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Top U.S. Shale Producers Soaring Debt Service Guts Profits

Top U.S. Shale Producers Soaring Debt Service Guts Profits

The massive debt accumulated by the U.S. Shale Industry is now decimating company profits.  As company debts and interest rates rise, these shale producers interest expense also continues to increase.  Debt service is not only cutting into company profits, but it also takes a great deal of oil and gas production to cover this expense.

For example, 16 of the top U.S. shale energy companies racked up a hefty $5 billion interest payment.  The company with the highest annual interest expense is Anadarko Energy at a stunning $932 million in 2017:

Devon Energy came in a distant second at $514 million while Chesapeake took the third spot at $425 million.  The 16 shale energy companies shown on the right-hand side of the chart are listed from highest to lowest annual interest expense for 2017.  And, it is a simple rule-of-thumb that the higher the annual interest expense, the higher overall debt on the company’s balance sheet.

Anadarko has such a high annual interest expense ($932 million) because it holds over $15 billion in debt.  Devon Energy had the second highest interest expense in 2017 due to its $10+ billion in debt.  However, Devon has recently sold assets and paid down its debt and lowered its interest expense considerably.  Furthermore, Chesapeake is paying $425 million a year to service its $9+ billion in debt.

It is quite remarkable that these 16 shale energy companies forked out $5 billion to service their debt last year.  The debt service is an expense that impacts the company’s net income profits.

For example, Anadarko posted a loss of $456 million in 2017.  However, they paid $932 million in interest expense last year.  If Anadarko didn’t have an interest expense, their $456 million loss would have been a $479 million net income profit.  So, these 16 companies lost $5 billion in potential profits because they have to service their skyrocketing debts.

…click on the above link to read the rest of the article…

Peak oil in China and the Asia Pacific (part 2)

Peak oil in China and the Asia Pacific (part 2)

South China Sea: ‘Leave immediately and keep far off’

US-Poseidon-over-Zhubi-Reef_Aug2018

Fig 1: U.S. Navy P-8A Poseidon reconnaissance plane overflying disputed Spratly islands

11/8/2018
https://www.youtube.com/watch?v=dodbqgKn8js
https://www.bbc.co.uk/news/av/world-asia-45152525/south-china-sea-leave-immediately-and-keep-far-off

Spratly-islands

Fig 2: Subi reef location in the South China Sea

Subi_12_07_17_STITCHED_wm

Fig 3: CSIS image of Subi reef low tide elevation (976 acres reclaimed). https://amti.csis.org/subi-reef/

Estimated_undiscovered_resources_South_China_Sea_USGS

Fig 4: USGS 2010 assessment of undiscovered oil resources
https://pubs.usgs.gov/fs/2010/3015/pdf/FS10-3015.pdf

According the USGS there is not much oil in the South China Sea. China is securing its oil supply routes as future oil imports are going to increase after production peaked 2010-2015.

China_oil_production_vs_consumption_1965-2017

On average, Chinese oil consumption grew exponentially (!) between 1982 and around 2010 at 6.5% pa. In some years, there were huge variations around this trend. For example in 2004 oil consumption increased by almost 1 million barrels/day, 500 kb/d above the long term trend. This spike was caused by additional fuel oil needed for back-up power generators as there were wide spread power shortages. In the following (Katrina) year 2005 consumption growth dropped to just 150 kb/d as fuel shortages started.

China_Petrol_Shortages_August2005

Smoke and Mirrors in China’s Oil Statistics
June 2008
In recent years, oil product shortages in China have frequently caught the attention of the world. In August 2005, China’s southern manufacturing heartland of Guandong was plagued by closed service stations, fuel rationing and hours-long gas queues, and authorities were forced to send thousands of police to petrol stations in Guangzhou to prevent massive social unrest as drivers scrambled to fill their tanks (Wall Street Journal, August 19, 2005). In May 2006, a diesel shortage hit Guangdong again and lasted for half a month until a 270,000 ton emergency stock of gasoline and diesel fuel were allocated to the local market by China National Petroleum Corporation (CNPC) and China Petroleum and Chemical Corporation (Sinopec) (Xinhua News Agency, May 23, 2006). 

…click on the above link to read the rest of the article…

 

 

Blowout Week 241

Blowout Week 241

This week’s lead story features YouTube, which is fighting what it considers to be the misinformation  on videos posted by global warming dissenters with fact-checking boxes (inset), with the data sourced from Wikipedia. We continue with Saudi Arabia’s oil production – is it up or down?; the Saudi/Canada standoff; US LNG and Nord Stream 2; coal in Poland and China; nuclear in France and India; the Laos hydro dam collapse; Australia’s national energy guarantee; the hydrogen-to-ammonia “breakthrough”; renewables to power Blockchain; renewables and the UK capacity market; subsidies for UK SMRs; climate change to cause more windless periods and how to save the planet – give up meat.

Mail: YouTube places Wikipedia entries below videos ‘refuting evidence of global warming’

YouTube is fighting back against climate change deniers by implementing a fact-checking box below user-uploaded videos on the controversial topic.

The system will surface information from Wikipedia or Britannica Encyclopedia to display factual information in bitesize chunks below videos on climate change. The feature is the latest step from the Google-owned video platform in its battle to reduce the spread of misinformation and conspiracy theories on the service. At the moment, the scientific fact-checking blurbs are only visible to US-based users, however, YouTube is slowly rolling-out the feature to viewers worldwide. YouTube says the policy is designed to give users easy access to external information to provide context and information on topics prone to misinformation.

Oil Price: OPEC Oil Production Surges 340,000 Bpd As Saudis Pump Near Record

Last month, OPEC produced an average of 32.66 million bpd of crude oil, including production from its newest member the Republic of Congo. The biggest OPEC producer, Saudi Arabia, pumped 10.63 million bpd in July, up by 240,000 bpd from June and its highest level since its record of 10.66 million bpd from August 2016, according to Platts survey archives.

…click on the above link to read the rest of the article…

The Fracking Industry Is Cannibalizing Its Own Production, Increasing Spill Risks

The Fracking Industry Is Cannibalizing Its Own Production, Increasing Spill Risks

In the climactic final scene in There Will Be Blood — arguably the greatest movie about the oil industry — the main character played by Daniel Day Lewis explains how he sucked the oil from a neighbor’s land by using horizontal drilling. To help his neighbor understand what has happened, he explains it by saying he took a very long straw and “Drank your milkshake!”

Well guess what is happening with the fracking revolution that is built on the concept of horizontal drilling? Not only are oil producers drinking each other’s milkshakes, they are drinking their own, and in the process losing even more money and raising the odds of dangerous environmental risks.

And unlike in the movie where the main character knew what he was doing, the modern fracking industry really has no clue what to do about the problems caused by the combination of horizontal drilling and greed.

Frac Hits, aka Child Wells

The first thing to understand is that this is simply a problem of the industry being greedy. The oil producers are drilling too many wells in close proximity to one another, and when they frack the newer wells — known as child wells — those “bash” or “hit” the older wells and cause problems.

In a typical frack site, the production begins with a first test well, which is known as the parent well. The wells drilled in proximity to the parent well are called child wells.

What is happening is that not only are the child wells cannibalizing the production of the existing parent well, but when the child wells are fracked they can create “frac hits” that damage the parent well.

…click on the above link to read the rest of the article…

The Real Reason Behind The Next Oil Squeeze

The Real Reason Behind The Next Oil Squeeze

Rig

The last quarter has seen increased volatility in oil prices, an increase that I attribute to the growing tensions in international markets as fears of a global trade war intensify. The headlines seem to get starker by the day, and markets loathe this type of uncertainty.

(Click to enlarge)

Source

The intent of this article is to provide some guidance as to where oil prices may be headed in the near term. I think there are some key drivers at play here and will discuss them in some detail in the rest of this article.

Supply and Demand

One of the reasons for the big energy depression that hit in mid-2014 was an oversupply caused by Saudi Arabia ramping up production to drive prices down. They had several goals in doing this as has been discussed in countless articles, but chief among them was the desire to take high cost barrels off the market. Their primary targets were the American frac machine in North America, and deepwater production that was grabbing an increasing share of big IOC dollars.

This worked fairly well over the short run, as energy producers outside Saudi were unprepared. For most of 2016, the frackers in America retooled their portfolios and improved practices, cutting average well costs down to where they were economic with $40-50-dollar oil. U.S. shale was back in business.

The deepwater business is still struggling to regain its momentum.

(Click to enlarge)

Figure-1

Demand is likely to increase for the foreseeable future though, with an average annual increase of about 1.6mm BOPD for the years covered in the Global Supply and Demand Chart above (2013-2018). The upward slope continues through 2019 at about the same rate of increase.

…click on the above link to read the rest of the article…

Energy slaves, “hard work,” and the real sources of wealth

Energy slaves, “hard work,” and the real sources of wealth

Many Canadians and Americans struggle financially.  Millions are unemployed.  Many others live paycheque-to-paycheque.  A 2017 report by the US Federal Reserve Board found that 40 percent of US citizens couldn’t cover an unexpected expense of $400 without selling something or borrowing money.  There’s a lot of denial and misunderstanding regarding the financial challenges faced by a large portion of our fellow citizens.

Equally, though, there is misunderstanding, denial, and myth-making regarding those among us who are more financially secure, those who are well off—“the rich.”  Most glaring is the way we mischaracterize the sources of our wealth, luxury, and ease.  We lie to ourselves and each other regarding why we have it so good.  The rich often claim that their wealth is a result of “hard work.”  We hear people objecting to even the smallest tax increase, saying: “I worked hard for my money and no one is going to take it from me.”

The reality, however, is quite the opposite.  The rich don’t work very hard.  Every poor women or girl in Asia or Africa who gets up at dawn to walk many kilometres to carry home water or firewood for her family works harder than the world’s multi-millionaires and billionaires.  Every farmer with a hoe or toiling behind an oxen works harder than any CEO.  My farmer grandparents worked far harder than I do, yet I live much better.  I would be self-delusional in the extreme to attribute my middle-class luxury to “hard work.”

No, those of us in North America, the European Union, and elsewhere in the world who enjoy privileged lives live well, not because we work hard, but because of the vast energy windfall of which we are the beneficiaries.  We live lives of comfort and ease because our work is done for us by “energy slaves.”

…click on the above link to read the rest of the article…

EIA: U.S. Oil Production Growth Is Slowing

EIA: U.S. Oil Production Growth Is Slowing

TAPS pipeline

The EIA just revised down its forecast for U.S. oil production growth for 2018, an acknowledgement that pipeline constraints are slowing output gains in the Permian basin.

The EIA believes the U.S. will average 10.68 million barrels per day (mb/d) this year, down 0.11 mb/d from last month’s estimate. It also revised down its forecast for next year’s average output to 11.7 mb/d, down from 11.8 mb/d previously.

The downward revision comes after recently released data from the agency suggested that output growth during this past spring was not as robust as previously thought. The EIA, at the time, thought shale production continued to grow at a blistering rate, with production rising by over 200,000 bpd between the beginning of April and the end of May. But more recent data suggests that production actually dipped a bit over that period.

It may seem like an insignificant revision, but it points to broader problems, particularly in the Permian basin, which could cause the U.S. to undershoot expectations going forward.

Recent movements in the rig count lend a little more weight to this notion. While the number of rigs bounces around from week to week, the overall number is essentially unchanged since May. And in the Permian, where all the drilling action has been concentrated, the rig count stood at 480 at the start of August, no higher than it was in early June.

“The lower forecast for output this year reflects slightly slower than expected growth in middle quarters of this year, possibly related to pipeline constraints out of the Permian basin that have reduced wellhead prices in the region,” Tim Hess, a product manager for the EIA’s Short-Term Energy Outlook said, according to Bloomberg.

…click on the above link to read the rest of the article…

Canada Frees Itself From Saudi Oil Imports

Canada Frees Itself From Saudi Oil Imports

Canada

The ongoing political row between Canada and Saudi Arabia over Ottawa’s demand that the kingdom release detained women’s rights activists in the country is picking up momentum. Earlier this week, Saudi Arabia ordered the Canadian ambassador to leave Saudi Arabia “within 24 hours” after his country criticized the recent arrest of Saudi women’s rights activists.

However, Saudi Arabia, showing heightened sensitivity into what it perceives as foreign intrusion into its own affairs, upped the ante even more, by saying it would freeze “all new business” between the kingdom and Canada and also in an admittedly knee-jerk response, recalled thousands of Saudi students attending Canadian universities, a move to hurt Canada financially.

Omar Allam, a former Canadian diplomat and head of Allam Advisory Group, said the recall of 12,000 to 15,000 Saudi students from Canada, and accompanying relatives, is going to remove as much as CAD$2 billion in annual investment in the Canadian economy.

Ratcheting up rhetoric

“Any further step from the Canadian side in that direction will be considered as acknowledgment of our right to interfere in the Canadian domestic affairs,” the Saudi Foreign Ministry said. “Canada and all other nations need to know that they can’t claim to be more concerned than the kingdom over its own citizens.”

Canada, however, sees the situation differently. “Canada will always stand up for the protection of human rights, very much including women’s rights, and freedom of expression around the world,” Marie-Pier Baril, a spokeswoman for Canadian Foreign Minister Chrystia Freeland said in a statement. “Our government will never hesitate to promote these values and believes that this dialogue is critical to international diplomacy.

…click on the above link to read the rest of the article…

The Shale Boom That Will Never Happen

The Shale Boom That Will Never Happen

oil rig dusk

When the National Hydrocarbons Commission of Mexico scheduled its first-ever shale tender for September this year, the July elections were obviously not front and center in the thoughts of its management. Yet now, this tender may be as good as gone after President-elect Andres Manuel Lopez Obrador said last week,“We will no longer use that method to extract petroleum.”

Obrador was responding to a question about the risks of hydraulic fracturing, the technology that enabled the U.S. shale oil and gas boom and that some believed could be replicated in Mexico, especially for gas production.

The Energy Information Administration (EIA) estimated in 2013 that Mexico has unproved but technically recoverable shale gas resources of 545.2 trillion cubic feet. Most of this, around 343 trillion cubic feet plus about 6.3 billion barrels of oil (half of the total shale oil resource base), is located in the Burgos Basin, which is connected to the Eagle Ford shale play in Texas and covers a much larger area.

While these resources remain largely untapped, Mexico’s natural gas demand is rising, and with it, the country’s dependence on U.S. imports. The Energy Ministry estimated at the beginning of this year that gas demand will average 8.32 billion cubic feet in 2018, compared with 7.99 billion cubic feet in 2017. This will further rise to 9.66 billion cubic feet in 2019. By 2031, gas demand will have risen by 26.8 percent from 2016 levels, the ministry, known as SENER, said at the time.

To date, Mexico imports as much as 85 percent of the gas it consumes, the head of the Hydrocarbons Commission, Juan Carlos Zepeda, recently said, adding that this makes increasing natural gas production a higher priority than boosting oil production. Such a heavy reliance on imports, according to Zepeda, carries not just geopolitical risk but also operational risks: a natural disaster could disrupt supply.

Why Saudi Oil Production Suddenly Dropped

Why Saudi Oil Production Suddenly Dropped

Oil jacks

As if oil market participants haven’t had enough conflicting market forces to digest over the past week, reports that Saudi Arabia’s crude oil production surprisingly dropped in July by around 200,000 bpd from June further confounded the market and sent oil prices rising on Monday.

Last week, several surveys of OPEC’s crude oil production in July showed that the cartel is pumping at high rates, and Saudi Arabia is nearing its production record. But on Friday, Saudi sources and OPEC sources told news agencies that the Saudi oil production was not even close to record figures—and it actually dropped last month compared to June.

The Saudis pumped 10.29 million bpd in July, Saudi sources told S&P Global Platts on Friday. On the same day, two OPEC sources told Reuters that Saudi Arabia’s crude oil production in July was 10.29 million bpd.

According to OPEC’s secondary sources, the ones the cartel uses to calculate quotas and compliance, Saudi Arabia’s oil production had jumped in June by 405,400 bpd compared to May, to reach 10.420 million bpd.

According to a Reuters survey from last week, Saudi Arabia’s production in July was 10.65 million bpd, but exports were close to June’s levels because the Saudis increased domestic use at power plants and refineries. OPEC’s crude oil production jumped by 340,000 bpd in July from June, as Saudi Arabia pumped near-record volumes, the S&P Global Platts survey showed on Friday.

The numbers leaked by Saudi and OPEC sources on Friday are in stark contrast with many of the surveys.

Some of the Platts survey participants think that Saudi Arabia may have trouble placing its barrels on the market, and demand for Saudi crude may not have been as robust as the Kingdom had expected.

“I think what they’re trying to do is, there’s a story in the market that the Saudis and the UAE and Kuwaitis and Russians were all vastly increasing production well ahead of any cutbacks from Iran, and I think they are trying to change the narrative,” a Platts survey participant said.

Energy Diplomacy and Security in the Age of Shale Gas Revolution

Energy Diplomacy and Security in the Age of Shale Gas Revolution

Energy Diplomacy and Security in the Age of Shale Gas Revolution

Importance of energy security

Energy today seems like the very essence of international politics. No overview of current world affairs is meaningful without an examination of the role played by energy. Energy producers, energy consumers, and energy transporters in any country become more important in accordance with the role they play. The study of world affairs requires an understanding of global energy dynamics. What happens above the ground, under the ground, or among nations contributes to the definition of peace and coexistence in various regions of the planet. By addressing questions of availability and the acquisition of energy we paint a complete picture of the situation throughout the world. When inquiries about energy have not been answered, nothing has been fully answered.

There are issues that need to be explored in relation to energy and its importance to world affairs. We can sketch out some of them, starting with the importance of the issues of security.

These are: Security from energy shortages, security from events above the ground, the security of energy transportation, security from financial turmoil, and European energy security.

1. Security from inadequate energy

It is of crucial importance for every sovereign nation to have guaranteed supplies of energy. Some are blessed with the ability to produce enough energy (oil or gas) supplies to satisfy their needs and export to others. These countries, apart from being energy sufficient, are also quite wealthy due to their ample resources. They do however face problems of their own. The availability of natural resources leads nations to serious economic problems. The inflow of foreign currency raises exchange rates, making any domestic products very expensive — thus hurting exports while imports become cheap and very attractive. In this way domestic industry suffers and consumers turn to foreign imported goods.

…click on the above link to read the rest of the article…

Uncertainty Grips Troubled Pemex, World’s Most Indebted Oil Company

Uncertainty Grips Troubled Pemex, World’s Most Indebted Oil Company

“Even a small deterioration” in its perceived credit risk could take a big financial toll on Mexico.

Mexico’s President-elect, Andrés Manuel Lopez Obrador (AMLO), does not enter office until December 1, but he’s already making big waves, particularly in the oil and gas industry. On the campaign trail, he pledged to reverse aspects of his predecessor Enrique Peña Nieto’s sweeping oil privatization reforms, suspend new oil auctions, and review contracts issued to private energy firms for signs of corruption, which, given the players involved, shouldn’t be hard to find.

All oil and gas auctions have been put on hold in the country until AMLO assumes the office of the presidency. The contracts signed to date alone represent a projected investment of around $200 billion dollars, according tothe Mexican daily El Excelsior. As such, cancelling multi-billion dollar oil and gas contracts will hardly endear AMLO to the oil majors and global investors that have poured funds into Mexico’s newly liberalized energy sector.

This potential 180-degree U-turn in energy policy not only pits Mexican lawmakers against big oil and big money interests; it also puts the world’s most indebted oil company, according to Moody’s, at a very dangerous crossroad.

In a press conference this week AMLO upped the ante by threatening to ban fracking on Mexican soil. As Associated Press reports, when asked about the potential risks of fracking, AMLO said, “We will no longer use that method to extract petroleum.”

AMLO’s riposte is unlikely to please the oil and gas companies that had their sights set on drilling in the Burgos Basin, a region in Mexico’s northern frontier that has a huge potential shale formation similar to the Texas Eagle Ford fields.

…click on the above link to read the rest of the article…

World Natural Gas 2018-2050: World Energy Annual Report (Part 3)

World Natural Gas 2018-2050: World Energy Annual Report (Part 3)

This is Part 3 of the World Energy Annual Report in 2018. This part of the Annual Report provides updated analysis of world natural gas production and consumption, evaluates the future prospect of world natural gas supply and considers the implications of peak natural gas production for global economic growth.

Natural gas is in a relatively early phase of depletion. According to the German Federal Institute for Geosciences and Natural Resources, world cumulative natural gas production up to 2016 was 117 trillion cubic meters, world natural gas reserves were 197 trillion cubic meters, and world natural gas resources were 643 trillion cubic meters (BGR 2017, Table A-15). BGR defines “resources” as “proven amounts of energy resources which cannot currently be exploited for technical and/or economic reasons, as well as unproven but geologically possible energy resources which may be exploitable in future” (BGR 2017, Glossary). According to the BP Statistical Review of World Energy, world natural gas reserves at the end of 2017 were 194 trillion cubic meters (166 billion tons of oil equivalent).

chart/
World Historical and Projected Natural Gas Production, 1980-2050

This report uses official reserves, official projections, or energy research institution estimates to establish the ultimately recoverable natural gas resources for the world’s ten largest natural gas producers. For the rest of the world (the world total less the ten largest natural gas producers), this report uses Hubbert linearization to establish the ultimately recoverable natural gas resources.

Figures are placed at the end of each section.

Natural Gas Consumption by Major Economies, 1990-2017

According to the BP Statistical Review of World Energy, world natural gas consumption was 3,156 million tons of oil equivalent (3,670 billion cubic meters) in 2017. Between 2007 and 2017, world natural gas consumption grew at an average annual rate of 2.2 percent.

…click on the above link to read the rest of the article…

Canada’s Biggest Producer Cuts Drilling As Heavy Oil Price Tumbles

Canada’s Biggest Producer Cuts Drilling As Heavy Oil Price Tumbles

Roughnecks at work

Canada Natural Resources, the largest producer, is allocating capital to lighter oil drilling and is curtailing heavy oil production as the price of Canadian heavy oil tumbled to a nearly five-year-low relative to the U.S. benchmark price.

Due to the transportation bottlenecks, the discount at which Western Canadian Select (WCS)—the benchmark price of oil from Canada’s oil sands delivered at Hardisty, Alberta—trades relative to WTI has been more than US$20 this year.

On Thursday, that discount blew out to US$30.80 a barrel—the largest WCS-WTI differential since December 2013, according to data compiled by Bloomberg.

Canada Natural Resources said on Thursday in its Q2 results release that its North America crude oil and natural gas liquids (NGLs) production in the second quarter dropped by 3 percent from the first quarter of 2018, primarily as a result of production curtailments and shut-in volumes of around 10,350 bpd as well as reduced drilling activity and delayed completion and ramp up of certain primary heavy crude oil wells drilled in Q1 and Q2.

“Due to current market conditions the Company has exercised its capital flexibility by shifting capital from primary heavy crude oil to light crude oil in 2018, resulting in an additional 7 net light crude oil wells targeted to be drilled in the second half of the year. Primary heavy crude oil drilling was reduced by 24 net primary heavy crude oil wells in Q2/18, with an additional 35 primary heavy crude oil well reduction targeted for the second half of the year,” Canada Natural Resources said yesterday.

Canada is producing record amounts of heavy oil from the oil sands and its economic recovery is driven by the oil industry, but drillers are finding it increasingly difficult to get this oil to market because pipelines are running at capacity and new ones are finding opposition from various groups.

…click on the above link to read the rest of the article…

Portland, Oregon Wins Court Battle to Ban New Oil Infrastructure

Portland, Oregon Wins Court Battle to Ban New Oil Infrastructure

Portland, Oregon

In a big win for the City of Portland, Oregon, the Oregon Court of Appeals issued a ruling that the city had not violated the U.S.Constitution’s Commerce Clause by voting to ban any new fossil fuel terminals within its borders.

This is a major victory for the climate and our communities,” said Maura Fahey, staff attorney at Crag Law Center, which represented environmental groups intervening in the case, in a statement. “Industry couldn’t even get its foot in the door of the courtroom to try to overturn the City’s landmark law. This sends a powerful message to local communities that now is the time to take action to protect our future.”

This ruling could have important implications for other communities fighting fossil fuel projects because the court ruled that the city’s ban did not violate the Commerce Clause, which is the main argument the oil industry has used against bans like the ones in Portland, Oregon and other cities.

The Commerce Clause gives Congress the sole power to regulate interstate and foreign trade, and oil companies have argued that bans like the one in Portland are impacting interstate trade. With this ruling, the Oregon Court of Appeals has dealt a significant blow to that legal argument.

This decision sends an important message at a time, when our federal government is dropping the ball on climate change, that cities can and will lead,” said Bob Sallinger, Conservation Director at Portland Audubon Society.

Port Cities Targeted by Industry for Exports

The Canadian tar sands industry has been looking for more ways to get its product to foreign markets, especially after the cancellation of TransCanada’s Energy East pipeline to Quebec and New Brunswick and the delays in the Trans Mountain pipeline expansion in British Columbia.

…click on the above link to read the rest of the article…

Olduvai II: Exodus
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Olduvai
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Olduvai II: Exodus
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Olduvai III: Cataclysm
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