Petronas announces it will defer FID on Lelu Island Project


#1

Citing a need for clarity on substantive items of importance on the Lelu Island project, Petronas has deferred a Final Investment Decision on the project…

northcoastreview.blogspot.ca/201 … final.html


#2

[quote=“CharlesMHays”]Citing a need for clarity on substantive items of importance on the Lelu Island project, Petronas has deferred a Final Investment Decision on the project…

northcoastreview.blogspot.ca/201 … final.html[/quote]

Isn’t that interesting. Going from what I understood a proposed announcement on the 15th to an unknown date.


#3

Negotiating tactic with the federal govt? Or genuine delay?


#4

Found this interesting comment on the NEWS1130 site.

“It’s pretty clear that these giant state owned energy companies are only using potential “investments” in LNG and the tar sands as a bargaining tool to get other countries to lower their prices. And it’s worked with the Saudis lowering their prices.
They have no interest in buying LNG or oil from Canada at high prices. Our “leaders” are being totally played in a high stakes global game.”

Any thoughts?


#5

Still too early to say. I read it as another stage in a lengthy negotiation.


#6

Well that is really too bad that they are delaying their decision. I guess we will see what happens next.


#7

At the end of the day the prohibitive costs of building a pipeline and terminal may do in this project.


#8

So what are the crew trailers and equipment for that I saw on the highway last week ?


#9

Can’t say for sure, but no one has selected a contractor to build anything yet, unless I missed something.


#10

I hope they don’t go ahead. I would much rather see Exxon go forward. They have a good track record when it comes to the environment and always treat locals with respect.


#11

More info from the CEO snds like this delay is not as negative as the media is playing it to be:

"PETRONAS hopes that all outstanding factors can be resolved as soon as possible to enable the Final Investment Decision to be made within the identified LNG supply and demand window. This is vital in light of the current intense market environment and for Pacific NorthWest LNG not to lose out on long term contracts to competitive United States LNG projects,” concluded Tan Sri Shamsul Azhar Abbas.


#12

[quote=“uartz1949”]Found this interesting comment on the NEWS1130 site.

“It’s pretty clear that these giant state owned energy companies are only using potential “investments” in LNG and the tar sands as a bargaining tool to get other countries to lower their prices. And it’s worked with the Saudis lowering their prices.
They have no interest in buying LNG or oil from Canada at high prices. Our “leaders” are being totally played in a high stakes global game.”

Any thoughts?[/quote]

There has been too much invested by too many companies for me to think that they aren’t serious about Canadian LNG. I’m more inclined to think that it has more to do with us falling behind in the race to supply China.

bnn.ca/News/2014/11/11/Russi … alia-.aspx


#13

Beginning to look to me like people over payed for there houses last summer !!


#14

Other projects likely to follow suit … all this concern about lot 444 could be a red herring…

What I find upsetting is how so many people are becoming displaced in a rental crunch… I hope it all bottoms out and housing cost plummet, but the struggles at present will last for a while

My guess is the speculation will go on for years and we won’t see a thing and eventually another bottoming out like when the mill closed will occur, this time more severe


#15

[quote=“jamesbrown”]Other projects likely to follow suit … all this concern about lot 444 could be a red herring…

What I find upsetting is how so many people are becoming displaced in a rental crunch… I hope it all bottoms out and housing cost plummet, but the struggles at present will last for a while

My guess is the speculation will go on for years and we won’t see a thing and eventually another bottoming out like when the mill closed will occur, this time more severe[/quote]

Why would you wish this upon your fellow citizens? Haven’t we all suffered enough? It’s ok to be on welfare and pay low housing costs but God forbid that good paying jobs come along and prices up. Ridiculous!


#16

[quote=“Crazy Train”]

[quote=“jamesbrown”]Other projects likely to follow suit … all this concern about lot 444 could be a red herring…

What I find upsetting is how so many people are becoming displaced in a rental crunch… I hope it all bottoms out and housing cost plummet, but the struggles at present will last for a while

My guess is the speculation will go on for years and we won’t see a thing and eventually another bottoming out like when the mill closed will occur, this time more severe[/quote]

Why would you wish this upon your fellow citizens? Haven’t we all suffered enough? It’s ok to be on welfare and pay low housing costs but God forbid that good paying jobs come along and prices up. Ridiculous![/quote]

Having lived here since the 60s and seeing things come and go I am a realist … the big days of fishing and a full scale pulp mill were the glory days… not wishing it on anyone but many don’t realize how many working people are struggling and will never gain a thing… if things were here i get why the increases but nothing has happen but speculation

these guys already delayed decision weeks ago

cbc.ca/news/business/bg-grou … -1.2816948


#17

[quote=“jamesbrown”]

Why would you wish this upon your fellow citizens? Haven’t we all suffered enough? It’s ok to be on welfare and pay low housing costs but God forbid that good paying jobs come along and prices up. Ridiculous!

Having lived here since the 60s and seeing things come and go I am a realist … the big days of fishing and a full scale pulp mill were the glory days… not wishing it on anyone but many don’t realize how many working people are struggling and will never gain a thing… if things were here i get why the increases but nothing has happen but speculation

these guys already delayed decision weeks ago

cbc.ca/news/business/bg-grou … -1.2816948[/quote]

I’ve lived here since the 60’s as well and have seen the boom and the bust. I wouldn’t ever hope for housing prices to plummet though because that means that the economy has tanked and that there are fewer jobs. Welfare and low housing costs or good paying jobs and higher housing. You pick.


#18

I’ve lived here since the 60’s as well and have seen the boom and the bust. I wouldn’t ever hope for housing prices to plummet though because that means that the economy has tanked and that there are fewer jobs. Welfare and low housing costs or good paying jobs and higher housing. You pick.

There is nothing but speculation going on and the costs right now are too high too much too soon… But I guess it depends where one is in life as the gap between the have and have nots only gets greater


#19

Single mothers working at Wal Mart thank you for your generosity, Crazy Train.

Sheesh, it’s all about the money with some of you people. You don’t give two squats about this community you live, only how much you can suck out of it.


#20

Until they flat out say “no” I am still going to be optimistic that this project is going to happen.

So much money has been spent already. This is nothing but posturing by Petronas with their FEED proponents to get a better price.

We will see, the next 6 months should be a very interesting time.