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CSG Discussion
flower
post Posted: Mar 7 2014, 06:57 PM
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Any body prepared to openly discuss this whole fraccing business in Australia?

Reason I ask is that whilst I have shares in SUR (fracking in Texas) SEH (likely to be fraccing in China) and BRU---the only one of the three that seems likely to have its progress impeded is BRU. This follows the 7.30 report this week on the new troubles BRU is facing.

It is very difficult to understand why a small and vocal body who seem well recompensed one way and another should be allowed to even interfere at this late stage when years of negotiations have already taken place.

Do they not realise the importance of encouraging domestic oil production, or does nobody drive cars, fly in planes etc up in that part of the world?

eg: Doesn't the RFDS operate vital services in that area?

How come fraccing and shale oil exploration/production is encouraged in the US and China but not in Australia?



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triage
post Posted: Jan 19 2014, 11:42 AM
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This is a link (hat-tip to darwin and SP007 on hc) to a committee hearing of the UK House of Lords from last week. It is long but very (relatively) interesting and informative imo.

The contrast between the civil tone and genuine interest of the pommy pollies in seeking information from the witnesses as compared to the pouting dogmatic show-boating on display at the Australian Senate Committee's similar hearing a couple of years ago is really quite demoralising for me. I suppose what can one expect from a bloke like Bill Heffernan who is so bogan as to boast that he has not read a single book since leaving school.

http://www.parliamentlive.tv/Main/Player.a...meetingId=14641

Great point made by the boss of Liberty Resources: he said that he can live with tough regulations - he stated he actually prefers that the industry is required to meet high standards, and he can live with governments and land-holders and the community getting a fair chunk of the revenues generated - though of course no doubt only to a certain extent, but what he reckons is a killer for the unconventional gas industry is delays: whether that be in clarifying the regulatory regime or getting approvals for exploration.

The fact that the NSW premier clearly prefers to sit on any number of decisions rather than upset anyone (who is a donor?) is a killer, whether it be for the unconventional gas industry in NSW or some 18 year old kid who happens to walk in front of an obnoxious drunk at the wrong time.






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"The market can stay irrational longer than you can stay solvent." John Maynard Keynes

"The crisis takes a much longer time coming than you think, and then it happens much faster than you would have thought." Rudiger Dornbush

"It is the mark of an educated mind to be able to entertain a thought without accepting it." Aristotle
 
triage
post Posted: Jan 12 2014, 10:49 AM
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The news that the French supermajor, Total, is about to formally throw its hat into the UK shale gas ring should be a shot in the arm for the likes of Dart and Lucas (?).

http://www.bbc.co.uk/news/uk-25695813






--------------------
"The market can stay irrational longer than you can stay solvent." John Maynard Keynes

"The crisis takes a much longer time coming than you think, and then it happens much faster than you would have thought." Rudiger Dornbush

"It is the mark of an educated mind to be able to entertain a thought without accepting it." Aristotle
 
triage
post Posted: Oct 4 2013, 02:08 PM
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Here is an interesting read that I picked up from the comments section of a thread on the local financial blogging collective, Macrobusiness. It is about a recent international chin-wag about LNG pricing as in whether international prices should be based on oil prices (as they are now) or whether those prices should be anchored to some gas index.

http://www.platts.com/latest-news/natural-...-boost-27395293

Whilst the talk is that any new pricing system would mean a material drop in prices being paid in north asia once you factor in the additional transport and capital costs the gas would not be selling for anything like what is currently the going price in the US; there was one mention that the new pricing structure could see a 30% drop in spot prices.

As an aside the blogger who posted the original piece continues his anti-csg crusade of bias over logic. For instance he argues that high gas prices in NSW will be caused by csg rather than addressed by csg. Funny that: as far as I know NSW currently uses virtually no csg and the contracts supplying gas to NSW that are about to start running out are from Bass Strait and the Cooper Basin in SA, neither of which have much chance of producing csg any time soon. The only hope for NSW to start producing substantial amounts of gas for its own use is by allowing the csg companies to do their thing, how that is divied up between export and domestic use would be determined by regulation. As it happens, the two csg projects I know that were all-but ready to go in NSW were Metgasco supplying a local dairy and Dart supplying a proposed local greenhouse and yet the macrobusiness blogger conveniently ignores this and says that any csg produced in NSW would end up being exported through Gladstone. (I find it sad that the justification that blogger gave for originally setting up macrobusiness was to encourage balanced discussion of economics and finance that was not available in the local mainstream media and yet here he is pushing his own "political" barrow as blatantly as anything Rupert has tried on [whilst I suspect glaring enviously at the huge amount of money Allan Kohler made from his portrayed break from MSM]: ah well there are plenty of foreign analysts and bloggers who taken as a whole can provide the balanced discussion unavailable locally).



--------------------
"The market can stay irrational longer than you can stay solvent." John Maynard Keynes

"The crisis takes a much longer time coming than you think, and then it happens much faster than you would have thought." Rudiger Dornbush

"It is the mark of an educated mind to be able to entertain a thought without accepting it." Aristotle
 
triage
post Posted: Sep 12 2013, 02:14 PM
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I see the Qld government yesterday gave the go-ahead for Shell and PetroChina (aka the Arrow jv) regarding their building a LNG facility at Gladstone. The new broom in Canberra now has 30 business days to either block the project or not on environmental grounds.

The article I read in the Fin Review was all about whether the conservatives will follow through with all the pre-election spruiking to favour land-holders and the environment over gas companies, and block the project. To me the journo got it all arse about. To me the rural conservatives made a big thing of sticking up for the farmer in an attempt to stem the loss of voters to the independents and single issue candidates. But now the election is over the reality is that the bulk of the Liberal Party will want to give the appearance of being all gung ho about development. They are hardly likely to kill off a major project in the first few weeks of them being in government. The rural conservatives like Heffernan and Joyce may or may not kick up a stink but I reckon approval from Canberra is a fait accompli.

What is more surprising to me is that Shell and PetroChina are even pushing on with the approval process when all the signs appear to indicate that they are not inclined to bring the project into production any time soon.



--------------------
"The market can stay irrational longer than you can stay solvent." John Maynard Keynes

"The crisis takes a much longer time coming than you think, and then it happens much faster than you would have thought." Rudiger Dornbush

"It is the mark of an educated mind to be able to entertain a thought without accepting it." Aristotle
 
triage
post Posted: Aug 17 2013, 07:50 AM
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In Reply To: triage's post @ Aug 14 2013, 07:40 AM

...and the plot thickens yet more...

Subsequent to the Diocese of Blackburn going the Gregorian chant about the risk fracking poses for "God's glorious creation" - see my previous post for a link to that news item, it turns out that under some ancient English law some parties there do have rights to the resources underground similarly to how it works in the US (one of the sticking points here in Oz from at least some farmers is that they'd be a mite happier about oil and gas being extracted from under their land if they, the farmers, rather than the state, owned those resources [ie as Churchill said to the woman, it's not a question of what you are but what your price is....]). And it turns out that one of the parties that could benefit from this old law is the Church of England. Apparently there now has been a sunset clause built into this arrangement which requires the C of E to either claim those rights or lose them forever. I suspect that this move is co-incidental to the fracking debate but it has meant the C of E writing to affected landholders advising them that the C of E may access the land to explore and extract those resources.

http://www.telegraph.co.uk/news/politics/1...-land-grab.html

As the linked article points out the action being taken by the C of E is by the administrators not the spiritual leaders.

Now today the FT is reporting that one of the leaders of policy formulation from the Church has come out very clearly favouring giving fracking at least a fair hearing and railing against blinkered thinking about the merits and risks of fracking.

QUOTE
The Church of England has set itself on a collision course with opponents of hydraulic fracturing – fracking – by signalling support for exploration of Britain's shale gas reserves.

Philip Fletcher, who chairs the Church's group on mission and public affairs, compared condemnation of fracking to the mistaken belief that the combined measles, mumps and rubella (MMR) vaccine was not safe...

...Mr Fletcher stressed that the Church of England had no official policy either for or against fracking. But there was a danger of viewing it "through a single- issue lens and ignoring the wider considerations".

In a statement he said the Church did "not want cowboys and cavaliers digging up the land in a free-for-all exploitation". But he cited a recent review by the Royal Academy of Engineering that said fracking "can be managed effectively in the UK" as long as operational best practices are implem&shy;ented and robustly enforced through regulation.


The FT article goes on to note that ... "Justin Welby, the Archbishop of Canterbury, spent more than a decade working in the oil industry before joining the Church. It was not clear if the statement reflected his personal views."

There's a bit of heat being generated by and for the Church here: if they support fracking they are being compared to userers and if they were to reject fracking out of hand then that would be akin to the anti-vaccine madness. Strong emotive images being painted here but in the end I suspect that they will end up straddling the fence on the matter (which is not such a bad thing given the enormous risks and benefits that need to be balanced out).

http://www.ft.com/intl/cms/s/0/cab7c2ba-06...l#axzz2cAUAUH2S

(to read the whole article google: "Church of England speaks up for fracking trials")

PS two points of note: one, imo the FT is the best single source of financial analysis going around and two, I see that the FT uses the spelling "fracking" rather than "fraccing" which is good enough for me (even though that spelling does lend itself to use on placards by little old ladies).



--------------------
"The market can stay irrational longer than you can stay solvent." John Maynard Keynes

"The crisis takes a much longer time coming than you think, and then it happens much faster than you would have thought." Rudiger Dornbush

"It is the mark of an educated mind to be able to entertain a thought without accepting it." Aristotle
 


triage
post Posted: Aug 14 2013, 07:40 AM
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Now the god botherers think they see an opportunity to get all righteous and moral about fracking: talk about jumping on the bandwagon.

QUOTE
The Church of England has told parishioners that fracking causes environmental problems and risks lasting harm to "God's glorious creation". The warning has been issued to Anglicans in Lancashire, where significant work to extract gas and oil by fracking has been proposed.

The Diocese of Blackburn has published a leaflet for its flock, telling them that for Christians, fracking presents "a choice between economic gain and a healthy environment."


http://www.telegraph.co.uk/news/politics/1...s-creation.html

It seems everyone's an instant expert when it comes to science, and one person's ignorance is on par with another's expertise.

QUOTE
It says: "The time we spend thinking, praying and acting now to protect our drinking water, and the rest of God's glorious Creation cannot compare with the time succeeding generations could potentially spend trying to make good what will likely happen if we in the church remain uninformed and silent."

Fracking is untested and potentially harmful, the leaflet says: "A relatively new technique to extract natural gas from previously unreachable depths is prompting a rush to drill, despite virtually no history as to its environmental impact."


The depth at which the gas can be found has nothing to do with whether or not fracking of the rock is required. What they are doing off the coast of Brazil at incredible depths is not reliant on fracking and sometimes there is a need to frack coal seam gas seams that are only a couple of hundred metres underground.

And I can't recall the Anglicans getting too concerned about the environmental impacts of cars, or the fact that cars kill so many young people. Debate about the downside risks and upside benefits of fracking is a good thing but not when they resort to such emotive language as "God's glorious Creation" to push home their assumed moral superiority (imo).

According to my google map Lancashire and the Diocese of Blackburn covers the area where Cuadrilla has its most developed blocks but is away from where Dart has its licences.



--------------------
"The market can stay irrational longer than you can stay solvent." John Maynard Keynes

"The crisis takes a much longer time coming than you think, and then it happens much faster than you would have thought." Rudiger Dornbush

"It is the mark of an educated mind to be able to entertain a thought without accepting it." Aristotle
 
flower
post Posted: Aug 13 2013, 01:53 PM
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In Reply To: frodo's post @ Aug 3 2013, 10:21 AM

QUOTE
I saw on TV last night must have been BBC that drilling had commenced at West Sussex UK they did show it on tv there were some protestors there but it didn't look like more than 40 or so but its going ahead regardless. So worth a follow.


Frodo, just returned (via London Gatwick airport) from that very controversy. As far as I could ascertain those that I spoke to about the whole subject of shale oil couldn't give a stuff about how it will be produced, as long as produced it is.

Dont forget the North Sea bonanza is over.

Basically the actual cost of unleaded petrol is about $A1.60 here, GBP1.75 in the UK but in $A terms the UK fuel prices are massive in compared with ours, so one can appreciate that the UK citizens don't really care about rent a crowd, all they care about is keeping warm in their diabolical winters.

We need to stop giving in the lefties and realise how damned lucky we are.



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Combining Fundamental comments with Fundamental charts.
 
triage
post Posted: Aug 13 2013, 11:39 AM
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Another metric showing that NSW has so far missed the wave of economic benefit that csg offers:
QUOTE
Only 285 land access agreements have been signed in NSW, compared with 4,000 in Queensland.

The agreements allow companies to conduct coal seam gas (CSG) activity on private land.


http://www.abc.net.au/news/2013-08-13/more...s-deals/4883066







--------------------
"The market can stay irrational longer than you can stay solvent." John Maynard Keynes

"The crisis takes a much longer time coming than you think, and then it happens much faster than you would have thought." Rudiger Dornbush

"It is the mark of an educated mind to be able to entertain a thought without accepting it." Aristotle
 
triage
post Posted: Aug 10 2013, 08:08 AM
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As they say, the squeaky wheel gets the grease or as in this context the noisiest lobby group gets the bureaucratic delays.

Despite the clear and repeated statements from the very top of the UK government that it will ensure that the rapid development of that country's shale gas assets be unhindered by bureaucratic procrastinations and activist delaying tactics it now appears that at least government agency has other ideas. The UK Treasury has indicated that the approval process for fracking is to be reduced from some months down to a couple of weeks but the Environmental Agency has other ideas.
QUOTE
In June, the Treasury pledged the government would take a series of measures “designed to kick start the shale gas industry in the UK” including plans for the EA to “significantly reduce the time it takes to obtain environmental permits for exploration”.

It said the EA would ensure shale gas permits – which currently take a varying length of time – would be issued within a “standard 13 week period” by September and then “within 1-2 weeks” by February.

But in a consultation document, the EA has now said that current public attention on the process means the regulator is “likely” to “treat such sites as being of high public interest”.

The standard timescale would therefore not apply and could require lengthier consultation or a second round of consultation. “Where there is a lot of public interest, determining a permit may take four to six months” or potentially even longer, it said.


http://www.telegraph.co.uk/finance/newsbys...ting-delay.html

Talk about bureaucrats expanding their empires: first we have the NSW chief scientist saying she will need to take a number of extra months to look at legal issues relating to csg companies gaining access to coal deposits (maybe she needs time to finish that undergraduate law degree that she does not currently have (????)) and now we have the UK environmental agency determining the length of an approval process not on the environmental issues raised but on how controversial the objectors can make it. I suspect that unlike our very own Fat Barry's willingness to hide behind the skirts of his public servants David Cameron will insist that he handles the political processes triggered by the fracking debate and have his environmental regulators stick to what they are actually tasked to do. After all David Cameron has some ambitions to be someone who can make a difference whilst dear old Barry appears to be in it mainly for the pension plan.





--------------------
"The market can stay irrational longer than you can stay solvent." John Maynard Keynes

"The crisis takes a much longer time coming than you think, and then it happens much faster than you would have thought." Rudiger Dornbush

"It is the mark of an educated mind to be able to entertain a thought without accepting it." Aristotle
 
 


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