Report warns that oil, gas pipeline boom poses serious financial risk for investors

first_img FacebookTwitterLinkedInEmailPrint分享Engineering & Technology:A report published by Global Energy Monitor cautions that upbeat building spree of US oil and gas pipeline systems may stand on a frail financial fundament, which could see previous turmoil return while bearing considerable risk for investors’ rate-of-return as climate-change consciousness and regulation is expected to increase pressure on fossil fuels.North American overexpansion of oil and gas systems would bear “high leverage and unrealistic expectations,” the authors of the report say, warning that signs of increased risk are looming on the horizon of the present building boom systems.The pace of the global pipeline building is stated to have tripled since 1996. The US is one of the most aggressive builders of oil and gas pipelines systems and its pace appears unprecedented: worldwide it owns 51.5 per cent of all projects in pre-construction or construction stages. The report argues that investors in the booming expansion of oil and gas infrastructure would steer for a similar shock (as experienced some years earlier in the coal mining sector) as “boom-fueled optimism runs into climate realities and fiscal limits”.Ted Nace, co-author of the report and executive director at Global Energy Monitor points out that “enthusiasm [is] spilling out of the fracking boom [and] has fostered unrealistic expectations of expansion in midstream oil and gas infrastructure. Investors are setting themselves up for disappointment.”Three areas would be particularly vulnerable in the U.S. to present pipeline expansion concentration, including ‘Permian Basin of Texas and New Mexico’, ‘the Marcellus and Utica shale formations in Appalachia and the Midwest’, and the ‘Canadian tar sands of Alberta.’ The decision by the Canadian government last year, to commit C$5bn (£2.9bn) to acquire the Trans Mountain Pipeline would add extra fuel to the fire.More: North America’s oil and gas pipeline boom could signal meltdown Report warns that oil, gas pipeline boom poses serious financial risk for investorslast_img read more

Poten: collapse in LNG contract lengths raises future supply concerns

first_imgReturn to long-term contracts? Just six long-term contracts were signed last year, and with one exception, none were for supply from an LNG project under development.This lack of deals associated with projects under development highlights concern about future LNG supply, Poten said.With only one final investment decision in 2017, the excessive investment in LNG capacity early in the decade may now be followed by a dearth of commitments as buyers – believing they havemany options and that prices may yet decline more – are reluctant to sign long-term contracts that will enable project sponsors to finance new capacity, it said.According to the consultancy, this shortfall in investment activity could trigger future price volatility in much the average volume per contract same way that the commodity investment cycle in crude oil leads to market turbulence.“The question now is whether project sponsors can convince enough buyers to return to long-term contracts to ensure that additional liquefaction capacity is built in time to avoid potential supply constraints in the future,” Poten said. The number of short-term contracts – those two to five years in length – more than doubled from nine in 2016 to 20 in 2017, after holding steady at an average of about five between 2013 and 2015, Poten’s report reveals.On the other side, the number of deals with tenures of six to 10 years fell to just four in 2017 from 10 in 2016. And the number of deals over 10 years collapsed from 14 to six, after nearly five years during which long-term contracts were the most common form of contract signed.Overall contract sales fell to less than 22 million tonnes per year in 2017, down from more than 30 million per year in 2016, Poten said.Another feature of 2017 LNG contracts was a decline in the average volume per contract across the board.The average volume covered by a contract signed in 2017 was just 660,000 t/y, down nearly 27% from 900,000 t/y in 2016, the report notes.This trend was most evident in contracts of six to 10 years, where average volumes per contract fell 72% from 760,000 t/y in 2016 to just 210,000 t/y in 2017. Short-term contracts more than doubled Image courtesy of Poten & PartnersThe average LNG contract length fell to a record low in 2017, according to the consultancy Poten & Partners, raising concerns on the future supply of the chilled fuel.Average contract lengths for deals signed in 2017 fell to 6.7 years – the lowest ever recorded – compared with 11.5 years in 2016, the consultancy said in a report.With many options for supply and uncertainty over future prices, last year buyers signed dozens of short- and medium-term contracts rather than commit to long-term deals that could help support the construction of new capacity that is expected to be needed by the mid-2020s.This trend suited sellers who view the shorter contracts as a way to wait out the current soft market, and aggregators who have large volumes of LNG to sell over the next few years as US projects come online, the report said.But, with just two new LNG projects greenlighted over the past two years, concern is growing that the market may be undersupplied in the medium-term, according to Poten.Specifically, without long-term contracts that will enable more projects to be financed, the construction of new capacity may lag demand growth and set the stage for tighter markets and higher prices in the future, it said. Oil-linked contracts prevail Of the 20 signed bilateral contracts with tenures of five years or less, 14 were oil-linked, with most priced against Dated Brent.Three others were priced against European gas indices, two on a hybrid basis (Brent-Henry Hub) and one against the JKM marker in Asia, Poten said.Pricing for short-term deals has come down as buyers have taken advantage of the abundantly supplied market and sellers have competed to secure outlets for their supplies.Most contracts shorter than five years were priced as a percentage of Dated Brent ranging from low-11% to mid-11%, down from prices ranging from mid-11% to well above 13% in 2016, the consultancy said.Pricing was a bit higher for medium-term deals, with all contracts observed priced against oil benchmarks. Prices ranged from about 11.5% to 12% of Brent or JCC for delivered supplies.The strong move toward Brent and away from a variety of other benchmarks that have proven popular in recent years – European gas hubs, Henry Hub, LNGindices, gas-oil hybrids, for example – indicates that market participants have yet to gain confidence in alternative benchmarks, Poten said.last_img read more

Mbappe: It’s my desire to follow Ronaldo’s path

first_img Loading… Mbappe says he’s hoping to follow Cristiano Ronaldo’s career path “If you’re French, obviously you would have grown up with (Zinedine) Zidane as your idol,” he said. “After that, it was Cristiano Ronaldo , who I have been fortunate enough to have faced as a rival, at club level and with the national team” Mbappe also namechecked several South American stars. “I also love Brazilian players like Pelé, Ronaldinho, Ronaldo Nazario and Ricardo Kaka,” he said. Read Also:Kylian Mbappe reveals target for 2020 “And to the young players who look up to me, I’d like to send them a message from someone who believed in their dream, always giving the best they had to give, trying to push their own limits to be able to make a mark in sport.” The French World Cup winner says Ronaldo’s career will act as an inspiration for him as he continues to make his way at the top of the game Kylian Mbappe says he is drawing on inspiration from Cristiano Ronaldo as he plots to maintain his place as a world superstar. Many expect Mbappe to leave Paris Saint-Germain this summer, three years after he joined the club from Monaco on an initial loan deal. Real Madrid have long been mentioned as a possible destination for the 21-year-old World Cup winner, with Liverpool also touted as a suitor. When asked about his idols by Gazzetta dello Sport , it was a couple of Real icons who came to mind for Mbappe.Advertisementcenter_img FacebookTwitterWhatsAppEmail分享 Promoted ContentFantastic-Looking (and Probably Delicious) Bread Art6 TV Characters Whose Departures Have Made The Shows BetterThe Origin Story Of The Best Chocolate Thing Ever CreatedTop 10 TV Friends Who Used To Be Enemies7 Of The Wealthiest Universities In The World40 Child Actors Who Turned Into Gorgeous Adults20 Completely Unexpected Facts About ‘The Big Bang Theory’8 Things You Didn’t Know About CoffeeTop 10 Most Romantic Nations In The WorldYou’ve Only Seen Such Colorful Hairdos In A Handful Of Anime9 Facts You Should Know Before Getting A TattooThe Highest Paid Football Players In The Worldlast_img read more

Corcoran: Texas memories not all tarnished with Final Four setback

first_imgThe powers that be said everything was bigger in Texas. After going to Texas for the Final Four last weekend, I don’t know who the hell the powers that be are, but they’ve clearly never been trapped in a car for 30 hours in pursuit of hoop dreams.Everything was going swimmingly until the time came to leave for the Lone Star State. It was 4 o’clock last Thursday afternoon, and I was sitting on a futon that’s got a wooden board in the middle and a war zone of springs on either side. Needless to say, it was not the most comfortable piece of furniture, but hey, it’s college, right? So I’m sitting on pins and needles waiting for my gallant chauffeur Spencer Smith, sports editor extraordinaire, to show up, but he’s running a little behind schedule with the rental car.Actually, to rewind a little, everything hadn’t been going swimmingly. The rent-a-car debacle was my fault in the first place. Earlier in the week, I had promised that I could use my Mom’s minivan for the trip but had neglected to actually ask her permission until Tuesday night. Whoops. So naturally she told me I couldn’t use the van and I had to embarrassingly explain the situation to Spencer and the rest of Herald management gang. So, long story short, last minute we had to arrange for a rental car.But after enough stress to shorten my life by at least 10 years, we were finally on the road. I’ll skip through the brief trips to pick up our photographer Joey and grab some snacks at the grocery store to the most exciting part of the trip: Illinois. Thankfully, we only had to endure the barren wasteland for only two hours of daylight before the dark sky covered up all the disgusting blemishes and terribly flat landscape.Some 13 and a half hours and no sleep later, we had reached our destination of Arlington, Texas, although perhaps it was just a hallucination. More than anything I wanted to check into our hotel so I could sleep, but after dropping by they told Spencer we could not check in until 3 p.m. That hotel looked like a shit box anyway, so we used that opportunity to back out of the reservation and get a new hotel — well, after we chowed down on a fine All-American breakfast at Denny’s, that is. At Denny’s my intense hope for southern hospitality came true — our waitress was easily the most caring soul I had met so far in Texas. So what if she was the first person I had met?Since we were stuck in Arlington without a hotel to stay in until the afternoon, our waitress directed us to a local YMCA so that we could shower and at least reclaim a slight sense of dignity. When we entered the YMCA, we were greeted by perhaps the next nicest Texan, who was working the front desk. After filling out a sheet for a day pass, she didn’t even require us to pay a fee, and we went to the locker room where we decided we needed a little physical exercise. To the basketball court we went. I got demolished in a game of 21, and the lone bright spot was that same lovely lady bringing us cold waters unannounced. What a gem.Having exercised and showered, we made our way to our destination, AT&T Stadium, so Spencer and Joey could cover Friday’s practice. While they did their thing, I tried to break into forbidden sections but was repeatedly denied, so I settled on a spot in the corner on the first level of the humongous heaven where I remained for four hours without food or rest.Let’s skip ahead to the next day and the Final Four tailgate. I was required to do work, so I put myself on the line and interviewed multiple fans on camera to put on the Herald site. I even interviewed Chancellor Rebecca Blank, but due to technical difficulties, the videos never saw the light of day. Oh man, was I disappointed.But now it was time to finally be a fan. I soaked up the band’s performance and the rest of the tailgate. Then, because I had dirtied my only Badger shirt doing “exercise,” I went with my two non-Herald friends to their hotel to grab one of their shirts. I was ready to go and show my unwavering school pride. We stopped at In-n-Out Burger. Best decision I’ve ever made. I was ready and raring to go for the game.After we wound through the droves of fans upon entering Jerry World, we found out we couldn’t take our seats until the first semifinal was over. In the meantime, we congregated with the other Badger fans and erupted into many spontaneous cheers—such school pride, much noise.When we finally meandered to our seats, I realized why they were so cheap. I couldn’t see anything. But no matter, I was surrounded by my Badger brethren. Throughout the game, although its outcome was devastating, I don’t think I stopped reveling in the big stage for a moment — well, maybe a few to drink some water. Over the course of three hours I high-fived, I jumped with joy, I screamed until I blew a blood vessel in my eye and I probably met the love of my life, although I never found out her name.Sure, Wisconsin came up short, but to be perfectly sentimental, I don’t know if I have ever experienced a game as exciting as that one, even though I watched most of it on the ludicrously over-sized scoreboard. The loss crushed me more than any I have experienced in 19 years as a Badger fan, maybe because I had emptied my wallet to be in Arlington. I was a heartbroken little boy that night, but I would suffer through the 30-hour drive, lack of sleep and troubling defeat if it means going back to the Final Four. Even if I never get married and have a first dance, at least I went to the Big Dance.Dan is currently a sophomore at UW but still has yet to declare a major. Do you see a future for him as a travel journalist or do you have a Final Four story you’d like to share? Give Dan the lowdown by emailing him at [email protected] or shooting him a tweet @DanCoco7.last_img read more

Back-to-School Immunization Clinic to Help Local Students

first_imgor via the Public Health Information Line at 360-709-3080. This clinic is being held for Pre-school through 8th grade students who do not have all of the required immunizations needed for school.According to Dr. Diana Yu, Thurston County Health Officer, “Many families in our region do not have insurance or a regular medical provider.  We very much appreciate Group Health signing on to protect children from vaccine-preventable diseases.”  Group Health is providing their clinic facility and supplies at no cost. -MORE- Facebook1Tweet0Pin0OLYMPIA – Thurston County students have an opportunity to obtainschool required immunizations at no cost on Saturday, September 17th.A Back-to-School Immunization Clinic will be held at Group Health Cooperative’s Olympia Medical Center at 700 Lilly Road NE, in Olympia.The clinic will run from 10 am – 2 pm and is sponsored by Thurston County Public Health and Social Services, Group Health Cooperative, and the Thurston County Medical Reserve Corps. A parent or legal guardian must accompany children to the clinic.   Nopre-registration is required, and immunizations are available on a firstcome first serve basis.   Parents and guardians should bringimmunization records.    No one will be denied services because of lackof insurance.   No immunization exemptions or waivers will be signed. More information about this clinic, including a list of available immunizations, can be found on the web at http://www.co.thurston.wa.us/health/personalhealth/immunizations/backtoschoolclinic.html In addition to Group Health, the Thurston County Medical Reserve Corps is staffing the clinic.  The Medical Reserve Corps includes local licensed medical professionals and many others who have volunteered to help in the event of a disaster or health emergency.  Sue Poyner, Public Health Preparedness Coordinator for the Health Department, said “Well over 100 highly skilled and trained professionals are ready to act in an emergency.  The clinic gives us the opportunity to exercise our ability to conduct a coordinated, efficient response”.last_img read more