Photo Damian Kelly
ACTION OF THE DAY
A MAJOR national bank has been forced to remove more than 100 misleading out of order signs from its ATMs after being targeted by anti-coal activists.
A MAJOR national bank has been forced to remove more than 100 misleading out of order signs from its ATMs after being targeted by anti-coal activists.
A score of ANZ Banking Group machines sprawled across six capital cities were plastered with "out of order" signs on Sunday after campaigners launched their latest bid to draw attention to the bank's funding of the coal industry.
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Great video. Power to you all. Speaking of power how cool does the black outboard on the SS tender look. Recon it runs on good vibrations. Nup. It needs a hydrocarbon called Unleaded Petrol brought up out of the earth by a DRILL RIG and paid for by the Greens to aid with launch of their "candidate". You are all working for the man......you're just too blinded to recognize it.
ReplyDeleteLET'S DISCUSS ALTERNATIVES FOR PROCESSING THIS GAS.
ReplyDeleteSpin award of the week goes to...
ReplyDeleteSen. Mary Landrieu, D-La
But there's still more work to be done, and the Coast Guard needs to keep the pressure on BP, according to Landrieu. Much of Louisiana's coast is inaccessible, Landrieu said, making it vital that the state ensure that all the oil has been removed before putting an end to monitoring efforts.
She also requested that the Coast Guard order the removal of submerged oil mats when it's safe to do so.
....
Putin determined to keep Russias oil and gas status.
But President Vladimir Putin -- his first two Kremlin terms punctuated by a strong state ownership campaign -- has vowed to open up the Arctic to private players under tight rules that still would only give them minority stakes.
The decision also allows Rosneft to finally expand its production base outside Russia and gain access to projects such as the deep-water one ExxonMobil is operating in the Gulf of Mexico.
The ExxonMobil agreement also allows Rosneft to try and develop light crude from the so-called "tight oil" fields it owns but had lacked the expertise to profit from in West Siberia.
The first drilling for geological studies in that region is scheduled to begin next year.
and....India
Gazprom is switching focus to LNG exports from its Far East Russian fields to South-East Asian markets. It sees growing demand from traditional gas markets such as South Korea and Japan, but also emerging giants China and India.
Sources said Gazprom's marketing and trading unit last year signed agreement with Indian firms to sell liquefied natural gas (LNG) on long-term contracts.
...
In return for a stake, GAIL is even willing to commit to lift up to half of the 10 million tons a year of LNG the Vladivostok plant will produce, they said.
GAIL is seeking energy assets and supplies in nations like Russia and US to meet demand from fertiliser and power producers in the world's fastest-growing major economy after China.
...
Last December, GAIL became the first Asian buyer of US natural gas when it signed a 20-year deal to buy 3.5 million tonne LNG a year from Cheniere Energy Partners LP, which is planning the first US export terminal.
...
WOOGSIDE RECKON THEY CAN SELL THEIR GAS AT HIGHER PRICES TO EVERYONE ELSE BUT IT IS HARD TO SEE THEM COMPETING WITH THIS.
..........
FIRST NATIONS PEOPLE HAVE THE POWER.
Redford and her fellow oil barons need to understand a few facts about B.C. First and foremost, almost all First Nations along the proposed route oppose this pipeline. They have sufficient legal rights to tie up this project indefinitely in court, if not stop it entirely.
Second, B.C. residents do not oppose exports. Ports provide many good jobs here. But they, like most Canadians, also value the environment. B.C.’s environment is a major attraction to many of us, and a big oil spill would be completely unacceptable.
Redford needs to be just a little less hard-nosed and more understanding of her neighbours. We should be co-operating, not feuding.
- Langley Times
...
Any relation to the miner who wants to mine this in the Kimberley?
ReplyDeleteSuch lovely people,kill 40,wound hundreds and tell the rest,"get back to work or you're sacked.'
The sort of company woodside would admire.
http://www.abc.net.au/news/2012-08-20/week-of-mourning-after-mine-massacre/4209148
LONMIN - LONDON REGISTERED.
The South African president has declared a week of national mourning for striking miners killed in violence at a mine on Thursday.
The declaration comes as platinum giant Lonmin on ordered employees to return to work or face dismissal.
At least 34 people were killed by police at the Lonmin mine on Thursday.
...
WORKERS DEFIANT.
The London-listed company issued a final ultimatum to staff to end their strike, but workers have vowed to stay away.
"Employees could therefore be dismissed if they fail to heed the final ultimatum," warned the world's number three platinum producer.
But workers who have been on strike at the Marikana mine since August 10 pledged to press on with their wage demands, and said the demand to return to work was "an insult" to colleagues who were gunned down by police.
"Expecting us to go back is like an insult. Many of our friends and colleagues are dead, then they expect us to resume work. Never," said worker Zachariah Mbewu.
"Some are in prison and hospitals. Tomorrow we are going back to the mountain (protest site), not underground, unless management gives us what we want."
WOODSIDE TO ANNOUNCE PROFITS THIS WEEK,A DEAL ON PLUTO EXPANSION?
SCRAP PLANS FOR JPP WOULD BE INTELLIGENT.
The trouble with upside surprises
Monday, 20 August 2012
SANTOS delivered an upside surprise for the Australian oil industry last week with its better-than-expected profit result, which Slugcatcher reckons puts pressure on Woodside Petroleum to go one better this week with its own profit surprise, and/or a deal to expand the Pluto LNG project.
TWO GREAT LETTERS THIS WEEK,ONE FROM RODNEY AUGUSTINE AND ONE FROM JANET COX.
JANET:
..."You have sold your souls, your hearts, your Country - through selfishness, greed, bullying, and lack of respect. Shame on those for bringing heart ache, sorrow and tears every day. They have no right - Country belongs to the people who care about Country, and want to take care of it. You walked off Country and turned your back away from your people, and haven't looked back till you smelt the money - then you became selfish, bullies, greedy and have no respect for Country, the people, and future generations."
...
TOO RIGHT!
THEY CAN HAVE THE MONEY - BUT THEY CAN'T HAVE THE GAS PLANT AT JPP.
TIME ALL THESE WOODSIDE WORKERS WERE CONFLICTED OUT.
...
Ahhh Janet. If you had any claim on the pot of gold, you, my little jailbird, would be singing a very different tune. Don't embrace bitterness it will destroy your soul.....
ReplyDeleteKLC will sign up anyone to the pot of gold - you only have to vote their way.
DeleteIf anyone wants to see "destruction of country" go and have a look at all the litter, smell of faeces and vegetation clearance (in the threatened Vine Thicket I may add) at the permanent protestor camp near Prices pt. If they believe their own press they should feel shame shame shame. What a lack of respect......
ReplyDeleteBergmans already tried that one.
DeleteBergman was right
DeleteGET RID OF STATE GOVERNMENTS Aboriginal Heritage means more then 4 years on a ego trip
ReplyDeleteGreat idea. No state gov just in time to see the red devil hit the frog and toad and a formed gov take the talking stick.. They will be wearing light blue ties though and I promise they won't provide as much funding for the great unwashed at Prices. Bring it on
Delete? & ?
DeleteDidn't think you would understand that one. It's ok just try and read it again. You'll eventually get it
DeleteIt will take a while for the dust to settle over this:
ReplyDeletehttp://au.news.yahoo.com/thewest/a/-/newshome/14604033/chevron-swapping-browse-shares/
Chevron has sparked fresh speculation about the future of the Woodside-led $40 billion Browse Basin LNG project, announcing today it would swap its 16.7 per cent share of the giant project with Royal Dutch Shell.
...
Chevron tried to paint the move as shoring up its Wheatstone stocks, and would not bite on suggestions it was a vote of no confidence in the troubled Browse venture.
...
Shell has it's problems across the globe with court cases,wonder if they really want to take on another big fight?
Shell to Sea and the Artic drill program being two of them.
http://business.financialpost.com/2012/08/20/shell-running-out-of-time-to-drill-this-year-off-alaska-coast/
Royal Dutch Shell Plc has spent seven years, $4.5 billion and fought off at least 50 lawsuits for a chance to tap what is believed to be the biggest source of oil in the U.S. outside of the Gulf of Mexico.
With the last of more than 30 permit applications still pending, time is running out to get much drilling done off the coast of Alaska before having to stop for winter.
Even if the U.S. Interior Department granted the final permit this week another 14 days would be needed to get a specially designed barge to the area. That means work the company had planned to have under way in July couldn’t begin until September. Drilling has to end by Sept. 24 in the Chukchi Sea, and Oct. 31 in the Beaufort Sea — and can’t resume until July under the terms of permits it has already obtained.
....
Barnett's dreams of Oakajee sure have shrunk!
http://au.news.yahoo.com/thewest/business/a/-/wa/14606437/study-makes-case-for-smaller-oakajee-port/
In an attempt to kick-start the stalled Oakajee development, which has frozen amid cost blowouts, the alliance argues that simply upgrading the $240 million heavy haulage road from Moonyoonooka to Oakajee that bypassed Geraldton would underpin the start of the associated Oakajee industrial estate, even without a port.
Any industry setting up on the site could then use the existing, although constrained, Geraldton port, delivering a minimum $1 billion boost to the region.
IRON ORE TODAY IS $113 A TONNE - DOWN FROM $190 A YEAR AGO.
Shell buying out Chevron hasn't changed the fact the price of gas is going down and trying to make money out of an incredibly expensive plant at a very poor site,JPP,is only going to get more difficult.
You found the Chevron news. Well done. Don't stress about Prices so much. Even if it does stall there will be plenty for you to rant and rave about. Total,Chevron, Inpex, Buru (ask Joe if he can get you a job out there), Rio, McDonalds, The Shire, Broome Surf Club. No end of material for you Centerlink form colored fingers to tap tap about.
ReplyDeleteMate you are barking up the wrong tree,I'm looking at 70,and have worked hard all my life mostly doing jobs no one else would look at in very tough conditions north of the parralell for nearly 50 years,so up yours.
DeleteAnother potty mouth. Ahhh so you are parked at Quondong and worried about the loss of free camping. Just because the area is determined doesn't mean you can't go there. Just means you have to pay.
DeleteSo you think Chevron pulling out and selling to Shell is a negative for Browse at JPP,well we may agree with you on that one,and a number of analysts too.
ReplyDeletehttp://blogs.wsj.com/dealjournalaustralia/2012/08/21/analysts-react-to-chevron-shell-gas-asset-swap/
It is not as if the cost environment has got better in Australia to build one of these LNG projects in the past 18 months.” CLSA believes taking Browse gas to James Price Point would be a disaster for Woodside from an economic perspective. “Even if their notional initial capex budget is between $45 billion and $50 billion, we believe there is no way it could be built for less than $60 billion. At this cost we derive a negative NPV of $0.04 a share for Woodside. Spending net ~80% of your market cap on a project that derives no economic benefit remains a highly unattractive investment proposition,” Mr. Samter said.
http://www.abc.net.au/rural/news/content/201208/s3572429.htm
Premier Barnett is hosing down mounting speculation that the deal shows gas companies are getting cold feet about developing a gas hub at James Price Point, north of Broome.
"It reduces the number of participants from six down to five in the Browse Basin, and leaves space for China to come in an equity holder," he said.
CHINA MUST BE SICK OF BARNETT ASKING THEM TO BANKROLL HIS FAILED VISIONS.
http://blogs.wsj.com/dealjournalaustralia/2012/08/21/shell-may-float-new-lng-plan-for-browse/
Shell is already planning to dispatch the world’s first FLNG vessel to its Prelude resource near Browse and also has plans to use the technology for the Greater Sunrise gas resource in the Timor Sea, which has Woodside as its largest shareholder and operator.
Although the size of Browse’s gas resource looks too big for FLNG at first glance, analysts say the gas is trapped in multiple reservoirs rather than a single structure.
“It is becoming more clear to us that the James Price Point project is likely to be uneconomic,” says Citigroup analyst Mark Greenwood. “FLNG may firm as a favored development option once Shell has more influence in the Browse JV.”
Adrian Wood, an analyst at Macquarie, says it appears strange that Shell would get more involved in Browse, given it has been increasingly vocal about Australia’s rising cost base and ongoing development challenges. Another big project – Shell’s Arrow Energy venture with PetroChina in Queensland – is a way from starting construction.
“It appears contradictory that Shell would now elect to take a bigger stake in perhaps Australia’s largest and most capital-intensive greenfield project that is likely to be most exposed to these issues,” Mr. Wood says.
“As a result, in the wake of the Prelude final investment decision, rather than James Price Point, perhaps Shell is looking to floating LNG to circumvent Australia’s development bottlenecks.”
The James Price Point site selected for Browse happens to include one of the world’s longest chains of dinosaur footprints.
Extinct giants are part of its heritage.
SOME MORE DISTURBING STORIES DOING THE ROUNDS THIS WEEK ABOUT SHONKY BUSINESS AT THE KLC AGAIN.
ReplyDeletePeople are complaining about being told to attend Djabera Djabera (Jabirr Jabirr) KLC meetings when they have never been included,or considered themselves to be from that mob,and have been subject to some lies and false information from gas plant backers.
Could be no one over there knows what they are doing anymore or it could be some more "branch stacking" underway.
Are people deserting these gas plant nuts or what?
Lot of Woodside employees in there!
It's not over,but some encouraging words this week.
ReplyDeletehttp://www.heraldsun.com.au/news/breaking-news/door-open-to-china-for-browse-gas-barnett/story-e6frf7kf-1226454812994
Our loopy Premier,this is beginning to sound like Oakajee.
The WA premier on Tuesday welcomed Chevron's departure from the Woodside-led project under an asset-swap deal with Royal Dutch Shell.
He told ABC radio it was "all part of the shuffling and the rearranging of ownership" and "good news for the development".
Mr Barnett also said joint venture partners had told him they wanted to retain an option to pipe gas from the Browse Basin off the Kimberley coast to Woodside's existing North West Shelf facilities in the Pilbara.
While he could not force the joint venture to take that option, instead of developing a multi-user gas hub north of Broome, he warned "they may lose the gas rights".
...
Mr McGowan said the joint venture's delays in reaching a final decision to proceed with the project pointed to a "failed process", while Mr Barnett flagged the possibility of further hold-ups in an uncertain broader market.
...
We would have to wonder just how out of ideas the Woodside morons over at the KLC are after their latest claims about gas plants and FIFO saving people from suicide,maybe they can't read.
http://www.abc.net.au/news/2012-08-21/fly-in-fly-out-workers-depressed/4212920?section=wa
Chairman Jeff Kennett says the pressures of fly in, fly out work is leading to the breakdown of marriages and suicides.
"I will be going to Western Australia to speak to some of the larger miners to see if we can't get them to empower Beyond Blue to provide them advice and guidance and material for their employees as to how they might meet these challenges."
...
Barnett needs to look at what is really going on around the world - much more competition from cheaper products than Australias,a lot more players in a shrinking market.
JPP will never make money,in fact it will loose money as more oil and gas are found elsewhere.
Cheaper ways must be found to develope Browse,FLNG and pipe.
The writing is on the wall in letters 1000 miles high,Barnett can't read either.
http://www.theage.com.au/business/world-business/risk-of-us-doubledip-recession-rises-sp-20120822-24l7o.html
"Economic activity has downshifted sharply from earlier this year," S&P said in a report on North American credit conditions amid global uncertainty, dated August 20.
Advertisement
"At the same time, possible contagion from the European debt crisis, the potential so-called 'fiscal cliff', and the risk of a hard landing for China's economy have added greater uncertainty to US economic prospects," it said.
In the second quarter, the world's largest economy grew at a 1.5 per cent annual rate, a sharp slowdown from late last year as unemployment remained stuck above 8.0 per cent.
S&P underscored concern about the impact of a recession in the 17-nation eurozone, whose economy contracted 0.2 per cent in the second quarter. S&P forecast a 0.6 per cent contraction this year.
"A double-dip recession in Europe that transmits financial turmoil to the US could push it into recession," the agency said.
http://www.theaustralian.com.au/business/wall-street-journal/australias-resources-boom-is-losing-momentum-unexpectedly-rapidly/story-fnay3ubk-1226454689736
ReplyDeleteAustralia's resources boom is losing momentum unexpectedly rapidly
by: David Winning and Robb M. Stewart
From: The Wall Street Journal
August 21, 20129:25AM
Increase Text Size
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AUSTRALIA'S multibillion-dollar spending boom on resources is losing momentum unexpectedly rapidly, with several projects on hold or cancelled as commodity prices fall and banks become less willing to lend.
From copper mines in tropical Queensland to the big iron-ore pits in the country's arid west, mining companies are laying off workers and idling equipment until metal prices rise sufficiently.
THINGS JUST AREN'T GOING WOODSIDES WAY.
ReplyDeleteWoodsides drilling program to find enough gas for a Pluto expansion has scored a duster hat trick - zilch ! That's it ,now they plan to give exploration drilling a break.
And it seems buying gas for a second Pluto train from someone else will be too expensive,with a second train costing $10 billion plus.
Pluto just won't bring home the bacon until another train is built.Any maintanance,planned or unplanned,will hit Woodside right where it hurts - in the balance sheets.
Don't believe the figures for Browse at JPP that state $35 or $45 billion - these are out of date.As predicted in this blog 4 years ago,they won't get much change out of $70 billion if they were so stupid as to proceed with this missbegotten plan.
That's the truth.
And because of the massive,(and once again don't believe the 34 million cu mtrs. - it will be closer to 100 million once all their plans are out in the open),dredging required they cannot go to a scaled down "plan B" with this site.
They can only scale up to try and improve the poor economics,and no way Shell is going to backflip on all their recent announcements about exceessive costs,and go for something that would approach $100 billion.
SO STRIKE TWO FOR WOODSIDE.
Sunrise has major problems for all involved.
When studies underway now are completed,it could well be the Sunrise fields are in East Timorese waters.
They will soon be able,if that is the case,to negotiate with new operators to build a land based plant that they feel will benefit their country.One of the poorest in the world.
However if there is some problem with laying a pipe safely from the gas fields to ET then the way is open for FLNG.
Depending how things go in the meantime for Woodside they may have to bail out of Sunrise.
GIVEN WOODSIDES POOR FORM IN DEALING WITH THE EAST TIMORESE,THIS COULD BE STRIKE 3 FOR WOODSIDE.
Not hard to see how poor site selection and government corruption has led them down the path of disaster.
Rumours abound of Don Voeltes bully boy style while running Woodside,from company employees,and others who had to deal with him.
Reminds me of that country song "Big hat no cattle,big head no brains."
http://www.smh.com.au/business/earnings-season/pluto-cost-blowouts-weigh-on-woodside-20120822-24lil.html
ReplyDeleteWoodside plans to expand the $15 billion Pluto LNG project in Western Australia and develop the Browse and Sunrise LNG ventures. The company last month raised its 2012 production forecast by as much as 14 percent after a stronger-than-expected start at Pluto.
..
MEANWHILE OTHERS ARE HAVING NO SUCH PROBLEMS.
China buys into Cheniere Energy Partners’ planned LNG export facility.
The planned export of LNG from Canada's Pacific coast to East Asia will produce substantial revenues compared to current North American pricing and a potential netback of $5-$7 foreseeable for Horn River shale-gas producers, according to a new study.
ExxonMobil and Qatar Petroleum plan to transform their Golden Pass LNG import terminal near Port Arthur in Texas into an export plant.
BUT ALL IS NOT WELL WITH OUR LITTLE PLANET,AND SOON THINGS WILL HAPPEN TO MAKE EVEN HARDCASE OIL MEN TO THINK TWICE ABOUT OUR EFFECTS ON OUR ONE AND ONLY HOME.
http://www.abc.net.au/news/2012-08-22/hotter-build-up-weather-northern-australia-forecast/4215102
The bureau's Northern Australian outlook shows warmer days are more likely right across the Top End from September to November.
It has also forecast warmer nights for most of the north, stretching from Western Australia to Queensland.
The Bureau says the prediction is due to warmer than normal waters in the Indian Ocean.
It says warmer than normal Pacific Ocean temperatures will have less of an impact
PEOPLE WHO KEEP AN EYE ON THESE THINGS ARE GETTING SCARED.IS ANYBODY LISTENING?
http://www.abc.net.au/news/2012-08-22/arctic-cap-on-course-for-record-melt/4214480
United States scientists say the Arctic ice cap is melting at a startlingly rapid rate and may shrink to its smallest-ever level within weeks as the planet's temperatures rise.
"The numbers are coming in and we are looking at them with a sense of amazement," said Mark Serreze, director of the National Snow and Ice Data Centre at the university.
"If the melt were to just suddenly stop today, we would be at the third-lowest in the satellite record.
"We've still got another two weeks of melt to go, so I think we're very likely to set a new record."
The previous record was set in 2007, when the ice cap shrank to 4.25 million square kilometres, stunning scientists who had not forecast such a drastic melt so soon.
But the rapid melt affects local people's lifestyles and scientists warn of serious consequences for the rest of the planet.
The Arctic ice cap serves a vital function by reflecting light and hence keeping the earth cool.
Dr Serreze said it was possible the rapid melt was a factor in severe storms witnessed in recent years in the US and elsewhere as it changed the nature of the planet's temperature gradients.
The planet has charted a slew of record temperatures in recent years.
In the continental US, July was the hottest recorded, with temperatures 1.8 degrees Celsius higher than the average in the 20th century, according to the National Oceanic and Atmospheric Administration.
THEY WERE ALSO SCARED BY A RECENT SATELITE IMAGE OF GREENLAND THAT SHOWED ALL OF GREENLAND WAS MELTING AT ONCE THIS YEAR,SOMETHING NOT SEEN BEFORE.
...
Well there are times when you know the tide has turned,and boy has it.Where ever you look this morning there are stories about JPP being all washed up.Amazing.Feel like popping corks but the snake ain't quite dead yet.
ReplyDeletehttp://www.heraldsun.com.au/business/breaking-news/pluto-costs-dent-woodside-profit/story-e6frf7ko-1226455565403
WOODSIDE Petroleum has left the door open to process gas from its Browse project offshore and abandon its controversial plant near Broome.
https://www.facebook.com/BroomeNoGas/posts/261778800606288
(The Australian)
In a research note, Citi analyst Craig Woolford said James Price Point had become uneconomical and he believed FLNG may be the most suitable development option for Browse.
http://www.theaustralian.com.au/business/wall-street-journal/woodside-exploring-for-deals/story-fnay3vxj-1226456062419
WOODSIDE Petroleum’s failed drilling campaign offshore Western Australia has left the company looking into a production black hole. Acquisitions could be the only way to fill it.
http://www.theage.com.au/business/mining-and-resources/bhps-olympic-failure-leaves-50bn-hole-20120822-24myn.html
BHP's bombshells came on the same day that Woodside Petroleum indicated that a long-held plan to spend $5 billion doubling the size of its Pluto gas project was on hold due to a failure to find enough gas off the WA coast.
http://www.theage.com.au/business/woodside-to-rein-in-pluto-expansion-20120822-24mof.html
After delays and cost blowouts, Woodside spent more than $US15 billion on the first train at Pluto, which shipped its first gas in May, and needs to expand the plant to maximise the return on capital invested. Analysts remain concerned about a lack of growth opportunities for Woodside, with the massive Browse and Sunrise projects facing uncertainty and delay.
*A FOOTNOTE TO THE FOOTNOTE:
ReplyDeleteAPART FROM CHINA NOW HAVING MASSIVE STOCKPILES OF IRON ORE(the ships are still coming but the ore isn't moving),THEY ARE STILL PRODUCING STEEL,WHICH IS ALSO BEING STOCKPILED.
SO WHEN IT GOES,BOY IT WILL GO DOWN BIG TIME.
BUT GREED IS BLIND,AS THEY SAY.
http://www.theage.com.au/business/world-business/china-factory-activity-shrinks-at-fastest-pace-in-nine-months-20120823-24o1o.html
ReplyDeleteChina's factory activity in August shrank at its fastest pace in nine months as new export orders slumped and inventories rose, a signal that a persistent slowdown in economic growth has extended deeper into the third quarter.
...A sharp drop in China's official producer price index in July, which marked the fifth straight month of producer price deflation, was also reflected in the HSBC survey. It showed a sub-index measuring factory input prices at its lowest level since March 2009.
THE BROOME ADVERTISER HAS GONE MAD THIS WEEK,BCC PUT THE PRESSURE ON?
ReplyDeleteThe "letter of the week" was from Windel,the Roey manager,it was a mad rant over the bus to the pearl farm being stopped,(twice in 2 years I think).He made it sound like every tourist business in Broome had been shut down and the airport had come under sustained mortar fire.
Absolute madness.
They know the gas plant is on the ropes and see the alchohol and drug trade being held back I guess.
They also printed a story saying the protestors who went to Barnett's home a week ago were protesting about JPP ???
Every account I read said they wanted to hand Barnett a document that refuted European sovereinty and wanted a share of mining and resource monies.
Someone is very pissed.
it's quite simple really,the rest of the world is catching up with the bonanza.But there is a double whammy coming.As the extra supply comes on - China is in deep trouble.
ReplyDeletehttp://au.news.yahoo.com/thewest/a/-/newshome/14650713/leaders-not-sure-if-boom-is-coming-or-going/
"WA is not in a boom environment," Mr Barnett said. "We are in an environment of 20 to 30 years of strong economic growth."
He's not saying - just like when he got back from Europe that time - but it's a shocker.
Two stories today show what is happening.
http://www.nytimes.com/2012/08/24/business/global/chinas-economy-besieged-by-buildup-of-unsold-goods.html?pagewanted=1&_r=1&hp
GUANGZHOU, China — After three decades of torrid growth, China is encountering an unfamiliar problem with its newly struggling economy: a huge buildup of unsold goods that is cluttering shop floors, clogging car dealerships and filling factory warehouses.
The glut of everything from steel and household appliances to cars and apartments is hampering China’s efforts to emerge from a sharp economic slowdown. It has also produced a series of price wars and has led manufacturers to redouble efforts to export what they cannot sell at home.
The severity of China’s inventory overhang has been carefully masked by the blocking or adjusting of economic data by the Chinese government — all part of an effort to prop up confidence in the economy among business managers and investors.
And this will keep on going.
http://www.smh.com.au/business/china-lines-up-supplies-much-closer-to-home-20120823-24oyf.html
Australia's mineral boom is being driven by China's apparent insatiable demand for all things mineral, but planned world-scale, low-cost mines in neighbouring Mongolia, Pakistan and even war-torn Afghanistan have the potential to destroy the boom for coking coal, copper and uranium and possibly other lesser known minerals such as rare earths and fluorspar.
This will soon include gas and perhaps oil.
Competition from Mongolia has driven down the price of coking coal, which 12 months ago traded for as much as $320 a tonne and now sells for less than $180. The collapse in the price has affected the profitability of Australia's coking coal producers, with BHP reporting a drop of 41 per cent in the earnings of its metallurgical coal division. This was certainly a factor in the company's decision to shelve expansion of its Peak Downs coking coal project in Queensland.
TOTAL CREDIT DOWNGRADE.
Aug 23 (LNGJ) - French energy company and LNG player Total has had its debt rating downgraded by US agency Moody's Investors Service to negative from stable. Moody's said the move reflects concern that the significant increase in investments made by Total in the past two years to give fresh impetus to its upstream growth strategy, has constrained the recovery in its credit metrics.
SEEMS THE STUFF IS EVERYWHERE.
http://www.rigzone.com/news/oil_gas/a/120203/Chevron_Betting_on_Argentina_Shale_OG_with_Drilling_Program?rss=true
Argentina ranked third in the world, behind China and the U.S., in potentially recoverable shale-gas reserves, with 774 trillion cubic feet, according to a study last year by the U.S. Energy Information Administration. Argentina is also thought to have large quantities of shale oil.
The post to the right "Woodside the dumper..."starkly illustrates Woodsides problems in the current economic gloom.
ReplyDeleteIn the next 5 - 6 months,yes it's that soon,they have to find long term contracts for over 80% of JPP Browse gas before a FID can be made to proceed.
Coleman has admitted their gas is more expensive than anyone elses,but he says the quality is good.
Should be interesting.
Bob Brown gives Campbell Newman a whack.
ReplyDeletehttp://www.theaustralian.com.au/news/breaking-news/bob-brown-whacks-newman-over-environment/story-fn3dxiwe-1226457471220
"Campbell Newman is seeing the environment as a cost on coal, not coal as a cost on the environment."
AND TALKING OF THE COST OF COAL ON THE ENVIRONMENT,THIS HAS HAPPENED IN COLLIE,A RAIN DOWNPOUR OVERFLOWED FROM A COAL MINE INTO THE RIVER.
THE RESULT - MERCURY POISONING.
http://www.smh.com.au/wa-news/concerns-about-mercury-in-shellfish-20120824-24r1j.html
Mercury in high doses can have a toxic effect on the human body and can be especially harmful to children and pregnant women.
It is believed that Griffin Coal carried out the testing following a downpour in which rain water breached water entrapment areas of Griffin's operations.
NO COAL MINE ON THE FITZROY.
http://www.smh.com.au/business/iron-ore-price-slide-will-continue-say-experts-20120824-24qjt.html
Overnight it slumped by almost 5 per cent from $US104 per tonne to $US99 per tonne, sending chills through the Australian market.
UBS expert Glyn Lawcock said he expected the price could continue falling for some time yet.
“Now that it has broken through $US100 per tonne, traders I speak to think the price could get a seven in front of it," he said.
A 7=70,ABOUT WHEN TWIGGY POOS HIS PANTS.
ABC Kimberley.
ReplyDeleteJames Price Point traditional owners, Woodside and State Government reps sign the ratification of Waardi Ltd.
Only Woodside employees can sign for JPP Traditional Owners?
The repercussions of the "rigged vote" roll on and on.