Steven Lee Myers & Clifford Krauss, New York Times, 7 September 2015
TERIBERKA, Russia — The warming Arctic should already have transformed this impoverished fishing village on the coast of the Barents Sea.
The Kremlin spent billions in the last decade in hopes of turning it into a northern hub of its energy powerhouse, Gazprom. It was once the most ambitious project planned in the Arctic Ocean, but now there is little to show for it aside from a shuttered headquarters and an enormous gravel road carved out of the windblown coastline like a scar.
“There are plans,” said Viktor A. Turchaninov, the village’s mayor, “but the facts — the realities of life — suggest the opposite.”
Imagine finding 240 million barrels of oil and being disappointed!
But that, as Claudia Cattaneo noted in Financial Post last week, is
what happened to Devon Energy when it drilled a $60-million well in the
Beaufort Sea. The disappointment was partly related to the fact that
the company was looking for natural gas, but was more significantly due
to the location, which made the find technically, economically and
Still, Devon's discovery, along with
other Beaufort exploration commitments -- particularly the $585-million
promised in the summer by Imperial Oil and its parent, Exxon Mobil --
remind us that John Diefenbaker's "Northern Vision" is still alive. And
still problematic. ...
HOUSTON - Regulatory delays have worsened the odds
that the C$16.2 billion ($13 billion) Mackenzie gas pipeline in Canada's far
north will ever be built despite a promise of help from Ottawa, TransCanada
Corp's (TRP.TO) chief executive said on Wednesday.
The panel working on a much-anticipated report on the proposed
Mackenzie Valley natural gas pipeline says it will release the report
in December 2009, stretching out a wait that has already lasted more
than a year.
CALGARY, Alberta, June 9, 2008 (Reuters) - BP Plc (BP.L) said on
Monday it has no immediate plans to drill properties in
Canada's Beaufort Sea that it was awarded last week after
bidding C$1.2 billion ($1.17 billion) for three offshore
parcels in the petroleum-rich Arctic region.