Economic News Affecting St. John's

[jeddy1989]

Big Oil and Gas Developments on West Coast

There are some significant developments taking place on the province's west coast in the search for oil and gas. Here's VOCM's Terry Hart.



Black Spruce Exploration Corp. recently signed agreements with a number of companies, including Deer Lake Oil and Gas, Ptarmigan Energy, and Enegi Oil, giving the company total acreage of approximately 2.3-million acres. President David Murray says it gives Black Spruce Exploration the largest single collection of oil and gas acreage in western Newfoundland.

Murray says the company is committed to helping unlock the full potential of the region. Black Spruce Exploration Inc. is expected to spend a minimum of $50-million later this year on an exploration drilling program in western Newfoundland. The company says they have even bigger plans for the next couple of years.

http://www.vocm.com/newsarticle.asp?...35340&latest=1

[PoscStudent]

Hopefully something is found, it would be so great for the west coast. As well I don't know if it's just because of it's size, but it seems like much more labour is required in the oil sands compared to offshore NL.

[jeddy1989]

Oil Exploration Must Evolve

Oil exploration in the province has to evolve, especially since Newfoundland and Labrador is past peak oil production. That from Premier Kathy Dunderdale who spoke at the annual NOIA Conference today. She says the current system for land tenure is outdated, and it will get an upgrade. Right now, oil companies bid on land that has been nominated for exploration, which can lead to one company having control over huge tracts of land. This all happens over a short period of time, so new players to the industry don't have time to review the seismic data and make a bid.



She says new companies have as few as seven months to decide if and what to bid, and it feels like doing business blindfolded. She says the system is 30 years old, so the province isn't competitive anymore.

When the rules change, more time will be given for the bidding process, and smaller tracts of land will go up for bidding. She says that will open up competition in the province.

http://www.vocm.com/newsarticle.asp?...35413&latest=1

[mrjanejacobs]

Oil company makes another offshore find

The Norwegian company Statoil has made another oil discovery about 500 kilometres northeast of St. John's, according to a company news release.

Statoil said it's found light, high quality oil in the Flemish Pass Basin in an area called the Harpoon prospect.

"While it is still too early to determine Harpoon's resource potential at this time, this is very encouraging for the area and especially for the Bay du Nord well planned for later this year," said Statoil's Erik Finnstrom.

The company says it's too early to say how much oil is contained in the Harpoon prospect.

The well was drilled in approximately 1,100 metres of water about 10 kilometres southeast of the company's Mizzen find.

The Mizzen discovery is estimated to hold between 100-200 million barrels of oil.

Statoil is the operator of Harpoon with a 65 percent interest while Husky Energy is a 35 percent partner.

http://www.cbc.ca/news/canada/newfou...shore-619.html

[jeddy1989]

Originally Posted by mrjanejacobs

Oil company makes another offshore find



http://www.cbc.ca/news/canada/newfou...shore-619.html

that's awesome! they are finding more and more oil and resources like every couple of months haha

[jeddy1989]

Banker says it's Time for Lower Churchill

According to the senior vice-president of CIBC, it's time for Canada to fully leverage all of its resources to stay ahead in the energy game. Jim Prentice was the keynote speaker at the NOIA conference this morning. VOCM's Lacy O'Connell reports.



Prentice said this morning it's a little embarrassing if you've written a book on peak oil, because we are nowhere near it. He says North America is in an enviable position: it has an abundance of affordable energy, coupled with an improving, not deteriorating, natural environment. But, he says, it's a critical time to develop the Lower Churchill hydro project, and to partner with Ontario and Quebec to secure the country's future.

As well, he says Labrador can make Canada a bigger player in the iron ore industry at a time when the market for steel in Asia is growing. He says no country in the world is developing energy projects like Canada.

http://www.vocm.com/newsarticle.asp?...35456&latest=1


Dunderdale Delegation in China

Premier Kathy Dunderdale is in China, leading a delegation to try to expand export markets and business growth in the province. The premier says they're hoping to showcase what the province has to offer in the way of mining, oil and gas, ocean technology, fisheries and post-secondary education. Meetings are scheduled with Chinese business leaders and government officials over the next eight days. Ministers Tom Marshall, Jerome Kennedy, Nalcor CEO Ed Martin and MUN President Gary Kachanoski are part of the delegation.

http://www.vocm.com/newsarticle.asp?...35451&latest=1

more on that oil discovery:

New Oil Find Offshore Newfoundland

Statoil has made a discovery of light, high-quality oil in the Flemish Pass Basin, offshore Newfoundland. Oil was encountered while drilling the Harpoon prospect, located approximately 500 kilometres north-east of St. John's.

While it is still too early to determine Harpoon's resource potential at this time, the company says it's very encouraging for the area and especially for the Bay du Nord well planned for later this year.

Erik Finnstrom, senior vice president, North America says Statoil's exploration strategy to test high-impact oil prospects in the Flemish Pass Basin is on target and that the Harpoon results will contribute to a greater understanding of the area.

They anticipate there will be further appraisal drilling to mature this discovery in the future.
Statoil is the operator of Harpoon with a 65 per cent interest. Husky Energy is a 35 per cent partner.

http://www.vocm.com/newsarticle.asp?...35447&latest=1

[jeddy1989]

we got a shout out in American media hahahaha

It’s time for politics to legalize economics

...
Consider ExxonMobil’s $14 billion plan to develop one of the largest oil fields in the North Atlantic. That drilling will be off Canada’s Newfoundland. But the Hebron oil field is believed to extend southward into U.S. waters with its billion-barrel potential. Unfortunately, the United States won’t see a drop of it -- unless Secretary Jewell and others in the Obama hierarchy open it up. Simple permission is all that is required...

http://www.macon.com/2013/06/17/2520...-legalize.html

[statbass]

Friday, June 21, 2013
VOCM News
Unknown Author

Described as an 'impact prospect', Statoil's recently announced Harpoon well is expected to contain more than 250-million barrels of oil. Harpoon is located in the Flemish Pass around 500 kilometres northeast of St. John's. Statoil's Senior VP of Exploration, Erik Finnstrom, was the final keynote speaker at the NOIA Conference yesterday. Finnstrom says a high quality oil was found, but was coy in commenting on Harpoon's volume potential, saying more drilling is needed.

http://www.vocm.com/newsarticle.asp?...35534&latest=1

This is in addition to the 100-200M bbls estimated at Mizzen, only 10km away. Statoil will be drilling their Bay du Nord well (in the same vicinity as the other two) this year. Apparently they're very optimistic about this one.... great potential!!!

[jeddy1989]

Hopefully some day we see a Satoil office tower DT too

NL the Gateway to Arctic Development: Statoil

Statoil is calling the Newfoundland offshore 'the gateway to Arctic development'. Exploration VP Erik Finnstrom says the province is a natural fit for the technology based oil exploration company, in that it plays a strategic role in developing its Arctic competence. Working in the Arctic, he says, is heavily influenced by water depth and seasonal ice. Newfoundland is on the lower scale of severity when compared to areas like Greenland and the Beaufort Sea. Finnstrom says given that scenario the province is like a working laboratory.



He says while Newfoundland is not a true Arctic region it plays a fundamental role in Statoil's approach to going North. Locally he says the company wants to become a producing operator.

Finnstrom says geological surveys and mapping show the potential for large discoveries.



He says the Newfoundland offshore was formed at the same time as the North and Norweigian seas. Since the east coast basins share a common history, Finnstrom says its work in the North will give the company a strong technical advantage off Newfoundland.

http://www.vocm.com/newsarticle.asp?...35525&latest=1

[PoscStudent]

Lets hope! http://www.gizmag.com/statoil-office-norway/27025/

[jeddy1989]

Originally Posted by PoscStudent

Lets hope! http://www.gizmag.com/statoil-office-norway/27025/

WOW! yes lets hope!

[jeddy1989]

Provincial Business Delegation in China

The Premier is in China, drumming up business for the Province's oil patch. The local busines delegation, led by Kathy Dunderdale, is meeting with several organizations including the Chinese National Offshore Oil Company and Sinopec Group. Dunderdale is looking to attract Chinese investment in the Newfoundland and Labrador offshore, particularly new frontier basins. Dunderdale says China is a global leader in both oil and gas and mining.

The delegation is set to return to the province on June 28.

http://www.vocm.com/newsarticle.asp?...35580&latest=1

[Architype]

This thread seems as good a place as any to post this -

NL: Hebron work reaching new heights

The tower cranes at Nalcor Energy’s Bull Arm Fabrication Site, located about 150 kilometres from St. John’s, were shipped to the location in pieces. Assembled, they are now in use on construction of the Hebron gravity base structure (GBS). . . .

There is a “collision factor” to consider, she said, with five tower cranes active around the emerging, 130-metre-wide base of the GBS. For comparison, an NFL football field is about 110 metres long.

Full article: http://www.dailybusinessbuzz.ca/Cons...-new-heights/1

Another recent article identified Bull Arm as having the largest construction crane in north America.

I recently added the Topside Modules Hall at Bull Arm to the database and diagrams, here is how that building would fit into the St.John's skyline, via the SSP diagrams:

http://skyscraperpage.com/diagrams/?searchID=59908135

And for anyone who hasn't seen it, this one includes the Hibernia platform:

http://skyscraperpage.com/diagrams/?searchID=59908166

[PoscStudent]

^ There are garage doors there that are the second biggest on the continent!

[Architype]

Originally Posted by PoscStudent

^ There are garage doors there that are the second biggest on the continent!

Re: Topsides Module Hall; the doors are 42 m high, as tall or taller than Atlantic Place or an 11 storey office building. The building itself is reported as 51 meters high X 150 m long, probably taller and larger than anything in downtown St. John's.

[SignalHillHiker]

Wow, impressive stuff Architype. Thank you!

[SignalHillHiker]

Most residents consider N.L. 'have' province, poll finds

The survey found that 58 per cent of respondents believe Newfoundland and Labrador is a “have” province, while 34 per cent believe it is “have not.” The other eight per cent either don’t know or didn’t offer an opinion.

According to CRA’s findings, those closer to the booming capital city of St. John’s are more likely to believe they live in a “have” province.

Almost two-thirds of residents in the St. John’s/Avalon region — 64 per cent — agreed. That compares to less than half of those polled who live in the Western region, at 48 per cent.

http://www.cbc.ca/news/canada/newfou...-poll-625.html

[AllBlack]

There is a “collision factor” to consider, she said, with five tower cranes active around the emerging, 130-metre-wide base of the GBS. For comparison, an NFL football field is about 110 metres long.

Two cranes did contact one another a couple months back, resulting in a two-day stand down to review and strengthen safety procedures.

I'll be heading out to Bull Arm later in the week, I'll see if I can grab a few snaps.

[ajcoffey]

Im surprised with a building that tall that someone hasnt called open line because its blocking some view!!

[Trevor3]

Originally Posted by SignalHillHiker

Most residents consider N.L. 'have' province, poll finds



http://www.cbc.ca/news/canada/newfou...-poll-625.html

For anyone wondering why the number is so low on the west coast, I give you:

- Corner Brook mill on life support for several years
- The 4 month tourism economy of the northern peninsula
- Loss of woodland and fish processing industries

And the following quote from Kippens Town Councillor, Leon Benoit, "Right now the Sir Thomas Roddick Hospital has no surgeon, there's been no obstetrics for a number of years; our airport is pretty much down to nil; the mill is gone; our school board is done; the Arts and Culture Centre went from 2 full-time jobs to 2 half-time jobs; library board jobs are gone; the readiness centre on Main Street is closed; the West Coast Training Centre is closing; there are job cuts at College of the North Atlantic, and the list goes on."

Yet we're a have province? No wonder we can pay our own way, there's nothing left to pay for!