Showing posts with label tar sands. Show all posts
Showing posts with label tar sands. Show all posts

Saturday, March 13, 2010

Alberta alentaa odotetusti rojalteja

Alberta to cut royalties on oil, natural gas
"The government of Alberta said on Thursday it will cut its royalty rates on conventional oil and natural gas production as it looks to boost investment in the its oil and gas reserves.

The province, under fire from the oil and gas industry since raising its take from producers at the start of 2009, will lower its maximum royalty on gas production to 36 percent from 50 percent and on conventional oil to 40 percent from 50 percent at the beginning of next year"


Muutoksien ulkopuolelle jäävät bitumit, koska noillehan ei löydy kilpailevaa resurssia naapuri-provinsseista Brittiläisestä Kolumbiasta ja Saskatchewanista. Saskatchewanin puolelle ulottuu muistaakseni kylläkin pieni osa Athabascan bitumi-vyöhykkeestä, mutta tuo resurssi on varsin merkityksetön Albertaan verrattuna. Huolimatta noista kevennyksistä naapurien provikat jäävät yhä pienemmiksi, esim. Saskatchewanissa provinssin maksimi rojaltiprosentti ei-raskaasta öljystä on 35% ja maakaasusta 27% ja noiden lisäksi tuolla on helpotuksia syville kaivoille, joista hyötyvät useimmat Bakken-tuottajat.
Kaasun rojaltia olisin odottanut laskettavan selvästi enemmän aiempia vuosia matalamman ja viime vuonna jopa useimpien tuottajien kustannustason alittaneen maakaasun markkinahinnan vuoksi.
Muutoksella voi olla pieni vaikutus Albertaan keskittyneiden junnujen arvostustasoon pörssissä ja yritysostoissa jo lähiaikoina.

Tämä jää blogin viimeiseksi postaukseksi. Sisältö on osaltani jäänyt aika heikoksi, joten paras lopettaa ennen kuin tulee pohja vastaan, ellei sitten ole jo tullut, jolloin onkin jo korkea aika lopettaa. Kirjoittaminen voi jatkua jossain vaiheessa, mutta ei täällä ja todennäköisesti toisella kielellä. Puolivalmiita tekstejä jää julkaisematta kymmenittäin. Kommenteista olen kiittänyt aiemminkin ja kiitän vielä kerran.
Öljy-teemainen sijoittaminen jatkuu tietysti. Ajoittain tuottoja jahdatessa sitä unohtaa sen mikä on elämässä tärkeää, ei raha vaan:)

Monday, February 15, 2010

Otsikkoeritelmä

BHP primes bit for Falkland debut

Kolmas konsortio mukaan porauskampanjaan.

Spud date looms for first Falkland probe

Argentina blockades Falklands ship

Shell ‘may spin off North Sea assets’

BP may acquire Calgary firm in $1.2-billion deal

Seadrill pays for better health
"Seadrill sends employees to Denmark to weight loss centers and pays for it"

Kyse ei vain (tai ehkä lainkaan) ole paremmasta terveydestä, vaan sitä että Norjan viranomaiset aikovat kieltää ylipainoisilta työn NCS:llä.

Saudi speeds up CO2 plans
"The kingdom plans to inject 40 million standard cubic feet per day of CO2 into the field, and has said this is part of the global push to trap emissions rather than because it needs to enhance oil recovery from the field"


Petrominerales Produces Candelilla-2 at Over 15,800 bopd and Cases Yenac-1 as Another Potential Oil Well

Yritän tässä muistella minkä vuoksi en omista PMG:tä. Siihen on syy ja se on varmasti erittäin hyvä...

Friday, October 30, 2009

Canadian Oil Sands Trust Q3

Liikevaihto C$773 milj. (-45%)
Liiketoiminnan kassavirta C$296 milj. (-61%)
Liikevoitto $272 milj. (-55%)
EPS C$0.51 (-59%)

Tuotanto 114,544 tynnyriä/päivä (-2%)
Netback per tynnyri(corporate, eli mukana kaikki) C$23.44 (-58%)

Tase
Varat
Likvidit C$529 milj.
Kaikki C$7,070 milj.
Velat
Lyhytaikaiset C$308 milj.
Kaikki C$3,027 milj.
Omapääoma C$4,043 milj.
P/B 3.5

Raportti

Reservien ikä tällä tuotanto tahdilla n.40 vuotta, tuohon päälle resursit josta voi tulla hyvinkin toiset 40 vuotta lisää.
ConocoPhillips on ilmeisesti myymässä osuutensa Syncrudesta tai ainakin osan siitä ja COSin tj:n tuoreen BNN:n haastattelun perusteella näyttää siltä että COS neuvottelee COPin kanssa. Conocon osuuden arvoksi on arveltu 4 miljardia, joten ostajia on todennäköisesti useita.
Mahdolliset hiilidioksidipäästö-maksut tulevat toteutuessaan kasvattamaan tämän tuotantokustannuksia 5-10%.

Tuoreita otsikoita

Brandsrud steps down from Seadrill

Doubt over Ormen Lange's future

Tämä on ollut yksi Statoilin flagship-projekteja, joten jos reservit putoavat noin paljon kuin nyt näyttää on se varsin ikävää niin taloudellisesti kuin imagollisesti.

Statoil kan skape gigant

Peregrinon break-even taso on yhtä korkealla kuin kuivanmaan bitumi-projekteissa ja tuotettavan tavaran myynti on aiemmin ollut Brasiliassa n. 25% alempi kuin kevyt öljyllä. Joku normanni professori kommentoi useampaan otteeseen että Hydro ja sittemmin Statoil syöksyivät projektiin paniikissa laskevien reservien ajamina. STP:ltä löytyy melko kattava kartta Alberta tervahiekkablokeista ja niiden omistajista, jos kiinnostaa arvuutella kenen kanssa yhtiö saattaisi lyödä hynttyyt yhteen.

US oil reserves off 10.3 pct in 2008 vs yr earlier
"U.S. oil reserves plunged 10.3 percent last year to 19.1 billion barrels, largely due to government reporting requirements, the U.S. Energy Information Administration said on Thursday..."


SEG: Saleri says oil, gas key in new energy era
"...That is the view of Nansen Saleri, founder, president, and chief executive officer of Quantum Reservoir Impact LLC, Houston, and a former Saudi Aramco reservoir management chief.

When considering conventional and unconventional resources, 150-250 years of liquids production remain at output levels of 50-100 million b/d, Saleri said, relying on National Petroleum Council 2007 estimates.

Global oil recovery factors long estimated at around 35% have begun growing toward 50-60% and will ultimately reach 80%, he forecast in a presentation to the Society of Exploration Geophysicists annual meeting in Houston. .."


Chinese oil product use expected to rise 10-13% in 4Q

Wednesday, October 7, 2009

Otsikoit

Total Canada chief says oilsands need pricier oil

Pengrowth boosts Horn River stake

Supertankers May Halt Oil Trading, Frontline Says

STX Europe Awarded Contract on New Eco-friendly Design in Brazil
"STX Europe has been awarded a contract with Deep Sea Supply for design and building of a Platform Supply Vessel. The new PSV 09 CD design, optimized for eco-drive in all weather conditions, is designed by STX Europe in Ålesund, Norway. The vessel is scheduled for delivery in Q1 2012, and will be built at STX Europe in Brazil."

Yksi Fredriksenin yhtiö on siis lähtenyt mukaan Petrobrasin(Brasilian valtion) "Made in Brazil"-hankkeeseen.

Companies bet big on South Texas gas find
"...While the Eagle Ford is among the smallest of the group, with some 19 trillion cubic feet of natural gas remaining, the economics is among the best, the firm said.

Producers in the Eagle Ford can break even when natural gas is priced as low as $3.88 per million British thermal units, the firm said, versus break-even prices of $5.18 in the Barnett, $3.74 in the Marcellus and $4.49 in the Haynesville..."


Shell: North American Natural Gas Production Will Grow

"Though gas prices are now very low, Mr. Odum said in a Monday interview with The Wall Street Journal, Shell believes long-term prices will recover, justifying the company's interest."

Saturday, September 5, 2009

Uutista

Cobalt looks to raise $1.5bn
"Houston-based independent explorer Cobalt International Energy became the latest private equity-owned company to seek to raise money in an initial public offering, according to a regulatory filing today..."


Cobaltilla on mielenkiintoisia projekteja. IPO:n osallistuminen tuskin onnistuu itseltäni, mutta osakkeiden hankintaa pitää harkita.

Oil sands output to double by 2013: report
"Output from Canada's oil sands will double and profits in the oil business will triple by 2013 as rising crude prices kick-start mega-projects delayed by the economic downturn, the Conference Board of Canada said yesterday..."


Piäisikö ostaa bitumi-putkea vai onko kasvavat virrat jo täysin mukana hinnoissa?

Kessel voices Pemex concerns

"Mexico's Energy Minister Georgina Kessel said today she is concerned about state-run oil company Pemex's poor financial results and the company's board is reviewing possible actions to halt the decline..."

"Pemex, which is state-owned but finances much of its spending on debt markets, posted a 93% drop in second-quarter net profit as revenues slid 30% due to lower crude prices and export volumes. "


Käydäänkö urakoitsijoiden kimppuun vaiko yritetäänkö nostaa tuotantoa esim. uusilla poraus-kamppanjoilla?

Ormen Lange 25 prosent mindre enn antatt

"Reservene på Ormen Lange kan være langt lavere enn estimert. Skuffende boreresultater nord i feltet gjør at anslagene kan være 25 prosent for høye. - Vi konkluderer først til neste år, når våre oppdateringer er klare, sier kommunikasjonssjef Kitty Eide i Shell til Offshore.no"


Selkärangattomiin ei voi luottaa.

Sunday, July 12, 2009

"Licensing deal could open up 400B barrels"

CH:
"Strata Oil & Gas said Friday it has entered into an option agreement with TEC Edmonton, a joint venture between the University of Alberta and the City of Edmonton, for the exclusive Canadian licence to "steam-over-solvent injection for heavy oil recovery in fractured reservoirs," as described in a Canadian patent application."

"Industry experts have long known that northern Alberta hosts a massive carbonate resource, but have been unable to economically extract it using existing technology. Oilsand in carbonates is thought to comprise a quarter of Alberta's bitumen endowment, or more than 400 billion barrels.

"The carbonate-hosted bitumen resources of Alberta are the next frontier in the North American oil industry," said Strata president Manny Dhinsa, who has worked with companies such as Canadian Natural Resources, EnCana and Nexen."

"According to Peter Clark, a chemistry professor with the University of Calgary, more than 80 per cent of the province's oilsands resource is considered non-recoverable. The Grosmont carbonates could vault Alberta into the top reserve holder in the world, well ahead of Saudi Arabia, he said in a report prepared for the university. "With an oil-in-place equivalent that likely exceeds that in the Cretaceous oilsands, the carbonate trend might be classified as a supergiant oilfield."

Strata owns 100 per cent of the Cadotte project near Peace River, and is hoping to build a 56,000-barrel-per-day operation with an expected production life of more than 20 years"

"Company officials hope the technique will yield 80 per cent recoveries compared to less than 20 per cent with conventional steam-based methods."


Strata oil & gas trades in the OTC under the ticker SOIGF.

Wednesday, May 27, 2009

BNN:llä tervahiekka spessua

Koko viikko videomateriaalia aiheesta: Shifting Sands, BNN digs deep into the state of the Alberta oil sands.

Mukana tietysti Petrobank:

"Part 5: Petrobank's THAI technology

While there are many new oil sands technologies under development, one stands out as a potential game-changer: Petrobank's THAI technology. The company says it has found a cheaper way to loosen the bitumen and partially upgrade it before pumping it to the surface: igniting an underground fireflood. Petrobank's pilot project is close to proving the theory. BNN goes along for a personal tour and talks to analysts about their outlook for THAI."

Thursday, May 14, 2009

Going green, takes a lot of green

FP: Green oil would cost US$105 a barrel: CERI

"Canada's oil sands can meet the challenge of turning "dirty oil" into "green bitumen," but oil prices would have to climb as high as US$105 a barrel to pay for the cost of integrating new technologies, according to a study by the Canadian Energy Research Institute."

"Study co-author David McColl, research director at CERI, said carbon capture and storage would be the cheapest option, costing an additional US$2.25 to produce a barrel of bitumen and suggesting oil prices would have to be US$85 a barrel for projects to be economic. Carbon capture would involve capturing carbon at the source and piping it into depleting reservoirs for storage, or into producing reservoirs to enhance hydrocarbon recovery.

Gasification, a new technology that is being pioneered by Nexen Inc. and OPTI Canada Inc. at their recently completed Long Lake oil-sands project, would add US$13.50 a barrel, suggesting oil prices would have to be about US$95 a barrel for projects to be economic. Gasification involves producing synthetic gas from bitumen waste, eliminating the need to use natural gas..."

Tuesday, May 12, 2009

Petrobank Q1

Revenues C$173.70 million (+7.6%)
Funds flow from operations C$125.15 million (+1.3%)
Net income C$-1.54 million
EPS C$-0.02


Production(Canadian Business Unit only)

Liquids 19,722 bbls/d
Natural gas 14,179 mcf/d (-7%)
Operating netback: C$34.68

Balance sheet


Asset
Current C$189.53 million
Total C$2,414.14 million

Liabilities
Current C$300.37 million
Total C$1,181.72 million

Equity C$1,051.20 million

P/E 13.67, P/B 2.55

Quotes from the report:
"In 2009, our primary focus will be to maintain our low-cost advantage through selective drilling in the Bakken. We are positioned for continued long term reserve and production growth, despite our reduced pace of development at the beginning of 2009. At current commodity prices we expect to drill a further 50 wells this year and if oil prices improve we are prepared to drill as many as 120 wells in 2009."

"Petrobank pioneered the horizontal fracture stimulation techniques that opened up the true potential of this substantial resource, and we continue to find new ways to improve well performance and expected ultimate recoveries from the Bakken. Our recent efforts to further improve Bakken production have focused on increasing the intensity of fracture stimulation completions (fracs) by 38% in our long (1400 metre) horizontals, by 200% in our short (700 metre) horizontals, and by 400% in our shortbilateral (two 700 metre horizontal legs from a single vertical well bore) horizontal wells."

"Petrobank has also established strong positions in two massive natural gas resource plays; the Montney and the Horn River Basin. The key to unlocking the potential of these plays is through the use of horizontal wells and multi-stage fracture stimulation technologies, similar to those pioneered by Petrobank in the Bakken. We intend to capitalize on our evolving experience with advanced fracturing techniques, with the goal of building a substantial, long-term inventory of drilling locations at a low nearterm cost."

"Whitesands Project
During March and into the second quarter of 2009, P3B operations were stabilized and rateable production was achieved. In the first quarter, P3B operations were ramped up following the A3 injectionwell workover and the commissioning of new plant facilities. Production averaged 248 bopd in March and 256 bopd in April, these restricted production rates correspond to a reduced air injection rate required to balance P2 production operations."



The report(.pdf)

I: PBG has approximately 75 million in credit available so the liquidity remains relatively tight.
The Bakken operations are developing well: the new infrastructure is lowering operating costs and is enabling the recovery of associated gas. New drilling techniques are improwing well productivity as is the case with CPG and TOG.

Friday, May 8, 2009

Canadian Natural Resources Q1

Revenues C$2,186 million (-45%)
Cash flow from operations C$1,516 million (-12%)
Net earnings C$305 million (-58)
EPS C$0.56 (-59%)

Production
Liquids 330,017 bbl/d (-1%)
Natural gas 1,369 mmcf/d (-11%)
Netback C$21.96(-52%)


Balance sheet

Assets
Current C$3,060 million
Total C$43,344 million

Liabilities
Current C$43,028 million
Total C$24,628 million

Equity
C$18,716 million

P/E 7.5, P/B 1.8

Report(.pdf)

CNR doesn't look very attractive on the surfice, but it does have 11 million net acres of undeveloped land in North America and the ~2 billion barrels of bitumen provide longevity.

Wednesday, April 1, 2009

"Suncor 'oil sands profitable at $50 crude'"

UPSTREAM:
Existing oil sands operations generate double-digit returns with oil around $50 a barrel and costs of new projects have started to fall in the industry downturn, the chief executive of Suncor Energy said.

The economics for Suncor - which has launched a C$18.4 billion ($15 billion) takeover of Petro-Canada - are closer to break-even with oil at $40 a barrel, but prices may only dip that low once more this year, chief executive Rick George said.

"You can make a great return, double-digit, well above our cost of capital, in the high $40 and low $50 range," George told an energy conference hosted by the CFA Institute...

Monday, March 30, 2009

Arabs looking for oil in Canada

FP: Abu Dhabi hunts more acquisitions in oil sands: source

"Abu Dhabi National Energy Co., the Persian Gulf petroleum and power producer known as Taqa, is hunting for acquisitions in Canada's oil sands, home of the world's second-largest crude deposits outside Saudi Arabia, according to two people involved in the search."

"The companies that could become targets for takeover are the smaller distressed ones that are going through bank reviews now from a credit perspective," said Will Lee, an analyst at CIBC World Markets Inc. in Toronto."


IMO Conacher Oil & Gas(TSX:CLL), Habanero Resources(TSX-V:HAO),Bronco Energy (TSX-V:BCF), Oilsands Quest (AMEX:BQI), Petrobank Energy(TSX:PBG), Enerplus Reources Fund(NYSE:ERF), Baytex Energy Trust(NYSE:BTE) are some of the public companies that Taqa might be interested in.

Saturday, March 14, 2009

Petrobank Q4

Revenue C$206.16 million (+62%)

EBITDA C$138.53 million (+47%)

Funds flow per share C$1.63 (+55%)

Net income per share C$0.34 (-26%)

Balance sheet
Assets
Current C$222.27 million
Total C$2,361.7 million (goodwill 62.3 million)

Liabilities
Current C$272.6 million
Total C$1,145.3 million

Equity C$1,035.2 million

Production 37,618 boepd(oil 93.5%, natural gas 6.5%) (+110%)

Average realized prices
CBU liquids C$57.71 (-28%)
CBU nat.gas C$6.86 (+13%)
LBU C$54.93 (-28%)

Operating netbacks in Q4


CBU liquids C$40.13 per boe(-40%)
CBU nat.gas C$5.03 per mcf (+1%)
LBU C$42.45 per boe(-31%)

Reserves 2P: 156.7 million boe(+65%)
3P 205.9 million boe

Undeveloped land
Petrobank: SE Saskatchewan(Bakken)(oil) 115 000 net acres, Torquay(gas) 87 000 net acres, Montney(gas) 14 net sections, Horn River(gas) 45 000 net acres(65 sections/100% WI + 14 sections/15.5% WI)

Petrominerales: Columbia 1.9 million net acres, Peru 1.43 million net acres

FD&A costs per boe(2P reserves) C$25.46

Available liquidity
Petrobank C$65 million
Petrominerales C$80 million +C$11 million


P/E 7.7, P/B 1.65

The reports: Finance(.pdf), Reserves & Production(.pdf)

Comments: Petrobank's liquidity situation doesn't look at all good. The company will have to issue new equity or sell assets or do both. As the credit lines are tied to the Canadian assets it is Petrominerales or a part of it which will probably be sold if the company can't raise equity.
The tar sands, Montney and Horn River shale gas are high cost resource plays which currently are marginally economic if at all. The Bakken isn't a low cost play either, but it is profitable with todays prices.
THAI seems to be going forward and the political and economic pressure exerted by the Obama administration on tar sand producers should benefit PB and THAI. However as PB is strapped for cash its further development will probably be delayed.

Friday, February 20, 2009

Alberta tightens oilsands water use rules

Upstream:
"Alberta is tightening the rules governing water use in the oilsands in what the province’s energy-industry regulator calls a “transformation” of the regulatory framework... "

"The province wants to cut overall water use by 30% by 2015."


This could give a big boost to Petrobank's THAI process.

Friday, January 30, 2009

Canadian Oil Sands Trust Q4

Net Income C$124 million (-75%)

Net Income per trust unit C$0.26 (-75%)

Operating Costs per barrel C$32.10 (+17%)


The Report

Update:Canadian Oil Sands Trust a buy target?

Friday, January 23, 2009

First OrCrude Synthetic Crude Produced



OPTI:
"OPTI Canada Inc. (OPTI) is pleased to announce
the start-up of the Long Lake Upgrader and production of its first Premium
Sweet Crude (PSC(TM)). The Long Lake Project (the Project) includes a steam
assisted gravity drainage (SAGD) project integrated with on-site upgrading
using the proprietary integrated OrCrude(TM) process, combined with
gasification and hydrocracking, that is expected to yield the highest quality
synthetic crude oil to come from Canada's oil sands with low operating costs."

"Based on industry experience, we anticipate that the Upgrader will ramp up to full design rates of approximately 58,500 bbl/d of high quality, 39 degrees API PSC(TM) and
other products in 12 to 18 months."



The break-even level for Long Lake OrCrude is above C$35 and the current price for Light Sweet Crude at Edmonton is C$46.