Shoal Point Energy Ltd C.SHP

Anyone feeling for Newfield politicians now

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Crude oil prices today - Oilprice.com BREAKING NEWS: Colorado Takes Aim At Oil, Gas Well Flaring Venezuelas Oil Industry Is On Its Last Legs Home Latest Energy News From Billions To Millions: Canada's Offshore Oil Disappointment By Julianne Geiger - Nov 05, 2020, 5:30 PM CST The Canada-Newfoundland and Labrador Offshore Petroleum Board (C-NLOPB) announced disappointing results this week from its call for bids on offshore oil parcels, according to a press release. Of the 17 parcels offered up in the Eastern Newfoundland Region, only one received any bidsParcel 9for which the winning bidder, BP Canada Energy Group ULC, committed $27 million in exploration work. For the petroleum boardand for Canada in generalthat must be a crushing disappointment. In contrast, 2018 saw bids totaling $1.3 billion in the province. But its not just this year that was a disappointment. Last year took in just $38.6 million. This is catastrophic. We still have some producing fields but if there is no exploration, the future is bleak, owner of K&D Pratta company that provides supplies and logistics to oil and gas companiestold CBC News. Canada has been chastised by its own oil industry for creating a hostile and untenable environment, compounded by the anti-pipeline movement that has constrained the countrys takeaway capacity, sending prices down into deep discount territory in relation to WTI. C-NLOPB did say that it may relist the 16 parcels that didnt draw any interest, but did not add when it might do so. It is unlikely that it would choose to repost during the pandemic when lackluster interest would surely persist. And Newfoundland depends on its oil revenues. In May, Newfoundland and Labrador finance minister Tom Osborne said if the drop in oil prices continues, it would need to borrow more money, adding to the debt and its deficitand maybe even redoing the budget. That was months ago. According to Wade Lock, professor of economics at Memorial University, the province loses $20 million for every dollar drop in the price of a Brent barrel, CBC News said in May. By Julianne Geiger for Oilprice.com More Top Reads From Oilprice.com: Oil Prices Jump On Large Crude Inventory Draw Four OPEC+ Members Favor Extended Cuts The U.S. Officially Quits The Paris Climate Agreement Back to homepage Previous: India Wants OPEC To Fix Asian Oil Pricing Anomaly Next: Trump Replaces FERC Chairman In Surprise Move Julianne Geiger Julianne Geiger Julianne Geiger is a veteran editor, writer and researcher for Oilprice.com, and a member of the Creative Professionals Networking Group. More Related posts Turkey Expands Gas Drilling In The Black Sea Turkey Expands Gas Drilling In The Black Sea Tesla To Build Even Bigger Battery In Australia Tesla To Build Even Bigger Battery In Australia Apache To Drill New Well Offshore Suriname Apache To Drill New Well Offshore Suriname MOST POPULAR Offshore Gulf The Philippines Could Start Oil Drilling In South China Sea Without China Offshore Gulf Oman Becomes First Gulf Country To Introduce Personal Income Tax Offshore Gulf Oil Prices Soar On Major Crude Draw Offshore Gulf Kurdistan Halts All Oil Exports After Attack Oil Prices Sink Ahead Of Industry Reports

[barryt34]

Newfoundland politicians are not the brightest sense Danny Williams, Danny got blamed for bankrupting Newfoundland because of developing its hydro.  Danny Williams is a genius. All the major oil companies are moving over into renewables.  How much is the hydro worth now? Newfoundland could sell some of its share in hydro to major oil and gas companies that need to bring in renewables

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Don't disagree with any of your points but perhaps the pain is well deserved. They still don't have a ruling on fracking and more importantly a company like shoal could prove up a conventional industry and create jobs, royalty and a flood of ivnestment.  The market participants have voted with their feet and wallets.  Much easier to do business elsewhere regardless of how much