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East Coast looks to lure oil money as Alberta discounts bite

Financial Post -- The deteriorating price environment for Alberta’s oil sands stands to spur development on Canada’s East Coast, where new seismic work has uncovered three “very large” but highly prospective oil fields in the Labrador Sea.

The subsea structures, revealed after a two-year seismic program mapped an area equivalent in size to the Gulf of Mexico, are being shopped around to international oil companies as a promising new deepwater exploration frontier by Nalcor Energy, Newfoundland and Labrador’s provincially owned energy company.

Newfoundland and Labrador produced more than 267,000 barrels per day of undersea crude in 2011, all of it linked to world oil prices. That alone could lure investment away from landlocked Alberta, where oil sands producers face the prospect of dwindling returns u

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Submitted Feb 17, 2013 By: Nicoalbum

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tomok Champion Author Portland Posts:33,579 Points:2,372,235 Joined:Aug 2006	Message Posted: Mar 5, 2013 2:33:44 AM Ignore tomok Report Abuse East Coast looks to lure oil money as Alberta discounts bite? More and larger offshore oil reserves discovered and Alberta cannot get enough of their oil to market. Time for a different marketing stratagy and maximize their oil sands profits while they can. There is oil all over this world, find it, get it out of the ground and to market. More Refineries are Not the answer, Stop exporting fuel is! Take care of the domestic fuel market first and above all else! Drive vehicles with high MPG, are very safe, reliable, have a ‘reasonable’ cost and a good ‘value’ for the money. The price of fuel at the pump is too high!
honda0105 Champion Author Tallahassee Posts:18,818 Points:1,636,245 Joined:Nov 2008	Message Posted: Feb 22, 2013 5:54:50 AM Ignore honda0105 Report Abuse John, it has, but Pig Oil and the lust for money has overridden a lot of concerns for those who have something to say.
HawaiianGuy Champion Author Idaho Posts:9,660 Points:3,105,615 Joined:May 2003	Message Posted: Feb 18, 2013 2:52:58 PM Ignore HawaiianGuy Report Abuse JohnLM, I'm going to hazard a guess that, unlike the bulk of the U.S., global warming will actually help Canada (for obvious reasons) as well as extending their growing seasons and making formerly non-productive areas suitable for grain. I think I read once where the Peace River Country surrounding Grande Prairie, Alberta, is the northernmost grain growing area in the world. Global warming can only bring more areas into cultivation.
JohnLM Champion Author Orlando Posts:1,046 Points:538,230 Joined:May 2010	Message Posted: Feb 18, 2013 6:16:54 AM Ignore JohnLM Report Abuse As leftist as the Canadians are, it's amazing that they're so supportive of big oil. I guess the whole global warming idea hasn't gained any traction up there either.
VikingWoman Champion Author Washington Posts:1,445 Points:278,555 Joined:May 2012	Message Posted: Feb 18, 2013 1:54:21 AM Ignore VikingWoman Report Abuse Should be good news for Canadians, eh? They pay a big price per litre.
Zonk Champion Author Michigan Posts:6,621 Points:2,129,715 Joined:Oct 2005	Message Posted: Feb 18, 2013 1:43:17 AM Ignore Zonk Report Abuse Canada, make your money now. Don't wait on the idiot in Washington to make a move. Remember, obama is not our friend.
TravelinJones Rookie Author Stockton Posts:95 Points:61,000 Joined:Dec 2012	Message Posted: Feb 18, 2013 1:40:39 AM Ignore TravelinJones Report Abuse Realistically, we could build another 1970 pipeline no problem. Maybe they have better materials and safer methods nowadays?, possible. But someone tell me how you can realistically protect/defend a above ground pipeline for 1000+ miles of heartland, from some terrorist attack, that would be a environmental and financial disaster if said pipeline WENT BOOM! if they can build it strong and underground like gas lines, fine. I am not aware or have heard of any real details about this pipelines construction materials or building technology, but to take a hit from lets say for example," a terrorist driving a big rig full nitrate", would wipe out any profit u make for a few years. great 10$ a gallon.
TravelinJones Rookie Author Stockton Posts:95 Points:61,000 Joined:Dec 2012	Message Posted: Feb 18, 2013 1:27:50 AM Ignore TravelinJones Report Abuse we the people. complain complain. coulda woulda shoulda bought a electric car, but no, i wanna play gas wars till i grow old. i think my next car will be a balloon. 4 $ a gallon. haa
kcboy Champion Author Utah Posts:4,089 Points:1,533,170 Joined:Jun 2005	Message Posted: Feb 18, 2013 1:25:29 AM Ignore kcboy Report Abuse Interesting
2005Retired Champion Author Arkansas Posts:11,975 Points:2,092,270 Joined:Aug 2007	Message Posted: Feb 18, 2013 1:17:47 AM Ignore 2005Retired Report Abuse back to Canada again
RENEGADEGAS Champion Author Missouri Posts:15,069 Points:1,618,825 Joined:Jul 2008	Message Posted: Feb 18, 2013 1:16:55 AM Ignore RENEGADEGAS Report Abuse Good for Canada! At least they are allowed to explore and prosper thier nation. We here in America of course cannot. Thanks to the EPA and the current regime. You get what you vote for!! Enjoy!
HailstormCA Champion Author San Diego Posts:7,955 Points:1,491,945 Joined:Nov 2008	Message Posted: Feb 18, 2013 1:14:51 AM Ignore HailstormCA Report Abuse wowser
hockey_24 All-Star Author KW Posts:928 Points:226,510 Joined:Oct 2012	Message Posted: Feb 18, 2013 1:09:36 AM Ignore hockey_24 Report Abuse more discounts
JSX515 Champion Author St. Louis Posts:3,851 Points:829,070 Joined:Feb 2011	Message Posted: Feb 18, 2013 1:09:33 AM Ignore JSX515 Report Abuse And we reelected the clown?
rd2000 Champion Author Florida Posts:3,707 Points:713,720 Joined:Jul 2007	Message Posted: Feb 18, 2013 1:09:24 AM Ignore rd2000 Report Abuse go for it
roadrunnerMO Champion Author Kansas Posts:8,547 Points:1,727,165 Joined:Jul 2008	Message Posted: Feb 18, 2013 1:08:01 AM Ignore roadrunnerMO Report Abuse Go for it Canada. Obama is not going to allow pipeline across the United States anytime soon.
pinofl Veteran Author Miami Posts:364 Points:70,120 Joined:Dec 2012	Message Posted: Feb 18, 2013 1:07:29 AM Ignore pinofl Report Abuse ok
jcallaw All-Star Author Houston Posts:772 Points:271,125 Joined:May 2012	Message Posted: Feb 18, 2013 1:06:47 AM Ignore jcallaw Report Abuse ok
unclenorman Champion Author Tampa Posts:1,479 Points:166,855 Joined:Jan 2012	Message Posted: Feb 18, 2013 1:03:27 AM Ignore unclenorman Report Abuse "supply and demand" no longer mean anything!!!!!!Remove oil/gas from the commodity markets!!!!!!!!!!!!!!!!!!!
TBONE3 Champion Author Pennsylvania Posts:8,881 Points:2,004,125 Joined:Mar 2005	Message Posted: Feb 18, 2013 1:03:11 AM Ignore TBONE3 Report Abuse Let's see how many YEARS it takes to agree to get every country involved to agree with each other JUST to PROCEED!
Tigrelily All-Star Author Illinois Posts:626 Points:218,935 Joined:Nov 2011	Message Posted: Feb 18, 2013 1:02:59 AM Ignore Tigrelily Report Abuse ok
veemotors All-Star Author Alberta Posts:780 Points:70,685 Joined:Jun 2008	Message Posted: Feb 18, 2013 1:00:40 AM Ignore veemotors Report Abuse ok
Thomtec Champion Author Nashville Posts:2,600 Points:635,395 Joined:May 2011	Message Posted: Feb 18, 2013 1:00:31 AM Ignore Thomtec Report Abuse Go for or Canada
5Golfer8 Champion Author Tucson Posts:2,258 Points:325,950 Joined:Jun 2011	Message Posted: Feb 18, 2013 12:59:53 AM Ignore 5Golfer8 Report Abuse Up the production and drop the prices.
animal63 All-Star Author Indiana Posts:950 Points:1,049,675 Joined:Oct 2008	Message Posted: Feb 18, 2013 12:59:44 AM Ignore animal63 Report Abuse I agree with 10K the price of gas is terribly expensive for a such a great supply of oil.
amgine27 Champion Author New York Posts:1,398 Points:332,965 Joined:Aug 2008	Message Posted: Feb 18, 2013 12:59:29 AM Ignore amgine27 Report Abuse yup
rosyLI Champion Author Long Island Posts:5,775 Points:1,093,305 Joined:Apr 2010	Message Posted: Feb 18, 2013 12:57:59 AM Ignore rosyLI Report Abuse Sounds like a lot of oil.
amgine27 Champion Author New York Posts:1,398 Points:332,965 Joined:Aug 2008	Message Posted: Feb 18, 2013 12:57:44 AM Ignore amgine27 Report Abuse ok
GLCSHADOW Champion Author Oregon Posts:1,618 Points:1,905,150 Joined:Dec 2005	Message Posted: Feb 18, 2013 12:51:27 AM Ignore GLCSHADOW Report Abuse Wow, even more oil out there and finding more all the time.
humblepie Champion Author Toledo Posts:35,301 Points:2,398,095 Joined:Mar 2006	Message Posted: Feb 18, 2013 12:49:11 AM Ignore humblepie Report Abuse great news for newfies
BobD2009 Champion Author Long Island Posts:7,129 Points:1,267,485 Joined:Apr 2009	Message Posted: Feb 18, 2013 12:44:32 AM Ignore BobD2009 Report Abuse How about luring the Alberta discounts.
10k Champion Author North Carolina Posts:21,485 Points:2,281,720 Joined:May 2006	Message Posted: Feb 18, 2013 12:42:29 AM Ignore 10k Report Abuse instead of luring oil money, how bout if we lure much lower pump prices ??..had one gas store jump from 3.46 to 3.72 today-totally uncalled for..
Matt G Champion Author Boston Posts:4,668 Points:2,799,765 Joined:Jun 2004	Message Posted: Feb 18, 2013 12:42:21 AM Ignore Matt G Report Abuse Good
CivicMA Champion Author Boston Posts:2,036 Points:562,215 Joined:Jun 2011	Message Posted: Feb 18, 2013 12:41:39 AM Ignore CivicMA Report Abuse Good as long as safety is maintained.
kgbellman Champion Author Ann Arbor Posts:2,850 Points:758,660 Joined:Mar 2011	Message Posted: Feb 18, 2013 12:38:12 AM Ignore kgbellman Report Abuse As long as done safely
KrsnaDragon Champion Author Montreal Posts:2,547 Points:558,250 Joined:Nov 2011	Message Posted: Feb 18, 2013 12:33:16 AM Ignore KrsnaDragon Report Abuse Interesting news.
jcdakota Champion Author Baltimore Posts:1,427 Points:377,345 Joined:Nov 2010	Message Posted: Feb 18, 2013 12:32:49 AM Ignore jcdakota Report Abuse Old news!
bell013 All-Star Author Atlanta Posts:516 Points:100,150 Joined:Feb 2013	Message Posted: Feb 18, 2013 12:30:31 AM Ignore bell013 Report Abuse I agree, We just don't need to be Fracking around.
tedjm1 Champion Author New York Posts:5,609 Points:800,300 Joined:Dec 2006	Message Posted: Feb 18, 2013 12:28:21 AM Ignore tedjm1 Report Abuse Question is; How do we rectify this & get ourselves fluid again?
bell05 Champion Author Atlanta Posts:9,401 Points:1,902,585 Joined:Jun 2005	Message Posted: Feb 18, 2013 12:27:32 AM Ignore bell05 Report Abuse We just don't need to be Fracking around.
stratlinetime Champion Author Kalamazoo Posts:2,416 Points:590,560 Joined:Feb 2011	Message Posted: Feb 18, 2013 12:26:50 AM Ignore stratlinetime Report Abuse Oil is everywhere but prices keep going up?
wayoung56 Champion Author Alabama Posts:2,920 Points:845,010 Joined:Oct 2006	Message Posted: Feb 18, 2013 12:25:48 AM Ignore wayoung56 Report Abuse Hmmm...
mfgendron All-Star Author New York Posts:745 Points:322,630 Joined:Sep 2008	Message Posted: Feb 18, 2013 12:24:52 AM Ignore mfgendron Report Abuse I boycott all canadian goods.
Cableman66 Champion Author North Carolina Posts:2,247 Points:517,585 Joined:May 2011	Message Posted: Feb 18, 2013 12:23:14 AM Ignore Cableman66 Report Abuse Old news.
boatfloyd Champion Author Jacksonville Posts:1,858 Points:415,675 Joined:Mar 2012	Message Posted: Feb 18, 2013 12:19:14 AM Ignore boatfloyd Report Abuse Oil is everywhere.
76chevy Champion Author Toledo Posts:4,023 Points:778,620 Joined:Jun 2010	Message Posted: Feb 18, 2013 12:19:10 AM Ignore 76chevy Report Abuse Oil is put on market for highest bidder no matter where it is produced. That is what keeps people like Chavez from actually enforcing his empty threats to not sell to U.S. [Edited by: 76chevy at 2/18/2013 12:21:14 AM EST]
crreed1 Champion Author West Virginia Posts:2,100 Points:2,550,715 Joined:May 2005	Message Posted: Feb 18, 2013 12:18:15 AM Ignore crreed1 Report Abuse old news
GRUMPY55 Champion Author California Posts:1,666 Points:433,140 Joined:Oct 2011	Message Posted: Feb 18, 2013 12:16:32 AM Ignore GRUMPY55 Report Abuse ok
heartbroken2010 Champion Author Ottawa Posts:4,480 Points:924,260 Joined:Aug 2010	Message Posted: Feb 18, 2013 12:15:54 AM Ignore heartbroken2010 Report Abuse Great stuff for them.
rahcat Champion Author Grand Rapids Posts:2,681 Points:689,900 Joined:Jan 2010	Message Posted: Feb 18, 2013 12:15:00 AM Ignore rahcat Report Abuse GO Maritime Provinces!!!