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Jason Kenney and the UCP Performance - first year of power

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  • Teck Resources withdraws application for major Alberta oilsands project

    https://www.ctvnews.ca/mobile/canada...ject-1.4824378
    Advocating a better Edmonton through effective, efficient and economical transit.

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    • Originally posted by Edmonton PRT View Post
      Teck Resources withdraws application for major Alberta oilsands project

      https://www.ctvnews.ca/mobile/canada...ject-1.4824378
      Clearly, a failure of both levels of government - provincial and federal - along with market conditions. Pretty clear from the Teck letter.
      Last edited by ProperMan; 24-02-2020, 03:13 PM.

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      • Experts say lack of financing due to world conditions the main reason for Teck's decision

        https://www.thestar.com/business/202...perts-say.html

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        • Teck Resources is blaming politics and a lengthy approvals process for its decision to pull out of the $20-billion Frontier oilsands project — but industry analysts say a lack of financing likely played a greater role.

          With the price of crude oil hovering just over $53 per barrel — a drop of 16 per cent this year — the economics of the project just don’t make sense like they would have when Teck first applied for approval nine years ago, says James L. Williams of WTRG Economics, an Arkansas-based oil and gas research firm.

          “When they started this, the price of crude was roughly double what it is now,” said Williams. The current low price for crude would make any capital-intensive project unappealing to investors and lenders, particularly the hedge funds and pension funds that would supply the cash.

          “You don’t want to start out on an investment where you’re not going to be able to service your debt,” Williams said.
          https://www.thestar.com/business/202...perts-say.html

          Nine years ago... Wasn't that back when Stephen Harper was PM, Kenney was a Minister in Ottawa and the PC's had a lock in Alberta?

          Kenney will somehow blame Trudeau and Notley. There is no doubt.
          Last edited by Edmonton PRT; 24-02-2020, 04:11 PM. Reason: link
          Advocating a better Edmonton through effective, efficient and economical transit.

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          • https://www.cbc.ca/news/canada/edmon...nney-1.5475669

            Maybe to be done with Teachers pensions! It's brilliant! NAtionalize the oil industry on the backs of union workers.

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            • Jason Kenney is just making up "fake news" in order to cover for his own incompetence.


              Why Teck decided to shelve its controversial oilsands project

              In a letter to the federal Minister of Environment and Climate Change that was released on Sunday evening that expanded on the reasons why Teck was shelving Frontier, Lindsay also wrote that the company strongly supports “Canada’s action on carbon pricing and other climate policies such as legislated caps for oil sands emissions.”

              He wrote that there is disagreement among provincial governments and the federal government over such policies — Alberta has sued the federal government to challenge its carbon pricing laws — and said the lack of clarity could deter investment in Canada.

              Analysts had always questioned whether the economics of Frontier made sense, noting that Teck assumed the oil price would exceed $95 per barrel when it initially contemplated the project, but since then current WTI crude price have fallen dramatically, to $51.46 as of Monday.

              Last week, Teck announced that “lower market expectations for future oil prices” forced it to write down the value of its existing oilsands assets by $910 million.

              https://edmontonjournal.com/commodit...c-6ef2b1c1d77f

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              • ^ Agreed

                Jason Kenney is deluding himself and the voters in the belief that he can create another oil boom. No $4 Billion corporate welfare cheque, no deregulation, no amount of grandstanding about Ottawa will change the facts that new oil sands developments have become so capital expensive, so financially risky as an investment and have dubious returns..

                The onslaught on multiple fronts including the low cost of natural gas, American energy independence, fracking production, cheap overseas oil, lack of an Alberta port, resistance to oil pipelines, are compounded to the maturing of electric vehicles, lowering costs of wind energy, solar and other competing energy sources as well as increased concern of climate change.

                The demands by the public to go 'green and clean' no matter the hypocrisy (such as child labor in cobalt mining) have forced the stock market to make changes in more responsible investment in corporations, away from dirty coal and oil.

                I would not be surprised that Teck's holdings will eventually be sold piecemeal to other existing projects.

                Jason Kenney is faced with the historic position, not unlike a buggy whip manufacturer seeing his first Model T
                Advocating a better Edmonton through effective, efficient and economical transit.

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                • Note to Kenney - it is not Trudeau that killed the Teck project, it is low oil prices, stupid! Kenney seems either totally oblivious to what is going on in the world or unable to cope with it, or perhaps both.

                  The longer the UCP is in power the worse the economy here seems to get.

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                  • Here is something to file under H - for what the heck or hypocrisy.

                    https://calgaryherald.com/opinion/co...s-of-hypocrisy

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                    • You mean like the falling oil price you blamed on Notley and Trudeau?

                      Those sorts of things?

                      Alberta premier says frustrating coronavirus stifling oil and gas economy

                      "Alberta Premier Jason Kenney says it’s difficult to watch global oil prices fall due to reduced demand tied to the novel coronavirus outbreak at the same time his government refocuses its efforts on job creation.

                      “I won’t hide it: it frustrates me that I think we’re doing everything that we reasonably can to get this economy moving again. And yet we’re being sideswiped by global events that are beyond our control,” Kenney said Monday."

                      https://globalnews.ca/news/6620279/j...a-oil-and-gas/

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                      • From the same article. It works out to just $200,000 per job. For something that the O&G sector was supposed to be paying for in the first place. And don't expect this "loan" to be repaid. It's a handout.

                        "Kenney’s government has promised a recommitment to job creation, and on Monday, Kenney and Energy Minister Sonya Savage announced a $100-million loan to the Orphan Well Association to clean up more abandoned sites. They say it will create a projected 500 direct and spin-off jobs."

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                        • Originally posted by Dave View Post
                          Note to Kenney - it is not Trudeau that killed the Teck project, it is low oil prices, stupid! Kenney seems either totally oblivious to what is going on in the world or unable to cope with it, or perhaps both.

                          The longer the UCP is in power the worse the economy here seems to get.
                          Note to you - It's the Trudeau wishy washy indecisiveness on the project, and anything else energy related in this country, the anarchy that is allowed to block any product along rail lines, and the subsequent and expected lack of any investors due to these circumstances. Enough to scare any company away.

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                          • Yeah, the chairman of Teck would disagree with you. And it's based not just on oil prices but also on Albert's opposition to reducing carbon emissions.

                            Teck Resources needs at least $65 oil and deep-pocketed partners for Frontier oilsands mine to make economic sense

                            Even if the Liberal government approves Teck Resources Ltd’s proposed Frontier oilsands project later this month, there are looming, unresolved economic questions that could determine whether the new mine is constructed.

                            Most notably, this includes the price of oil. A federal-provincial review panel last year noted that Teck had assumed oil prices would exceed US$95 per barrel, which is 70 per cent higher than the current West Texas Intermediate (WTI) price of about US$56 per barrel.

                            Last month, even Teck’s chief executive Don Lindsey expressed skepticism about the project — which would cost an estimated $20.6 billion to construct, produce 260,000 barrels of oil per day and operate for four decades — saying the fate of the project depended on ‘three Ps’: oil prices, pipeline capacity and finding the right partners.

                            https://business.financialpost.com/c...economic-sense
                            Damn Trudeau for keeping world oil prices so low! Is there no end to his madness?

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                            • Originally posted by Stoneman View Post

                              Note to you - It's the Trudeau wishy washy indecisiveness on the project, and anything else energy related in this country, the anarchy that is allowed to block any product along rail lines, and the subsequent and expected lack of any investors due to these circumstances. Enough to scare any company away.
                              You're sure making a record for yourself of being wrong on just about everything you post. Teck has stated why they didn't invest in Alberta, and it was Alberta lack of a Climate Policy as the main reason, and then following week, Teck invested several billion in to a BC Solar farm.

                              Maybe stop regurgitating the conservative koolaid here, and actually look for the facts before posting your branded-conservatives-shipt
                              Last edited by Medwards; 03-03-2020, 06:52 AM.
                              A people that elect corrupt politicians, imposters, thieves and traitors are not victims, but accomplices.

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                              • Originally posted by kkozoriz View Post
                                You mean like the falling oil price you blamed on Notley and Trudeau?

                                Those sorts of things?
                                Alberta premier says frustrating coronavirus stifling oil and gas economy

                                "Alberta Premier Jason Kenney says it’s difficult to watch global oil prices fall due to reduced demand tied to the novel coronavirus outbreak at the same time his government refocuses its efforts on job creation.

                                “I won’t hide it: it frustrates me that I think we’re doing everything that we reasonably can to get this economy moving again. And yet we’re being sideswiped by global events that are beyond our control,” Kenney said Monday."

                                https://globalnews.ca/news/6620279/j...a-oil-and-gas/
                                Yeah, Kenney is just mad that people are dying just to hurt his reelection chances.

                                The nerve of people who get gravely sick and die


                                Advocating a better Edmonton through effective, efficient and economical transit.

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