The Permian Basin is 'a bit oversold': This week's best quotes

Image: Joey Podlubny/JWN

Here are some of the best quotes from news coverage in the Daily Oil Bulletin for the week ending July 14, 2017:

“It’s no secret that the twinning of the [Trans Mountain] pipeline to Canada’s West Coast port has stirred a passionate debate.

“If we don’t find a way to bring together effective climate action with the needs for good jobs for working people, especially in our energy and resources industries, we will fail working people and we will fail our planet.

“That is why the twinning of this pipeline is so important not only to our economy, but also to our ability to generate the jobs and wealth we need to chart a better, greener future.”

—Alberta premier Rachel Notley, speaking at the Stampede Investment Forum.

“Our key approach to the business has been simply this: we are taking a[n unconventional] resource-style technology and applying it to conventional rocks, and that’s where our opportunity is… We optimize every single minute of the day.

“We’ve got a broad based inventory. We can make it look and feel like a resource play; in fact, we can show you we can compete with any resource play. And how do we do that? Geology. Geology. Geology.”

—Ken McCagherty, CEO of privately-held Deep Basin operator Westbrick Energy, discussing the company’s strategy at the 2017 TD Securities Calgary Energy Conference.

“We think the Montney’s time is coming. We think the Permian is a bit oversold…in total Canada has been doing a better job of demonstrating that our returns can compete and we think they do.”

—Scott Sobie, CEO of Montney-focused Canadian International Oil Corp.

“We really have not tweaked the [Montney well] design too much. Frac sizes have stayed very close in terms of the amount of sand we are replacing.

“Whenever we have compared ourselves to other operators in the basin using different stage counts, different densities in the same rock, we are not seeing incremental reserve recoveries enough to cover the extra costs. We do not see that as an improved return on our capital.

“We are, again, looking for optimal returns, and we are finding that, actually, by sticking with a more simplistic design and not overcapitalizing it.”

—Peyto Exploration & Development Corp. CEO Darren Gee, discussing the trend to adjust well and frac design to increase efficiency in unconventional oil and gas.

“Technological advances that once seemed like science fiction will become reality to the extent that they will surpass our imagination.

“In our increasingly complex world with accelerated pace of change the old model of innovating in silos behind closed doors will not arm industry for the changes to come. This is why the Clean Resources Innovation Network was created — to take the oil and gas industry, which already plays a significant role in the Canadian economy, to a completely different level.”

—PTAC president Soheil Asgarpour, speaking at the launch of the Clean Resources Innovation Network in Calgary.