-which have seen Indian domestic coal output stagnate while demand from the power sector soars.
To read the full article
Please sign up and become a premium OilPrice.com member to gain access to read the full article.
Register Login