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Global Energy Advisory 13th October 2017

Offshore

October 13 is D-Day for the major European companies that have forged new geo-economic territory by cutting deals with Iran. On the 13th October, Trump will decide whether he’s going to certify Iran’s compliance with the nuclear deal. If he doesn’t, we’re looking at two months before Congress slaps new sanctions on Iran. For European giants (including French oil giant Total SA), this is a nightmare that threatens multiple billions of dollars in deals. Right now, Europe has no real plan to work around this.

And trouble is brewing in Alberta’s oil industry, as well…

TransCanada has decided to scrap its $12.6-billion Energy East pipeline project after years of controversy and opposition. The pipeline was planned to carry 1.1 million barrels of crude from Alberta and Saskatchewan to refineries on the east coast of Canada. The company cited “changed circumstances” likely to do with growing opposition to new pipeline projects, despite the federal government’s support for the project. TransCanada will take a $1-billion charge for pipeline planning and its federal review process.

The news puts Alberta in a precarious position as crude oil production is growing and it needs to be transported somehow from the fields. For Canada’s oil-rich province the only option now is the expansion of the Trans Mountain pipeline of Kinder Morgan, which, however, is being threatened by the new government of British Columbia,…

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