1. Dick Cheney's 1999 speech to the Institute of Petroleum. Some look on this for portents of Bush II policy in the Middle East. Others will see an overview of the challenges in the petroleum industry globally. This copy of the speech is on a site discussing the concept of peak oil. Poke around and you'll find other articles worthy of your time.
2. The challenge of deepwater drilling. From South Africa comes this Reuters piece on exploration and production in the Gulf of Mexico.
3. Profit drops expected for oil industry. From the International Herald Tribune, a look at the impact falling oil prices may have on the companies that take the risks of drilling in the expensive new frontiers.
This is one of the reasons why some analysts considered the Hebron failure such a massive giveaway; it's been a painful lesson for those who misuse Newfoundland and Labrador history by talking about some economic development projects as "giveaways". Sometimes a loss comes from failing to reach an agreement at an opportune time.
It will be much harder to strike a lucrative deal when oil prices are relatively low or appear to be low.
4. Local fall-out from Hebron failure? Rutter posts a drop in revenue and sheds its interest in DORIS.
5. At least no one dies from local talk radio. [Via Drudge]
6. Chavez takes them out, well, sort of.
7. ConocoPhillips holds S& P rating, but the company is buying back about US$1.0 billion of its own stock in the wake of disappointing earnings in the last quarter of 2006. Conoco's other problems - coupled with the complete uncertainty of dealing with the Williams administration - may lead it away from its earlier interest in Grand Banks gas fields. Husky has also shelved its plans for White Rose gas pending release of the province's energy plan and natural gas royalty regime, already a decade in development.
For a reminder of previous comment on the way oil companies look at the world, check this critique of an old Telegram editorial. Oil companies will take risks, but evidently are looking anywhere but Newfoundland and Labrador where there seems to be no certainty of anything when it comes to government revenue demands.
John Crosbie is right.
