Here are some of the most compelling quotes from oil and gas news coverage in the Daily Oil Bulletin for the week ending Feb. 23, 2018.
BP chief economist Spencer Dale, commenting on the impact of electric vehicles on the 2018 edition of the company’s annual Energy Outlook:
“The suggestion that rapid growth in electric cars will cause oil demand to collapse just isn’t supported by the basic numbers — even with really rapid growth. Even in the scenario where we see an internal combustion engine ban and very high efficiency standards, oil demand is still higher in 2040 than it is today.”
Alberta Premier Rachel Notley, commenting on B.C.’s decision to move forward with consultation around four bitumen spill safeguards while referring to the courts the outstanding issue around B.C.’s “right to protect its coast”:
“Let me be clear—B.C. never had the right to begin with; it was an unprovoked and unconstitutional attack on Alberta’s economy and a rather transparent attempt to harass investors.
“Afterall, who would invest in Canada if provinces had the power to pass any law they pleased to frustrate federal decisions that were taken in the national interest?”
“[This is] one small victory in the larger battle to break the landlock and get full value for one of Canada’s most important products. In shelving point five and asking the courts to give it a right they don’t have, B.C. is stepping back from the brink and abiding by the law, and this is a good thing."
Seven Generations Energy CEO Marty Proctor, discussing the outlook for the natural gas liquids (propane, butane and ethane) that are produced from the Montney play where 7G is focused:
“The market is improving for all those NGLs. We are finding homes for it [propane] and we are finding NGL prices are coming up with WTI.”
Siobhan Coady, natural resources minister for Newfoundland and Labrador, announcing the province’s vision for oil and gas development to 2030, which includes modernization of regulatory timelines:
“The long-term success of our industry requires an immediate focus on accelerating exploration drilling…
“Continued success requires a competitive investment environment that supports the mobilization of long-term capital.
“Unlike in the past, when the exploration and production industry [was] willing to take greater risks to gain access to resources, minimizing above-ground risks is crucial to encourage investment in a low commodity price environment.”
Alberta Energy Regulatory senior vice-president Tristan Goodman, speaking about updated performance data on oilsands operators that shows production increasing without requiring the introduction of large volumes of new water into extraction processes. In 2016, according to the AER, operators recycled from tailings ponds about 80 per cent of water used for mining, while in situ operators recycled approximately 86 per cent by separating and treating water from producing wells:
“There is continued improvement in how the energy sector is using water — they treat this seriously.
“There’s no question there is tremendous innovation within the oil and gas space, both within the regulator and the industry that we are regulating. Through that innovation, it’s pretty clear that technology plays a critical role in [companies] continuing to advance their wise use of water.”