BC gov reduces natural gas royalty outlook |
- BC gov reduces natural gas royalty outlook
- Shell preached to World Bank about coal
- China addresses coal overcapacity
- Japan loves coal: Consumption jumps 26% in October
- 'Now is a very good time to buy' – Ron Paul on gold
- Spain gets serious about shale
| BC gov reduces natural gas royalty outlook Posted: 29 Nov 2013 01:17 AM PST The British Columbia Liberal government has lowered its gas royalties outlook, down $35 million to $362 million for the 2013/2014 fiscal year, as a result of lower price and production targets for the same period. The province has collected "$150 million in gas royalties in the fiscal year-to-date to September, down from the expected $174 million," the Daily Oil Bulletin reports. Prices expectations for gas are down from C$2.25 to $2.20 per gigaloule and production forecasts have been revised down from 39.1 billion cubic metres to 38.7 billion cubic metres.  |
| Shell preached to World Bank about coal Posted: 28 Nov 2013 08:04 PM PST Shell lobbied the World Bank to ditch its investment in coal-fired plants prior to the Bank's July decision to do just that, Shell head of gas Maarten Wetselaar revealed. "We found out most coal plants get their funding started by using the bilateral funding agencies, such as the World Bank, so we were talking to them about the impact their policies have on the energy mix of the world," Wetselaar said. The Shell man also said that climate change was part of the motivation for the gas lobbying push. "You never know how much your own advocacy has played a role in that but we actively influence the space." "We've been very active in Korea, where they had a coal subsidy stemming back to the days where people burned coal in their homes to cook. Only last week were coal and gas put on an even keel in terms of taxation." |
| China addresses coal overcapacity Posted: 28 Nov 2013 05:44 PM PST The Chinese government is pursuing policies that will provide relief to struggling coal producers as a result of cheap imports and domestic overproduction. The government will raise its threshold for high quality coal imports, discourage low quality imports, halt approval of new mines with capacity under 300,000 tonnes, increase punishments for firms that proceed with production before receiving appropriate approvals, and phase out mines producing less than 90,000 tonnes per year. "Perhaps they recognise that China faces overcapacity of coal supply," said Serene Lim, an analyst at Standard Chartered Bank in Singapore. While the policies will help many domestic producers, it will also consolidate the domestic industry, potentially leading to less coal pollution in China. |
| Japan loves coal: Consumption jumps 26% in October Posted: 28 Nov 2013 03:49 PM PST
 Japan's coal consumption jumped 26% in October, compared to the same month last year. As the world's largest importer of liquefied natural gas (LNG), this could have implications for the sector. According to Reuters, the country's 10 main utilities consumed nearly 16% more coal in the first 10 months of the year compared with the same period last year. Two new power stations are expected to start producing next month, adding 3.7 million tonnes per year to demand. Japan is the world's second-largest coal importer and the third-largest oil consumer. A major surge in the country's coal consumption could raise global prices which are down nearly 9% for the year. After the Fukushima meltdown, Japan began shutting nuclear reactors and had to make a sudden switch to oil to meet energy demands. But replacing crippled nuclear facilities is expensive. In an effort to make Japan's industry more competitive, the government has encouraged the use of coal. According to a Reuters report from last month, the country plans to introduce 14 new gas and coal fired plants in 2014. As the black rock gains popularity, a gas analyst who spoke with Reuters said he's considering revising his forecast that the 12 months leading to March 2014 will see record LNG consumption. |
| 'Now is a very good time to buy' – Ron Paul on gold Posted: 28 Nov 2013 03:11 PM PST Ron Paul gave gold bugs a reason to smile this week, reiterating his confidence in the precious metal's store of value. Speaking from the Metals & Minerals conference in San Franciso, Paul spoke with Kitco's Daniela Cambone. "It may well have seen the bottom as far as I'm concerned," Paul said. "And I think if anybody has a need to hold more gold, now is a very good time to buy." When asked about his preferred investments, the former politician said precious metals and properties are a safe bet – things you can "see and feel." "I like precious metals for the safety and security." Speaking about the new fed chairperson Janet Yellen, Paul says he doesn't expect much to change and that if anything, QE will be slightly "worse." "She's an aggressive inflater." |
| Spain gets serious about shale Posted: 28 Nov 2013 02:12 PM PST In the years following Spain's housing bubble crash, the country's economy crumbled. Billions of dollars in bail-out money later and a current unemployment rate of 26%, the situation hasn't improved much. But the country, which imports 99% of its oil and gas needs, is believed to be rich in shale gas, and parliament has now officially passed a law that could make Spain the newest fracturing destination. According to Reuters, the government "said it would evaluate hydraulic fracturing. the EU-member amended a 1998 law on oil exploration to include hydraulic fracturing. Despite being Europe's fifth-largest energy consumer, Spain's production of liquid fuels and natural gas is practically zero, according to the US Energy Information Administration. But the road to shale is ridden with obstacles. Just last month the European Parliament approved legislation that would subject companies planning to use hydraulic fracturing to in-depth environmental audits. In France and Bulgaria, the method is banned. In April, the government of the Cantabria region passed a law banning the water-intensive drilling technique. But the national legal amendment in October prevents regional governments from prohibiting fracturing, an environmnetal lawyer told Bloomberg. A series of earthquakes along the Valencia coast in September have also increased opposition to fracturing. According to Reuters, scientists found likely links between the tremors and a natural gas project owned by Spain's ACS and Canada's Dundee Energy. A public prosecutor has launched a criminal investigation. |
| You are subscribed to email updates from MINING.com To stop receiving these emails, you may unsubscribe now. | Email delivery powered by Google |
| Google Inc., 20 West Kinzie, Chicago IL USA 60610 | |
0 Comment for "BC gov reduces natural gas royalty outlook"