Posted on 07/05/2008 12:13:03 PM PDT by NRG1973
After two years of hunting the oilsands for acquisitions, India plans to pull the trigger on a multibillion-dollar deal this year, government officials told the World Petroleum Congress on Thursday.
"Indeed, we are going to get more actively engaged in the Canadian tar sands in the next six months, we are looking at opportunities," said M. S. Srinivasan, India's Petroleum Secretary.
He said India would prefer to acquire assets over producing companies on a magnitude of at least $2 billion to $2.5 billion.
"Size does matter," he continued. "We would like to be going for an economically viable size; too small an acreage may not be a commercially viable proposition."
India is currently the world's fifth-largest consumer of energy and accounts for almost four per cent of the world's energy consumption. Like other emerging economies, it has been scouring the globe for oil and gas supplies to fuel its growth.
In a speech to the congress - which wrapped up Thursday - Oil Minister Murli Deora said India needs ever-increasing oil and gas reserves at home and abroad to sustain economic growth of nine to 10 per cent per year.
"India's energy needs are growing as income levels and population are both rising. Our main focus is to enhance energy security for the country," he said.
Although its domestic production is expected to jump 30 per cent over the next five years, it still won't be enough to feed its economic development.
The country has been looking for an entry into the oilsands for more than two years.
In April 2006 it was reportedly on the verge of signing a deal that would mark its foray into North America.
Srinivasan said India had two teams in Canada looking at oilsands assets but became "busy" with other opportunities in other countries.
(Excerpt) Read more at canada.com ...
So, you would like the U.S. Government to get into the oil business and make deals with foreign nations?
Neither will be happening much longer if this keeps up.
They’re already in the oil bidness by restricting supply.
In the current climate of energy with other governments watching out for their people we are getting screwed.
Maybe it time for our own government take our side.
And yes, over the last 30 years both parties Democrat and Republican have impeaded domestic oil production with the 1981 Offshore drilling ban which was signed into law by a Republican President and the ANWR drilling ban that is supported by John McCain. Both Parties and the American people are to blame for the mess that we are in.
Perhaps if we asked China to drill the Alaska desert, the commiecrats would agree?
If you like $5/gal, Thank Congress.
Pray for W and Our Troops
It's not a matter of "greater right." The point is, the USA is the natural market for this product, and it would be better for the consumers in both the USA and Canada if the USA were the primary customer.
That we aren't is because of a disgrace called the Democrat Congress.
There are no “natural markets” but rather who is willing to pay the best price to the producer. Thus it would seem that he indians are willing to pay a better price than the Americans.
The other point here is that all of the grandstanding by Pelosi and Obama and The US Council of Mayors has meant nothing. The ridiculous “we don’t want your dirty tar sands” rhetoric has only ensured that the petroleum product from the Canadian tar sands will be burned in India, which is exempt from Kyoto-type emissions controls now and in the future.
The net effect is that the “dirty gas” will be burned anyway, without any emissions controls at all, and the American consumer will continue to pay higher and higher gas prices, and the Democrat Party, having achieved a meaningless symbolic victory, gets to feel righteous.
You are poorly informed about Congressional voting records. Republicans have overwhemingly supported energy exploration while rats have overwhelmingly opposed energy exploration. In 1996, Clinton vetoed ANWR exploration. Bush has repeatedly tried to get Congress to approve domestic oil and natural gas exploration. The rats and a few RINOs have blocked this legislation. To the extent that domestic energy exploration can alleviate the energy situation, the rats are obstructionists. They are elitist, arrogant, central planners leading us into an energy meltdown. The left in this country is unique in its opposition to responsible energy development. The left in Europe does not block responsible energy development.
Time to start rubbing sticks together again folks.
So, you would like the U.S. Government to get into the oil business and make deals with foreign nations?
No, I don't want the U.S. Government to get into the oil business nor do I want it to provide subsidies (e.g. ethanol).
However, I do think that our leaders should at least remove roadblocks to sensible development of domestic energy sources, e.g. offshore drilling, ANWR drilling, oil sands, coal to oil and nuclear power.
Buy your own chunk of the Tarsands!
There are a variety of listed stocks at all stages of development and production.
Start with ECA, then go down the list - PCA, UTS, several income trusts, CLL, etc, etc...
Try robtv.com for plenty of realtime and archived coverage of the markets these puppies trade on.
The gubmint’s not going to do it for you.
It has nothing to do with "price." India has to pay the enormous costs of transporting product 6000 miles halfway around the world. America could absorb the product instantly using existing infrastructure. If it came down to "price," India would have to pay enormous amounts in order to "outbid" America for this product.
But it doesn't, because this has nothing to do with "price." It's all politics. The Democratic Party has decided that America has the luxury of writing off most of the known oil reserves on this continent.
And it's just silly to say that "there are no 'natural markets'". Maybe you do your grocery shopping in London, but I prefer to shop at one of the supermarkets within a one-mile radius. I would imagine that the people who spent millions of dollars to build and stock them sure believed in natural markets.
India is buying oil land rights basically. It will have to be developed and then the oil separated, processed, refined and shipped. The US could do the same in the vast oil sands tracts of land in Alberta.
I understand that you are a business professor while I simply took a couple business glasses while at university. However, you state that Republicans have overwhemingly supported energy exploration.
If that is the case why is it that the current Offshore Drilling Ban has stood since 1981 and has been renewed every year?
Now let's review each year since 1981 and see who it is that voted for and signed the renewual of the Offshore Drilling Ban.
1981 GOP President and a GOP Senate
1982 GOP President and a GOP Senate
1983 GOP President and a GOP Senate
1984 GOP President and a GOP Senate
1985 GOP President and a GOP Senate
1986 GOP President and a GOP Senate
1987 GOP President
1988 GOP President
1989 GOP President
1990 GOP President
1991 GOP President
1992 GOP President
1993 Dem President Dem House and Senate
1994 Dem President Dem House and Senate
1995 Dem President GOP House and Senate
1996 Dem President GOP House and Senate
1997 Dem President GOP House and Senate
1998 Dem President GOP House and Senate
1999 Dem President GOP House and Senate
2000 Dem President GOP House and Senate
2001 GOP President GOP House and Senate
2002 GOP President GOP House and Senate
2003 GOP President GOP House and Senate
2004 GOP President GOP House and Senate
2005 GOP President GOP House and Senate
2006 GOP President GOP House and Senate
2007 GOP President Dem House and Senate
Now, "Professor" how is it that you only want to blame the Democrats for blocking the Offshore Drilling Ban when for 25 of the last 27 years the GOP has controlled either the White House or one or more houses of the Legislative Branch?
Or, would that lesson be taught by a less poorly informed tenured professor?
As I said, and proved. Both Parties are to blame.
Why are you so concerned about the cost of India transporting the oil from Canada half way across the globe?
Don’t you think that the Indians have already computed that cost into their equation?
Don’t you believe that the Canadians have the right to sell their oil sands to whomever they wish?
Why are you so concerned about a deal that is made between a buyer and a seller of which you have no relationship?
It is called a Free Market!
You are omitting important facts. You have committed an error of omission. You also resort to childish personal attacks. You can disagree with attacking me personally.
There has been a congressional ban since 1981. The executive order originated with President Bush I. In 1996, the Republican Congress voted to overturn the ANWR ban but Clinton vetoed the bill. President Bush has repeatedly called for lifting the ban on both ANWR and offshore oil exploration. Because of solid opposition by the rats and some RINO votes, he has not been able to get drilling approved. You are right that Bush could have provided more leadership on the offshore drilling. He signed another executive order extending the ban. However, he is solidly for drilling in ANWR, offshore, and the Rockies (for oil share).
Overall, your assessment is misleading. The conservative Republicans are solidly for energy exploration. Almost every rat is against energy exploration. Even McCain is for offshore energy exploration and nuclear plant development. At this point, the rats are solidly to blame. We have a largely Democrat energy policy with Democrats attempting to blame Republicans for high energy prices. The energy situation will become much worse when the rats take complete control. Global warming legislation, renewable mandates, and windfall profit taxes will lead to an energy meltdown.
Second, I did not say that Conservatives were standing in the way of lifting the offshore drilling ban but rather that Republicans, when they were in Control of the House, Senate or White House had more than twenty opportunities to lift the ban.
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