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jerryking : oil_industry   75

Did Burnham err in nationalising sugar and rice? –
Sep 07, 2019 |Kaieteur News | by Peeping Tom.

Did Forbes Burnham err when he nationalised the commanding heights of the economy and removed foreign involvement from the local financial sector?.....If Forbes Burnham erred, it means that the socialist experiment pursued by the PNC was ill-conceived. The fundamental basis of the socialist experiment was both national ownership and control of the main pillars of the Guyanese economy, namely sugar and bauxite. If it was an error to nationalise, then the socialist experiment was a colossal mistake........In making a decision as to whether Guyana should have nationalised the commanding heights of the economy, Forbes Burnham must have considered the ability of locals to manage the industries. Did Guyana at the time have the capacity to manage the industries? Was it a blunder by Forbes Burnham to have concluded that we did when we did not? Forbes Burnham was never in doubt as to the ability of Guyanese. ......Ownership of the commanding sectors of the economy had to be complemented by the Guyanese managing these enterprises. Burnham believed this and died believing this.
He cannot ever be described as a visionary if he was wrong on this score, because this was the main plank of his economic policies and his political beliefs.......If today, however, the PNCR wishes to concede that Burnham erred when he nationalised the commanding heights of the economy, it should then ask itself whether in a globalised world, where the managerial demands are greater, Guyanese can effectively manage their own affairs, more so considering oil and gas will be a major contributor to economic growth over the next 40 years.
It is posited that if Burnham erred by overestimating the local capacity to manage the bauxite and sugar industries, then is it safe to say that Guyanese will be unable to cope with an oil economy.
economic_development  economic_stagnation  Guyana  Guyanese  history  ineptitude  LFSB  nationalizations  oil_industry  PNC 
september 2019 by jerryking
Aliko Dangote, Africa’s richest man, on his ‘crazy’ $12bn project
July 10, 2018 | Financial Times | David Pilling 11 HOURS AGO.

On his yacht in Lagos, he talks about his ambitious oil refinery — and his dream of buying Arsenal
Africa  Arsenal  moguls  Nigerians  Nigeria  entrepreneur  Aliko_Dangote  Lagos  oil_industry  oil_refiners  cement  big_bets 
july 2018 by jerryking
Eureka! Giant Oil Find Set to Bring Guyana Startling Riches—Maybe - WSJ
By Kejal Vyas | Photographs by Joana Toro for The Wall Street Journal
Updated June 21, 2018
Guyana  oil_industry  Exxon 
june 2018 by jerryking
Google and Repsol team up to boost oil refinery efficiency
June 3, 2018 | Financial Times | Anjli Raval in London YESTERDAY

Repsol will use Cloud ML, Google’s machine learning tool, to optimise the performance of its 120,000 barrel-a-day Tarragona oil refinery on the east coast of Spain, near Barcelona.

A refinery is made up of multiple divisions, including the unit that distils crude into various components to be processed into fuels such as gasoline and diesel and the entity that converts heavy residual oils into lighter, more valuable products.

Google’s technology will be used to analyse hundreds of variables that measure pressure, temperature, flows and processing rates among other functions for each unit at Tarragona. Repsol hopes this will boost margins by 30 cents per barrel at the facility and plans to roll out the technologies across its five other refineries.

Energy companies are increasingly looking to use the type of analytics often employed by companies such as Google and Amazon for consumer data across their operations, from boosting the performance of drilling rigs to helping to deliver greater returns from refineries.

“Until very recently, [oil and gas] companies have not had the tools or the capabilities needed to operate these assets at their maximum capacity,” McKinsey, the professional services firm, said in a recent report. “Analytics tools and techniques have advanced far and fast.”
artificial_intelligence  efficiencies  energy  Google  oil_industry  oil_refiners  Silicon_Valley  Repsol  tools  machine_learning 
june 2018 by jerryking
NAFTA is dead and Canada should move on
June 2, 2018 | The Globe and Mail | by PETER DONOLO.

So what is our Plan B?

It obviously means seriously and aggressively pursuing markets and investment beyond the U.S. For example, new markets for Canadian resources are now more important than ever. That’s why the government’s decision this week to effectively nationalize the Trans Mountain Pipeline in order to finally get it built and deliver oil to Asia-bound tankers was such an important step. This decision in itself was a significant response to an unreliable American partner, and a signal that we must look farther abroad for greater economic opportunity.

The same goes for the myriad of trade agreements on which our country has embarked – most prominently the Canada-EU trade agreement and the Trans-Pacific Partnership. The GATT and WTO breakthroughs of the 1990s also work in Canada’s favour, providing us with tariffs much lower than existed before NAFTA and the original Canada-U.S. free-trade agreement. If NAFTA were to cease tomorrow, our trade with the U.S. would still operate under the WTO’s rules.

Finally, we need to redouble efforts to attract direct foreign investment into Canada. The government recently launched a new agency, Invest in Canada, to do just that. But there are obstacles. The Business Council of Canada cites the regulatory burden as the biggest challenge. In a globalized economy, tax competitiveness is always an issue. And governments need to walk the walk when it comes to opening up to investors from countries such as China, even when there is domestic political blowback.

The only negotiating stance that works against Donald Trump is the ability and willingness to walk away. Mr. Trump sniffs out weakness or desperation – in a friend or a foe – and he pounces without mercy. A defensive crouch is the wrong position. “Sauve qui peut” is the wrong rallying cry. Negotiating with strength, from strength, is the only approach.
beyondtheU.S.  automotive_industry  crossborder  Donald_Trump  FDI  Nafta  negotiations  Plan_B  oil_industry  protectionism  tariffs  TPP  Trans_Mountain_Pipeline  pipelines  global_economy 
june 2018 by jerryking
Norway’s oil wealth swamps innovation
John Gapper OCTOBER 19, 2016

"omstilling", is the name for Norway’s nascent shift to living without the energy industry that has brought it wealth and welfare for 45 years.

Why hurry, some wonder. Its 5.2m citizens are among the world’s comfiest, with gross domestic product per head of $75,000. Its oil-funded sovereign wealth fund, set up in 1990 to help it avoid “Dutch disease” — the syndrome of resource wealth driving up national currencies and weakening other sectors — is worth $880bn. Its oil and gas reserves should last for another half-century.

The trouble is that Norway is too comfortable. It takes a crisis to get most people to change their ways radically or for an economy to adjust the way that it works. Whatever you think of Brexit, it is one of those crises. At the moment, Norway has more official think-tanks and innovation incubators than entrepreneurship and disruption.....The oil fund is exemplary in many ways: by taking the wealth largely out of the hands of the government and directing it into overseas investment, Norway has avoided the worst of Dutch disease. But it adds to the sense of the country having a cushion against change: the fund’s very existence extends its deadline to reshape the economy.

The citizens are also cushioned......Norway remains hesitant about change.....Norway is a consensus-driven society that feels comfortable only with reform that has been carefully discussed and agreed....Elisabeth Stray Pedersen, a 29-year-old fashion designer who last year bought a factory opened in 1953 by the designer Unn Soiland Dale. She wants to revive its Lillunn brand and sell more of its Norwegian wool blankets and coats abroad.
Norway  Norwegian  oil_industry  Brexit  United_Kingdom  innovation  natural_resources  resource_curse  sovereign_wealth_funds  complacency  fashion  apparel  start_ups 
april 2018 by jerryking
Windfall, by Meghan O’Sullivan
Windfall: How the New Energy Abundance Upends Global Politics and Strengthens America’s Power, by Meghan L O’Sullivan, Simon and Schuster $29.00

the shale revolution has meant the US has become a leading global oil producer and net exporter of natural gas. Extraction from shale rock has upended global oil and gas markets, but could also have geopolitical ramifications. For most of the 20th century, western powers were locked in a scramble for oil across the globe. So what happens when technology unlocks substantial supply on home turf?

According to Meghan O’Sullivan, a professor at the Harvard Kennedy School, the answer is a geopolitical shift that should benefit the US. She provides a powerful argument for how America should capitalize on the “New Energy Abundance”. Having a domestic supply of oil and gas not only strengthens the US economy, it can also provide leverage globally......US gas has transferred low prices to Europe and also offers an alternative source of supply. That “has helped make Europe less vulnerable to one of Russia’s longstanding foreign policy tools — the political manipulation of natural gas markets”, O’Sullivan writes......the book details the benefits to US “hard” as well as “soft” power,....It will not lead to reduced US involvement in the Middle East, .....Nor can the US ever be self-sufficient to provide all the oil it needs,.....The book points out that energy is likely to be a major future determinant of geopolitics....China’s One Belt One Road project shows Xi Jinping’s intent to change the strategic orientation of the Eurasian landmass......a challenge to O’Sullivan’s thesis is that renewables and electric vehicles could drive seismic shifts. If China becomes the Saudi Arabia of batteries, will this give it greater influence? What about those who control the raw materials needed, from lithium to cobalt? O’Sullivan hints at this in her introduction, saying we should expect renewables “eventually to have major repercussions for global politics”. These could include cartels around lithium or the state collapse of some oil producers.
nonfiction  books  fracking  energy  natural_gas  soft_power  policy_tools  shale_oil  hydraulic_fracturing  pipelines  oil_industry  geopolitics  renewable  electric_cars  batteries  One_Belt_One_Road  Xi_Jinping 
december 2017 by jerryking
With a Major Oil Discovery, Guyana Is Poised to Become a Top Producer - The New York Times
By CLIFFORD KRAUSSJAN. 13, 2017
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oil_industry  Guyana 
january 2017 by jerryking
Why the human cloud can do your work better than you can - The Globe and Mail
IVOR TOSSELL
Special to The Globe and Mail
Published Thursday, Nov. 27, 2014

Nav Dhunay is offering oil-wells-as-a-service.

PumpWell puts small remote-monitoring and control units next to pumpjacks, the iconic bobbing horse-heads that pump oil from wells. “That in itself is not disruptive or extremely exciting,” says Dhunay. “But it’s more than just an automation controller.” What sets PumpWell apart is what they’re really selling: people. Instead of just offering a technological tool that lets oil-well owners keep an eye on their pumps, PumpWell has hired a team of its own oil-production engineers, and it sells their time to small and mid-sized firms on a subscription basis. “We’re combining the outsourcing model of IT, and tying it into the oil and gas industry,” says Dhunay.....Dhunay is a start-up entrepreneur who found himself heading up PumpWell in Calgary after stints in Silicon Valley. As he explains it, the logic is simple: Labour costs are sky-high in the oil sector. A seasoned production engineer can run you upward of $200,000 a year, and then there’s the overhead of having him running around oil fields in a truck, checking on things.

PumpWell can use its remote networks to keep oil engineers out of the field, run analytics on monitoring data to promote preventative maintenance, and increase the number of pumps each engineer can monitor. The company’s top-tier plan offers to monitor a pump for $12,000 a year. Today, PumpWell looks after 600 wells and, Dhunay says, it’s revenue-positive. “Our industrial engineers can manage upward of 150 to 200 wells per person. Traditionally, production engineers are handling 30 to 40.”

It’s not the only company that’s using cloud technology to take outsourcing services into new realms. Across the country, in Cambridge, Ontario, a cybersecurity company is applying much the same model to an entirely different business. ESentire specializes in securing the networks of mid-sized companies with critical intellectual property, like financial services and legal firms.
SaaS  oil_industry  Outsourcing  remote_monitoring  cyber_security  small_business  SMEs  subscriptions  cloud_computing  top-tier 
july 2015 by jerryking
Innovation vacuum imperils Alberta’s economic juggernaut - The Globe and Mail
TODD HIRSCH
Innovation vacuum imperils Alberta’s economic juggernaut Add to ...
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Special to The Globe and Mail
Published Thursday, May. 22 2014

The province ranked second to the bottom in research and development spending, employment in high-tech and knowledge-intensive services, and investment in machinery and equipment. It ranked dead last in labour productivity growth in construction. In fact, most of Alberta’s serious shortfalls point to two broad areas of concern: innovation and productivity.

Innovation is the “it” word these days in economic circles, but to be honest, it’s a bit slippery to define. The Alberta Economic Development Authority (AEDA) uses the Conference Board of Canada’s definition of the former: “The extraction of economic and social value from knowledge.” And productivity is simply the ability to produce more with fewer resources. Economists agree that without these, you’re doomed.

Some of Alberta’s shortcomings in innovation have explanations. Lower-than-average R&D spending reflects the uniqueness of oil and gas extraction. The petroleum industry doesn’t operate like other sectors such as pharmaceuticals, information and communications technology, or consumer-driven manufacturing where research is done in a laboratory and spending is easy to track. Oil and gas “research” is much more likely to take place at the drill site or in the actual physical exploration. It’s done through trial and error – tweaks to methods and practices are constantly improving efficiency and reducing costs. It never gets counted as “spending on R&D” but it doesn’t mean research isn’t happening.

Alberta’s last place ranking in labour productivity growth in construction corroborates a Statistics Canada report on business innovation, released in February. Apparently, only 12.5 per cent of Alberta construction companies are actively investing in new technologies, compared to about 33 per cent in Ontario and 30 per cent nationally.
Alberta  innovation  innovation_policies  oil_industry  Todd_Hirsch  shortcomings  R&D  laggards  trial_&_error  productivity  innovation_vacuum  economists 
september 2014 by jerryking
Will we ever be proud of our oil sands? - The Globe and Mail
KONRAD YAKABUSKI
The Globe and Mail
Published Monday, Jun. 23 2014

Unless politicians and industry do a better job at making the case for their exploitation, they will sow regional tensions and exacerbate a national malaise about the direction the country is heading.

The first step involves spelling out for Canadians just how critical the oil sands are to the national economy. In 2011, Albertans contributed $19-billion more to federal coffers than Ottawa spent in their province. No other province comes close to making as large a contribution to the federation. Indeed, at least seven out of 10 provinces are net beneficiaries of federal spending. Without Alberta’s wealth, federal transfers to have-not provinces would need to shrink, compromising the quality of life and public services for millions of Canadians.

Those who argue that other, cleaner industries would fill the economic vacuum if we shut down the oil sands ignore the fact that countries do best by exploiting their comparative advantages. Ours lie in resources. Though our technology sector has occasionally produced global success stories, our collective expertise still lies mainly in large-scale resource development.

Canadians, however, also want to be seen as conscientious global citizens. Our Prime Minister (if not this one, the next) could build a consensus behind developing the oil sands if he were to make shrinking its environmental footprint a national priority. Such a project would be a boon to domestic innovation, producing economic and social returns for the whole country.
oil_sands  oil_industry  Alberta  Konrad_Yakabuski  R&D  oil_patch  pride  economic_vacuum  comparative_advantage  natural_resources  resource_extraction  environmental_footprint 
june 2014 by jerryking
Tachyus, a Data Start-Up for Oil Industry, Raises $6 Million From Founders Fund - NYTimes.com
By MICHAEL J. DE LA MERCED APRIL 10, 2014

Tachyus has been developing hardware and software to gather information wirelessly about various aspects of oil production, tracking production using iPads or a web app. The company’s products are in the process of being tested by prospective customers.

Mr. Sloss declined to comment on other financial details of the financing round, including the company’s valuation. But he said that Tachyus planned to use the money to enlarge its team to 30 to 40 people over the next two and a half years.

“Despite exciting advancements in renewable energy, fossil fuels will continue to drive the world’s energy supply for decades, and doing more with these limited resources is incredibly important,” Scott Nolan, a partner at Founders Fund, said in a statement. “Tachyus’s work in bringing a new level of operational intelligence to the oil and gas industry represents a huge opportunity on multiple levels.”
oil_industry  massive_data_sets  sensors  data  analytics  start_ups  Tachyus  Stanford  alumni  mobile_applications 
june 2014 by jerryking
In High Seas, China Moves Unilaterally - NYTimes.com
By JANE PERLEZ and KEITH BRADSHERMAY 9, 2014

Vietnam has proved to be a tougher adversary, sending out its own ships to meet the Chinese flotilla and, according to Chinese government reports, using them to ram Chinese ships as many as 171 times in four days.

A prominent Vietnamese political analyst, Nguyen Quang A, summarized the standoff this way: “Invasion is in their blood, and resistance is in our blood.”

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The timing of the move was perceived by some in the region as a test not only of the ability of Southeast Asian nations to stand up to their far more powerful northern neighbor, but also of President Obama’s resolve less than a month after he promised to support American allies in Asia as they deal with a stronger China.

China’s action was almost certainly a long-term plan — the deployment of a deep water drilling rig takes months of preparation.
adversaries  China  China_rising  CNOC  maritime  oil_industry  Vietnam  SOEs  South_China_Sea 
may 2014 by jerryking
Venezuela’s declining fortunes a lesson in mismanagement - The Globe and Mail
GWYN MORGAN
Special to The Globe and Mail
Published Sunday, Feb. 23 2014

The fact that Canadian oil production, which faces much greater technical challenges than in Venezuela, has grown steadily over the same period offers some fundamental lessons.

The first is that building a business requires reinvestment. Siphoning off cash to shareholders or governments stymies growth. The second lesson is that skilled people are always in demand, either in another company or another country. Without them, the only direction is down.

The third lesson is that, sooner or later, state-owned enterprises will be doomed by cronyism and dysfunction. The idea that it is up to government to set the rules, and business to hit the ball, separates free-market capitalism from command-and-control socialism. Which leads to a key lesson for those who cling to socialist philosophies: Distributing wealth, before creating it, impoverishes everyone. Only free-enterprise countries have managed to build strong and prosperous societies.
command-and-control  free-enterprise  Gwyn_Morgan  reinvestment  socialism  Venezuela  PDVSA  oil_industry  mismanagement  SOEs  human_capital  cronyism  dysfunction  decline 
may 2014 by jerryking
So Far, Russia's Oil and Gas Allow It to Act Badly - WSJ.com
By GERALD F. SEIB | April 22, 2014

Of all the lessons one might draw from Russia's bullying of Ukraine, this may be the most coldblooded of all: If you want to behave badly, it helps to have a lot of oil and gas. Much will be forgiven, or at least ignored.

European nations, international energy companies and China are all, in their own ways, driving home the point. The Europeans are afraid of pushing economic sanctions against Moscow too far lest they be cut off from the Russian natural gas that provides a significant share of their energy.

The international energy companies are busy reassuring the Russians that they will keep working to help develop Russian energy supplies, the Ukraine crisis notwithstanding.

And the Chinese—well, they may be on the verge of completing a deal that has been under negotiation for 10 years to begin buying a lot of Russian natural gas. Russian officials said last week that they expect the negotiations to be completed before Russian President Vladimir Putin visits China in May.

For Mr. Putin, a China deal would amount to a multibillion-dollar strategic security blanket. If European nations to Russia's west don't want to buy his gas because of his annexation of Crimea and intimidation of Ukraine, never mind. He soon will have a large market for his gas to the east as an alternate.
natural_gas  oil_industry  Russia  Gerald_Seib  Ukraine  China  petro-politics  large_markets 
april 2014 by jerryking
Why Putin Doesn’t Respect Us - NYTimes.com
MARCH 4, 2014 | NYT |Thomas L. Friedman.

The Soviet Union died because Communism could not provide rising standards of living, and its collapse actually unleashed boundless human energy all across Eastern Europe and Russia. A wise Putin would have redesigned Russia so its vast human talent could take advantage of all that energy. He would be fighting today to get Russia into the European Union, not to keep Ukraine out....I don’t want to go to war with Putin, but it is time we expose his real weakness and our real strength. That, though, requires a long-term strategy — not just fulminating on “Meet the Press.” It requires going after the twin pillars of his regime: oil and gas. Just as the oil glut of the 1980s, partly engineered by the Saudis, brought down global oil prices to a level that helped collapse Soviet Communism, we could do the same today to Putinism by putting the right long-term policies in place. That is by investing in the facilities to liquefy and export our natural gas bounty (provided it is extracted at the highest environmental standards) and making Europe, which gets 30 percent of its gas from Russia, more dependent on us instead. I’d also raise our gasoline tax, put in place a carbon tax and a national renewable energy portfolio standard — all of which would also help lower the global oil price (and make us stronger, with cleaner air, less oil dependence and more innovation).
Crimea  communism  disrespect  long-term  natural_gas  oil_industry  Russia  Soviet_Union  strategic_thinking  Tom_Friedman  Vladimir_Putin  weaknesses 
march 2014 by jerryking
Traders Seek an Edge With High-Tech Snooping - WSJ.com
Dec. 18, 2013 | WSJ | By Michael Rothfeld and Scott Patterson.

A growing industry uses surveillance and data-crunching technology to supply traders with nonpublic information.

Genscape's clients include banks such as Goldman Sachs Group Inc., J.P. Morgan Chase & Co. and Deutsche Bank AG, hedge funds including Citadel LLC and large energy-trading outfits such as Trafigura Beheer BV. Surveillance and analysis of the oil, electricity and natural-gas sectors can run Genscape clients more than $300,000 a year.
surveillance  data_driven  slight_edge  traders  hedge_funds  sleuthing  Genscape  sensors  commodities  corporate_espionage  competitive_intelligence  scuttlebutt  due_diligence  market_research  exclusivity  investment_research  research_methods  LBMA  nonpublic  primary_field_research  banks  Citadel  oil_industry  natural_gas  snooping  alternative_data  informational_advantages  imagery  satellites  infrared  electric_power 
december 2013 by jerryking
Oil Firms Pool R&D, Come Up Empty So Far - WSJ.com
Nov. 13, 2013 | WSJ | By Chester Dawson.

Alberta Premier Alison Redford earlier this year had pledged that the amount of tailings would stop growing by 2016 and that tailing ponds would "disappear from Alberta's landscape in the very near future."

But most industry officials say that is unlikely without major technological breakthroughs.

To help speed up efforts to reduce or reclaim tailings, Cosia's members have pledged to make all of their patented and propriety research available to one another in perpetuity, without charging royalties.

"That's a huge step by the industry and I can tell you big global companies thought long and hard before they did it—but they did," said Marcel Coutu, CEO of Canadian Oil Sands Ltd., the largest shareholder in major oil-sands producer Syncrude Canada Ltd.

But by creating a monopoly among oil-sands producers in environmental technology, some industry officials say that Cosia may actually stunt development—by discouraging innovation from third parties who are unwilling to surrender their patents wholesale.

"It's not to our benefit to spend a whole lot of money on R&D and then just hand it over," said Preston McEachern, research director at Tervita Corp., a Calgary-based environmental services provider. "That, to us, is a real bar against bringing new innovations forward and helping achieve these great outcomes," he told attendees at a recent oil-sands conference in Fort McMurray.
oil_industry  R&D  oil_sands  joint_ventures  oil_patch  patents  third-party  collaboration  Alberta  innovation  pooling  environmental_services 
november 2013 by jerryking
What should Canada do to prepare for the day oil runs out?
Sept. 12 2013 The Globe and Mail JAMES MARTIN.

Even if we don’t allow bulk water exports, and I certainly wouldn’t rule that out, water is going to become key in driving a much revitalized agricultural sector. If there’s one area of the economy that will grow beyond many others, it will be a throwback to the past economy, with the agricultural sector playing a greater role. World food prices have increased. We have a rising world population with rising protein consumption.

I would also argue that those far-flung suburbs that surround cities may soon return back to the farmland that they were 30-40 years ago because of changes in relative prices.
agriculture  competitiveness_of_nations  farmland  Jeffrey_Rubin  oil_industry  peak_oil  water 
september 2013 by jerryking
With its entrepreneurial spirit, Alberta is no one-trick hydrocarbon pony - The Globe and Mail
Jun. 19 2013 | The Globe and Mail | by TODD HIRSCH.

The Albertan economy is about: Capitalizing on what works today, and quickly shifting gears if it doesn’t work tomorrow. This young man farmed with his dad in the 1990s at a time when farming made little sense or money. But he realized the farm’s backhoe was making him big bucks. So farming became secondary to construction machinery, and a decade and a half later he owns a thriving construction company in central Alberta. And now (cue the Circle of Life theme song) he’s shifting back into farming to capitalize on today’s good crop prices.
Alberta  wealth_creation  entrepreneurship  TED  oil_industry  Todd_Hirsch  construction 
june 2013 by jerryking
It’s a big fracking world out there, and people are getting angry - The Globe and Mail
Jun. 21 2013 | The Globe and Mail | By Shawn McCarthy who reviews The Power Surge: Energy, Opportunity and the Battle for America’s Future
by Author Michael Levi.

Levi suggests a grand bargain: Environmentalists should focus less on “stopping things” and more on building support for legislation that will create incentives to cut consumption of coal, oil and, eventually, natural gas. Industry should encourage market-based incentives to reduce carbon emissions and accept reasonable regulation, even as they pursue greater domestic oil and gas production.


Published Friday, , 12:00 AM EDT

Last updated Friday, Jun. 21 2013,
energy  book_reviews  books  natural_gas  natural_resources  fracking  shale_oil  hydraulic_fracturing  pipelines  oil_industry 
june 2013 by jerryking
Why we’ll never see a $20 barrel of oil again
Mar. 16 2013 | The Globe and Mail | DAMBISA MOYO -- author, most recently, of Winner Take All: China’s Race for Resources and What It Means for the World....As long as China's commodity demand grows at a higher rate than global supply, prices will rise. And the rapid economic growth that China's leaders must sustain to lift people out of poverty -- and thus prevent a crisis of legitimacy -- places a floor under global food, energy and mineral prices....The economic fundamentals of supply and demand remain the key factors in driving the direction of commodity prices and determining whether the commodity super-cycle will persist. In practical terms, this means that oil prices, for example, are more likely to hover near $120 (U.S.) a barrel over the next decade, rather than $50; and we’re unlikely to see a $20 barrel of oil ever again.
oil_industry  commodities  China  China_rising  Dambisa_Moyo  books  commodities_supercycle 
march 2013 by jerryking
True innovation doesn’t flow from a pipeline
Feb. 22 2013 | The Globe and Mail |Konrad Yakabuski.

... If the oil companies can’t ship raw Canadian resources using that 150-year-old technology, they will rely on an even older one – rail. And if not rail, they might just float their bitumen on barges down the Mississippi.

Huckleberry Finn might have marvelled at this inventiveness, but it doesn’t quite cut it as a 21st-century national strategy for wealth creation. Yet our frantic obsession with exporting minimally processed bitumen is sucking up all the oxygen in the national conversation. Getting Alberta’s oil to market is “the most important economic issue” facing the country, says former federal cabinet minister Jim Prentice. There is “no more critical issue facing Canada today,” adds Enbridge chief executive Al Monaco.

In fact, the most critical issue facing Canada today may just be figuring out why we find ourselves in this situation. Raw resources can be a tremendous source of income, but they are volatile, and we’ve always known that overreliance on them is a recipe for economic stuntedness. As Bank of Canada Governor Mark Carney says: “Real wealth is built through innovation.”

Innovation is not wholly absent from Canada’s oil patch. But it’s hardly a first line of business. You’d think it would be a top priority, given the vexatious characteristics of Alberta bitumen, the oil sands’ distressing environmental footprint and the Canadian industry’s growing global image problem. Even in boom times, however, the Canadian oil and gas industry spends a piddling proportion of its revenues on research and development......Last week, PricewaterhouseCoopers predicted that the coming boom in global shale oil production could slash the price of crude by $50 (U.S.) a barrel over the next two decades. “One effect will be to cut the need for expensive, environmentally destructive extraction techniques like the Arctic and tar sands,” the head of PwC’s oil and gas team told Reuters.... the real issue facing Ontario is its failure to make the shift from making low-tech goods to advanced manufacturing, the only kind that can support middle-class wages. Governments have showered the industry with tens of billions of dollars trying to make Canadian firms more innovative, to little avail. Cash-strapped and fed up, federal Finance Minister Jim Flaherty slashed R&D tax credits in last year’s budget. The result will be even less innovation, as domestic companies cut back and foreign-owned firms shift R&D elsewhere.

“Canada’s problem,” says Robert Atkinson, the author of Innovation Economics, “is that it’s not Germany, which has a much better engineering innovation system, and it’s not the U.S., which has a very good system of science-based entrepreneurship. You’re mediocre in both.”
Keystone_XL  pipelines  crossborder  oil_industry  Mark_Carney  Ontario  innovation  oil_patch  wealth_creation  books  natural_gas  natural_resources  fracking  shale_oil  hydraulic_fracturing  Konrad_Yakabuski  oil_sands  complacency  mediocrity  commodities  volatility  cash-strapped  national_strategies  environmental_footprint 
march 2013 by jerryking
Canada’s African adventure takes a colonial turn - The Globe and Mail
Feb. 02 2013 | The Globe and Mail | by DOUG SAUNDERS.

Even though Ottawa had shifted its foreign-aid focus away from Africa a few years ago, the government has come back in force, with a new large-scale aid strategy in which its agencies work with resource companies, alongside charities and private aid groups, in a way that, in the words of International Co-operation Minister Julian Fantino, “addresses social and environmental issues of extractive sector development” and helps countries “use resource rents and investment to spur economic diversification in local communities, often focused on agricultural and agribusiness development.” It makes some sense: Canada ought to be providing this sort of aid to the people it’s contacting – sometimes beneficially, sometimes otherwise – with its resource-taking activities.

But the end effect is that Canada has landed in Africa in a big way: tearing up the land, building new towns, creating roads and pipelines and airports, and bringing in new forms of government and administration to create new economies and enforce human rights and democratic standards.

This bears a strong resemblance to what the military calls counterinsurgency: To make the local population tolerate your forceful acts and embrace your cause, you win over their hearts and minds by building roads, schools, water supplies and better farms. In the process, though, you become something like a colonial government.

Canada, not yet fully free from its own years as a colony, is far from comfortable with this role. We ought to find some other name, and some other shape, for our African project.
Africa  counterinsurgency  CSR  economic_development  economic_diversification  natural_resources  mining  Canada  Doug_Saunders  foreign_aid  corruption  oil_industry  engineering  colonialism  large-scale  resource_extraction 
february 2013 by jerryking
Nexen deal called dangerous precedent - The Globe and Mail
STEVEN CHASE

OTTAWA — The Globe and Mail

Published Wednesday, Sep. 26 2012,
CNOOC  Nexen  oil_industry  M&A  FDI 
october 2012 by jerryking
Nexen deal could chill foreign investment in energy sector - The Globe and Mail
CHRISTOPHER SWANN

Reuters Breakingviews

Published Wednesday, Sep. 26 2012
Nexen  CNOOC  China  oil_industry  M&A 
september 2012 by jerryking
Disrupting the pipeline business - The Globe and Mail
NATHAN VANDERKLIPPE

The Globe and Mail

Published Thursday, Jun. 28 2012
disruption  pipelines  oil_industry  oil_patch 
september 2012 by jerryking
Oil guru points to substitutes keeping lid on energy prices
Apr. 19 2010 | Globe and Mail | DAVID PARKINSON.

"Essentially, all forecasting, no matter what's being forecast, is a straight-line extrapolation of what has been experienced very recently," he said in an interview in Toronto yesterday.

"All of our work is aimed at forecasting changes of direction and discontinuity, because that is the reality of the world. For the last several decades, our forecasts are nearly always this contrast with the consensus."
oil_industry  pricing  energy  substitution  forecasting  straight-lines  discontinuities  extrapolations  step_change  linearity 
june 2012 by jerryking
Trader Hits Jackpot in Oil, As Commodity Boom Roars On - WSJ.com
February 28, 2008| WSJ | By ANN DAVIS.
Mr. Hall Bet Early On Market Shift; Buoying Citigroup.

Profiles Andrew J. Hall, an enigmatic British-born trader who, in 2003, anticipated an important shift in the way the world valued oil -- and bet big....Mr. Hall's bet -- that long-term and short-term energy prices would soon abandon their historical relationship with one another -- looked like a long shot when he made it....Around 2003, Mr. Hall became convinced big structural changes were looming in the oil markets. For more than a decade, oil had ranged from $10 to $30 a barrel. But growth in demand was starting to outstrip growth in supply. And the once-sleepy economies of China and India were starting to compete for that fuel.

To place his bet, he focused on what was then a stagnant corner of the commodities world: The extremely long-term market in which traders buy and sell oil to be delivered years in the future.

Futures are contracts to buy or sell a product later on, at a price agreed upon today. Back in 2003, oil for future delivery was considerably cheaper than oil in the "spot," or current, market. For instance, a barrel of oil for delivery in 2005 was as much as 20% cheaper than spot oil....A key to Mr. Hall's success, says a friend, Thomas Coleman, a Louisiana oil-storage executive and fellow art collector, is an ability to block out the noise of the crowd. When Mr. Hall "locks in on an idea, he'll take it to the extreme," Mr. Coleman says.
Citigroup  Phibro  traders  oil_industry  hedge_funds  big_bets  commodities  collectors  pattern_recognition  structural_change  extremities  commodities_supercycle  ratios  noise  turbocharge  extremes 
june 2012 by jerryking
Giant New Oil Refinery in India Shows Forces Roiling Industry - WSJ.com
August 29, 2006 | WSJ | By STEVE LEVINE and PATRICK BARTA

Shipping Gasoline to U.S. Pays, And Overseas Demand Is on a Sharp Upswing One Project, 150,000 Workers
oil_industry  India  oil_refiners 
june 2012 by jerryking
Networking Provides Partnership's Funding - WSJ.com
October 14, 2003 | WSJ | By PAULETTE THOMAS | Special to THE WALL STREET JOURNAL.
entrepreneur  entrepreneurship  oil_industry  funding  joint_ventures  networks 
may 2012 by jerryking
Go west, young Canadians - The Globe and Mail
Margaret Wente | Columnist profile | E-mail
From Thursday's Globe and Mail
Published Thursday, Feb. 09, 2012

The country’s economic, demographic and political power are all shifting. Western power has already begun to change our national values. Stephen Harper’s majority was no fluke. He was elected by a new coalition of westerners and voters in the suburbs of Toronto. These people prefer CTV to the CBC. They think Ottawa and government should matter less, and they seldom think about Quebec at all. This is an epochal shift.
demographic_changes  Alberta  Quebec  population_growth  population_trends  Margaret_Wente  commodities  oil_industry  Saskatchewan  natural_resources 
february 2012 by jerryking
Fly Me to the Moon
December 5, 2004 | NYT | By THOMAS L. FRIEDMAN...."give me an America that is energy-independent and I will give you sharply reduced oil revenues for the worst governments in the world. I will give you political reform from Moscow to Riyadh to Tehran. Yes, deprive these regimes of the huge oil windfalls on which they depend and you will force them to reform by having to tap their people instead of oil wells. These regimes won't change when we tell them they should. They will change only when they tell themselves they must....If President Bush made energy independence his moon shot, he would dry up revenue for terrorism; force Iran, Russia, Venezuela and Saudi Arabia to take the path of reform - which they will never do with $45-a-barrel oil - strengthen the dollar; and improve his own standing in Europe, by doing something huge to reduce global warming. He would also create a magnet to inspire young people to contribute to the war on terrorism and America's future by becoming scientists, engineers and mathematicians. "This is not just a win-win," said the Johns Hopkins foreign policy expert Michael Mandelbaum. "This is a win-win-win-win-win."
career_paths  deprivations  energy  energy_independence  energy_security  engineering  mathematics  moonshots  NSF  oil_industry  petro-politics  SAIS  STEM  Tom_Friedman  win-win  youth  young_people 
january 2012 by jerryking
PREVIEW-Arctic nations eye future of world's last frontier
May 10, 2011 | Reuters | By Andrew Quinn.

* Evidence mounts of accelerating climate change

* Oil, shipping, fisheries eye new opportunities

* Nations boost cooperation to face shared risks
Arctic  climate_change  Greenland  oil_industry  natural_resources  shipping  fisheries 
october 2011 by jerryking
Oil Industry Braces for Drop in U.S. Thirst for Gasoline - WSJ.com
APRIL 13, 2009 | WSJ |By RUSSELL GOLD and ANA CAMPOY. Declining gasoline-tax revenue is forcing local and federal governments to search for new sources of funding. Oil refiners, which for decades focused on bringing U.S. drivers more gallons of gasoline, are retooling their businesses. Some have said they could shut down some of their refineries entirely, along with thousands of small gas stations. Oil companies are beginning to invest in biofuels and battery technology.
oil_industry  Exxon_Mobil  economic_downturn  recessions  retailers  gas_stations  decline  oil_refiners 
october 2011 by jerryking
Keystone XL: A pipeline that should not be built - The Globe and Mail
September 21, 2011 | Globe and Mail Update | Brian Topp.

The pipeline's purpose is to export essentially unprocessed bitumen, in the largest possible quantities, out of Canada and to the petrochemical complex in Texas. Where it will be processed into finished fuel, plastics and chemicals in a myriad of forms for sale around the world, including back into Canada.
Brian_Topp  Keystone_XL  pipelines  crossborder  oil_industry 
october 2011 by jerryking
Putin’s autocracy has a shaky foundation: oil - The Globe and Mail
CHRYSTIA FREELAND | Columnist profile
From Friday's Globe and Mail
Published Thursday, Sep. 29, 2011
Chrystia_Freeland  Russia  Vladimir_Putin  Dmitry_Medvedev  oil_industry  autocracies  petro-politics 
october 2011 by jerryking
Hedge funds in Texas: Stetsons and spreadsheets | The Economist
Jul 30th 2011 | The Economist | FOR a state more closely
associated with cattle and cowboys, Texas is home to a surprisingly big
herd of hedge funds. They manage around $40 billion, making Texas the
fifth-largest US state for hedge-fund assets (after NY, CT, MA and
CA),...Many Texans like to trace the industry’s vibrancy to the state’s
risk-taking traditions. ...More important than the idea that there is
something entrepreneurial in the water is the state’s tremendous wealth,
much of which comes from oil and gas. Around 10% of Americans worth
over $30m are in Texas, according to WealthX, which tracks rich
investors. The Bass brothers in Fort Worth were among the first to
invest in hedge funds—in the 1970s, after they inherited some of the
family fortune—and to bring talented managers down to run arbitrage
strategies. Texans today also prefer investing in trusted local
managers.
Texas  hedge_funds  asset_management  arbitrage  financial_services  investment_advice  oil_industry  Bass_brothers 
july 2011 by jerryking
Harvard Kennedy School - China's Oil Strategies in Africa
Spring 2009

Henry Lee, director of the Environment and Natural Resources Program,
writing with Dan Shalmon, charts the history, the controversial present,
and the possible future of Chinese pursuit of oil in Africa. The piece
appears as a chapter in China Into Africa, a book edited by Robert
Rotberg, director of the Program on Intrastate Conflict at the Belfer
Center for Science and International Affairs.
KSG  petro-politics  oil_industry  Africa  China 
june 2011 by jerryking
A church of heavy metal
February 28, 2011| globeadvisor.com | Gordon Pitts
The driving force behind a new oil sands upgrader has spent a lifetime collecting industrial machinery

GORDON PITTS
Gordon_Pitts  collectors  venture_capital  Calgary  Alberta  oil_sands  oil_industry 
march 2011 by jerryking
If Not Now, When? - NYTimes.com
By THOMAS L. FRIEDMAN
Published: February 22, 2011
What’s unfolding in the Arab world today is the mother of all wake-up
calls. And what the voice on the other end of the line is telling us is
clear as a bell:

“America, you have built your house at the foot of a volcano. That
volcano is now spewing lava from different cracks and is rumbling like
it’s going to blow. Move your house!” In this case, “move your house”
means “end your addiction to oil.”
Middle_East  uprisings  oil_industry  alternative_energy  Tom_Friedman  addictions 
february 2011 by jerryking
Far Offshore, a Rash of Close Calls - WSJ.com
DECEMBER 8, 2010 | WSJ | By RUSSELL GOLD And BEN CASSELMAN.
The oil industry has said the Deepwater Horizon rig catastrophe was a
unique event, the result of an unprecedented series of missteps that are
unlikely to be repeated. The recent history of offshore drilling
suggests otherwise.

In the months before and after the rig exploded and sank, killing 11 and
spilling millions of barrels of oil into the Gulf of Mexico, the
industry was hit with several serious spills and alarming near-misses,
some of them strikingly similar to what happened aboard the Deepwater
Horizon.
catastrophes  missteps  offshore_drilling  oil_industry  oil_spills  safety  near-misses  environmental_disasters  Deepwater_Horizon  uniqueness 
december 2010 by jerryking
Nasmyth Started Daily Market Report - WSJ.com
SEPTEMBER 27, 2008 | Wall Street Journal |By GUY CHAZAN.
Obit for Jan Nasmyth (1918 - 2008), who created Argus Media, (the
world's first daily oil market report) which began as a newsletter
published in the dining room of his Hampstead home and grew into one of
the world's most trusted business intelligence services.
obituaries  tributes  oil_industry  newsletters  niches  information_sources  market_intelligence 
december 2010 by jerryking
FT.com / Management - When to turn a blind eye to the facts
September 20 2010 | Financial Times | By Philip Delves Broughton.
.....For the men and women fighting to stop the leak, there were the messy, practical challenges to be met, and decisions to be made based on the evidence. And then there were those who made the decision early to pound away at this latest example of “Big Oil” gone wild.

President Barack Obama was caught between the two, trying to make decisions based on the complex set of facts, while others claimed to know exactly what decisions should be made, and compiled the evidence accordingly.

Businesses are often caught in the same trap. Ideally, you want to base your decisions on sound evidence. But often, managers make a decision then rustle up the evidence to support it. As Peter Tingling and Michael Brydon of Simon Fraser University wrote recently in the MIT Sloan Management Review, it is the difference between evidence-based decision making and its ugly sibling, decision-based evidence making......
Profs Tingling and Brydon found that evidence is used by managers in three different ways: to make; inform; or support a decision. If it is used to make a decision, it means the decision arises directly from the evidence. If it is used to inform a decision, evidence is mixed in with intuition or bargaining to lead to a decision. If it is used to support a decision, it means the evidence is simply a means to justify a decision already made. They also found that evidence is often shaped by subordinates to meet what they perceive to be the expectations of their bosses.

There are two dangers to letting decisions trump evidence. The first is when decision making is simply ill-informed. Ideally, a decision that contradicts the evidence is an inspired hunch, formed by experience, like Nelson’s. In the worst case, it is the product of ignorant bias.

The second danger is that once your employees know that you, as a manager, are more interested in finding evidence to fit your conclusions rather than seeking out truth, it infects a company with demoralising and destructive cynicism.
......In other companies, however, the cult of data-driven decision making leaves so little room for personal beliefs that people just tailor evidence to fit pre-made decisions......What is a manager to do? How do you encourage the use of data, while leaving room for the occasional inspired decision? One solution is to be more flexible in how you categorise decisions. Not all will require the same degree of evidence.

Another is to weigh the costs of gathering evidence. Is it always worth it? If not, don’t fudge it for appearance’s sake. Admit that you are trusting your well-honed instincts.
evidence_based  Octothorpe_Software  Philip_Delves_Broughton  decision_making  Peter_Tingling  environmental_disasters  Deepwater_Horizon  evidence  oil_spills  oil_industry  fact_patterns 
september 2010 by jerryking
Spill could be ‘game changer’ for oil
Jun. 11, 2010 | The Globe and Mail | Nathan VanderKlippe. The
Deepwater Horizon spill could become a global oil “game changer” by
spurring a deep and potentially costly rethink of the rules needed to
keep offshore drilling safe.
oil_spills  oil_industry  competitive_landscape  game_changers  environmental_disasters  Deepwater_Horizon 
june 2010 by jerryking
Business diary: Claudi Santiago
May 11, 2010 | Financial Times. pg. 10 | Emma Jacobs.

GE's best oil and gas engineering brains lead these sessions; their
technical expertise is incredibly deep and they are constantly pushing
the boundaries, thinking of solutions three, five and even 20 years out.
ProQuest  GE  executive_management  CEOs  profile  oil_industry  anticipating  forward_looking 
may 2010 by jerryking
Over A Barrel: Energy-starved China is doing what you would expect
May 16, 2005| Fortune Magazine | by Daniel Yergin.
Energy-starved China is doing what you would expect: becoming a global
oil power. For the most part China is behaving the way any country
starved for oil would, especially one with a well-established domestic
oil industry. China is participating in partnerships, acquiring
reserves, contracting for future supplies of liquefied natural gas,
selling oilfield services, developing projects around the world, and
buying lots of oil. It's a good bet that when a Chinese oil company
enters Iraq, it will be in partnership with one or more Western
companies.
China  oil_industry  foreign_policy  geopolitics  LNG 
march 2010 by jerryking

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