[shortonsense]

$this->bbcode_second_pass_quote('AirlinePilot', 'G')ee even Rigzone understands the impacts of the recent "credit crunch".

Thier words not mine....

"With demand for new builds stymied by the recent credit crunch and commodity price collapse, virtually no new rig orders have been placed since late 2008, the tail end of a peak period for newbuild orders.

http://www.rigzone.com/news/article.asp ... 487&hmpn=1

[Phildo]

Text deleted

[shortonsense]

$this->bbcode_second_pass_quote('Phildo', '
')So whom peed in who's cornflakes for all the deletes that followed?

[copious.abundance]

$this->bbcode_second_pass_quote('AirlinePilot', 'G')ee even Rigzone understands the impacts of the recent "credit crunch".

Thier words not mine....

"With demand for new builds stymied by the recent credit crunch and commodity price collapse, virtually no new rig orders have been placed since late 2008, the tail end of a peak period for newbuild orders.

http://www.rigzone.com/news/article.asp ... 487&hmpn=1

[AirlinePilot]

http://www.thestar.com/article/538614-- ... s-casualty

Alberta's $24 billion Fort Hills oil-sands project has been put on hold until next year so Petro-Canada and its partners can get a better handle on costs.


The Canadian Association of Petroleum Producers said in June that companies would spend $126 billion over the next five years on pipelines, mines and upgrading plants as record oil prices made the Canadian reserves in Alberta lucrative. That figure has since been chopped to about $80 billion as more projects are shelved. Royal Dutch Shell PLC and EnCana Corp. are among other companies in the oil sands that have cut back on their plans.

[copious.abundance]

Posted November 31, 2008.
$this->bbcode_second_pass_quote('AirlinePilot', 'A')necdotaly I'm starting to see a lot of commentary on short term project development and financing being "safe", but longer term, into next year is appearing to be in jeopardy.

It's something that is going to be held closely to the vest with the financial turmoil going on. No one is freely going to admit they are cancelling production projects for fear of their stock prices taking a hit.

I think we all knew that a dive in price like we have seen is going to have a huge impact on the near term future in the oil patch. Not surprising at all to me.

[AirlinePilot]

Ahh! clever finding a chart to "fit" isnt it OF?

How about we talk about Global production and not your cherry picked version which is NON-OPEC.

You see my premise did not apply to just NON-OPEC oil, but of course you probably have some clever answer for that.

My premise held true and once again for the reading impaired NOWHERE DID I SAY THE EFFECTS WOULD BE PERMANENT.
I said it would have large impact on production in the near term to be exact. I'd say that is what we actually saw and its depicted quite nicely with the
Chart you DIDN'T use

So you can understand the chart I highlighted the area where production decreased due to both lower crude price and the demand problems associated with
the global recession/credit crunch. Funny how that is directly in correlation to all those links I posted about cancelled and delayed projects way back in the
beginning of this thread isnt it?

oilwatchfeb2010_01.jpg

[mcgowanjm]

$this->bbcode_second_pass_quote('OilFinder2', 'P')osted November 31, 2008.
$this->bbcode_second_pass_quote('AirlinePilot', 'A')necdotaly I'm starting to see a lot of commentary on short term project development and financing being "safe", but longer term, into next year is appearing to be in jeopardy.

It's something that is going to be held closely to the vest with the financial turmoil going on. No one is freely going to admit they are cancelling production projects for fear of their stock prices taking a hit.

I think we all knew that a dive in price like we have seen is going to have a huge impact on the near term future in the oil patch. Not surprising at all to me.

I deliberately showed non-OPEC production because they were the ones supposedly more affected by the credit crunch. It's not like the Saudis need much access to credit.

$this->bbcode_second_pass_quote('AirlinePilot', 'M')y premise held true and once again for the reading impaired NOWHERE DID I SAY THE EFFECTS WOULD BE PERMANENT.
I said it would have large impact on production in the near term to be exact

$this->bbcode_second_pass_quote('AirlinePilot', 'I') said it would have large impact on production in the near term to be exact.

[AirlinePilot]

Merrill said that I didn't. I got to give you props for being persistent OF but your pushing on a string my friend.

What I proposed happened. I'd say that also you nor I know for sure whether or not longer term production will or
wont be effected by what is going on. I'll just keep pointing to that chart, you can keep saying I said something else.

[copious.abundance]

And this posted July 18.
$this->bbcode_second_pass_quote('AirlinePilot', 'Y')ou can sigh all you want Oily. And yeah there are some things in there not related to oil or NG specifically, but it is direct evidence that the reason for these project delays/cancellations has everything to do with the fact that globally cheap money has completely dried up and there is a measurable pullback in investment money for projects which otherwise would not be in jeopardy.

You do acknowledge the need for aggressive financing of future projects, or dont you? You do understand that the reason these things are in jeopardy is the lack of that financing, dont you?

This was not the case two years ago. It is hard, factual evidence that global energy industries are in near crisis situations and the required robust investment picture needed going forward for your cornucopian fantasy of production is completely falling apart.

Your blinded by your optimism to see the actual effects the global credit crisis is bringing us. I'm guessing currently this is only the beginning and with any further pullback in prices, or prolonged crude pricing below current levels it gets worse with time. Thats because cash reserves are being used up to continue with lucrative prospects in the hopes that this is just a downturn and soon things will get better. I'd place good money on that NOT being the case. Only the future will tell, we will know soon enough.

Sighing will not change the picture your obviously missing.

$this->bbcode_second_pass_quote('AirlinePilot', '[')i]Merrill said that I didn't.

[AirlinePilot]

SO WHAT? maybe I was a bit pessimistic in one or two posts. What exactly are you trying to prove?

The facts still stand that in the myriad links I posted earlier in this thread(like a year ago) there WERE MANY delayed or canceled projects.

NOWHERE DID I SAY THAT WOULD BE PERMANENT.

You pull a post where i said i was "guessing" and I also pointed out what I thought might happen with higher crude prices.
and call that "excessively pessimistic? Excuse me???

If our economy does not recover, nor the banks figure some magical way out of the giant predicament they are in, I'd still stand by my idea that it WILL affect oil production.

IT ALREADY DID! The result will be lower crude prices and with development costs where they are now, it wont be sustainable until crude prices rise enough to make it possible at some later date.

No crystal ball here and I never claimed to have one.

Please stop mischaracterizing my posts to fulfill your argument.

[copious.abundance]

$this->bbcode_second_pass_quote('AirlinePilot', '[')i]SO WHAT? maybe I was a bit pessimistic in one or two posts.

[AirlinePilot]

Shell remains cool towards Canada Oil Sands project. Same reason they announced in 2008. The article doesn't come out and say it outright, but it's corporate doublespeak for "we don't have the money right now".


"Shell shelved long-term planning in late 2008 for new projects, and has not revisited the decision. A Royal Dutch Shell official reached yesterday said the firm cannot comment ahead of its upcoming quarterly financial reports, but that nothing has changed. Mr. Voser, who took over Europe's second-largest oil-and-gas firm in July, said in the article that it is slowing its expansion into the high-cost Canadian oil sands and will focus more on exploration. Analysts said the decision to slow oil sands investment was no surprise, given Shell's relative inaction in the field in the past year, when it, along with all other firms, delayed plans for expansion.

http://www.financialpost.com/news-secto ... id=2484220

I await the cornucopian translation with glee

[copious.abundance]

Breaking news: Shell is not the only operator in the oil sands.

>>> Hot off the printing presses <<<
$this->bbcode_second_pass_quote('', '[')b]Devon and BP team up on oil sands revival
Shawn McCarthy
Ottawa — Globe and Mail Update

.U.S.-based Devon Energy Corp. is deepening its commitment to the resurgent oil sands sector, bringing its operating know-how to a joint venture with giant BP PLC to develop the British multinational's long-dormant Kirby project.

The oil sands venture is part of a $7-billion (U.S.) deal in which Devon is selling its international and offshore oil assets to BP, while spending $500-million (U.S.) to buy a half-stake in the promising Kirby acreage, which is thought to contain up to 1.5 billion barrels of accessible bitumen.

Devon is currently doubling the capacity of its 30,000-barrel-a-day Jackfish property, and has another expansion planned for the coming years. It boasts that Jackfish is one of the industry's lowest-cost projects, using steam-assisted gravity drainage (SAGD) technology to recover the bitumen from underground.

[...]

[AirlinePilot]

$this->bbcode_second_pass_quote('OilFinder2', 'B')reaking news: Shell is not the only operator in the oil sands.

[TheAntiDoomer]

oh my tons of investment heading to the US via Indias richest man

Tme to hit the snooze button this thread:

India's Richest Man Dying For A Piece Of The U.S. Shale Gas Revolution

http://www.businessinsider.com/indias-r ... ion-2010-3

$this->bbcode_second_pass_quote('', 'I')ndia's richest man Mukesh Ambani is looking to invest in US shale gas through his enormous conglomerate Reliance Industries according to Rigzone.

Reliance is in talks with Atlas Energy, who has 584,000 acres of Marcellus Shale assets, for a $1 - $1.5 billion joint-venture stake.

Quite true AD, and the hits they just keep a comin' !!!!!

>>> LINK <<<
$this->bbcode_second_pass_quote('', '[')b]Hyundai Heavy to Win 79% More Oil, Gas Orders in 2010
March 17, 2010, 6:57 AM EDT
By Kyunghee Park

March 17 (Bloomberg) -- Hyundai Heavy Industries Co. expects to win at least 79 percent more oil and gas equipment orders this year as the world’s biggest shipyard reduces its dependency on shipbuilding.

“There is a chance we could exceed our order target” of about $4.2 billion, Kang Chang June, executive vice president of Hyundai Heavy’s offshore and engineering division, said in an interview at the company’s Ulsan, South Korea headquarters yesterday. Net income from the division is expected to be similar to last year’s figure of 300 billion won ($265 million) to 400 billion won, he said.

Hyundai Heavy has already achieved more than half its 2010 offshore order target as oil companies such as Royal Dutch Shell Plc, BP Plc and Petroleo Brasileiro SA boost investment in drilling and floating production equipment to support wider exploration. The Korean company is targeting oil and gas as overcapacity and Chinese competition sap ship orders.

[...]