Energy Bridge Magazine

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Scott Bolton
PriceWaterhouseCoopers LLP

The technology that unlocked the massive shale gas prize — horizontal drilling and multistage fracturing — has hardly skipped a beat as it jumps to a new host in emerging tight oil and liquids-rich plays as well as “vintage” oil plays across the North American continent, including the Bakken and the Viking of Saskatchewan and the Cardium of Alberta.

The move by industry to horizontal well exploitation of Western Canada’s less permeable reservoirs using multistage fracturing is picking up speed in 2011 after setting new records last year.

In 2010, a little more than 5,000 of the wells drilled across the four western provinces were horizontal holes, or about 42% of all wells drilled (excluding oil sands evaluation wells), setting a new record.

Industry licensed 2,433 horizontal wells during the first three months of 2011, up 69% from the first quarter a year ago, setting the stage for another record year for horizontal holes. Excluding oil sands evaluation and experimental well licences, the 2,433 horizontal licences represented about 55% of all wells approved for drilling.

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Peter Tertzakian
ARC Financial

Eyebrows tend to rise when someone walks into a store and pays the proprietor double the asking price for a sale item. Happiness reigns at the windfall, yet the satisfaction of the sweet sale behind the counter quickly yields to the hushed, bothersome question, “What does this guy know that we don’t?” And so the question must be asked of the Chinese, when on October 10, 2011 one of their state owned oil and gas companies, Sinopec, walked into Canada’s oil patch and offered $2.2 billion for Daylight Energy.

The bid for debt-laden Daylight, a publicly-traded company was over ten bucks a share. On Friday, the market was only paying $4.89 a share, so the more-than-double premium begs the question, “What do the Chinese know that we don’t?” One thing they and their bankers know quite well is that the premium for a large takeover has to be rich and compelling if all shareholders (and the Canadian federal government) are going to agree to the deal.

Fair enough, but there is more to the buyer’s wisdom here. For one thing, they recognize that Daylight has built up a portfolio of natural gas properties in prolific and lucrative plays in Alberta and Northeast British Columbia (figure 1).

The Fuel of the Future

In fact, what the buyer knows is what shale-saturated North Americans have not fully acknowledged – that natural gas is the favoured fuel of the future, growing globally at an accelerating pace, much faster than oil, on a progressively larger and larger base of consumption. By extension, Sinopec and others abroad realize that Canada’s gas reserves are cheap today, and will be worth a lot more, probably more than double, in a few short years.

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访谈绿
《加拿大石油杂志》

2011年10月12日，阿尔伯塔总理艾理森. 雷德福(Alison Redford)任命特德.莫顿(Ted Morton)为能源部长。11月22日，莫顿先生在卡尔加里接受了《加拿大石油杂志》的采访，讨论了其新的职位 。

美国奥巴马政府最近宣布，将TransCanada Pipeline公司的拱心石XL输油管道(Keystone XL)的开发许可证核发日期推迟至2013年，请问您的反应是什么？

对此决定，我们自然深感遗憾，但是，我们感到乐观的是，事实胜于雄辩，管道开工将最终会获得批准。

您认为这些事实说明了什么？

在美国，有一大批环保人士强烈反对从阿尔伯塔进口石油，特别是油砂产生的原油。因为他们相信，进口石油将带来环境危害。当然，油气开采、 运输及其消费均会带来很多不利影响。因此，不可否认，任何输油管线工程均会带来环境危险。在此情况下，我们已采取了必要的措施来尽量降低可能产生的危害。

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Interview
Energy Bridge Magazine

Alberta Premier Allison Redford appointed Ted Morton Energy Minister on 12 October 2011. Energy Bridge met with Mr. Morton in Calgary on November 22 to discuss his new portfolio.

How did you react to the Obama administration’s recent announcement about postponing until 2013 the go-ahead for TransCanada Pipeline Ltd’s Keystone XL pipeline?

We were naturally disappointed by the decision, but we are optimistic that the facts will prevail and the go-ahead will ultimately be granted.

How would you characterize these facts?

There is a very strong and vocal environmental constituency in the United States that opposes the import of oil from Alberta, especially of oil sands derived crude. The rationale behind their opposition stems from the belief that imported oil will cause grave environmental harm. Oil and gas, their extraction, transport and consumption, bring with it many pros and cons. There is no denying that there are risks involved with any pipeline project, however, measures have been put in place to ensure that the harm in this case is minimized.

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Chris Lee
Deloitte

最近几个月，关于加拿大油砂开发的可行性及其未来发展方向的争论甚嚣尘上。面临的机遇可观：加拿大可静观其变，扮演全球可持续烃类资源的领导者，一如德国在再生能源研究和开发领域以及市场上的地位。

值得一提的是，我们观察到在2012年整个石油行业由于压力，被迫积极地采取了全新的方式招兵买马，以管理和挽留领域里的熟练劳动力。在人力资源管理方面取得一些进步的同时，老套的运营方式也必然在2012年告别历史。

但是，我们不单是从人力资源管理方面看到了根本性的变化。在即将到来的一年里，还需要在油砂资源的有序和可持续开发领域中充实新观念和新方式，包括减少系统内的浪费，在一些关键的领域实现更加良好的协作和增进公众对本行业的认识。

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Sebastian Gault
Publisher

进入二十一世纪以来，随着亚洲经济在全球经济格局中地位的不断提升，一个新的世界秩序即将形成。如今，那些曾经很好地服务于加拿大油气产业的旧设想需要重新思考，例如下列旧的设想：

加拿大能源出口流向南方；而美国则来者不拒

许 多加拿大人总是不理解，为何美国宁愿投入重金保护他们在中东的能源利益，却迟迟不肯同意铺设一条管线从其北方友邻（两国共享长达9000公里长而几乎未设 防的边境线）输入原油。不少加拿大人曾经认为，加拿大的资源型经济几乎可以说是美国经济的依附品。然而，近期美国对基斯顿输油管（Keystone XL）项目反对的声音说明，情况正在发生变化。几乎没有专家相信该输油管道项目许可证的申请会被拒绝，但是，强烈的反对却说明，建立沿海口岸出口油气并进 一步加大加拿大资源出口至其它国家（如中国）多样化更加紧迫。而加拿大穿山管道系统扩能（Kinder Morgan Trans Mountain）及北方门户（Northern Gateway）管道项目都是为了实现上述目标所做出的努力。

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Scott Bolton
普华永道会计师事务所

成功获得大量页岩气的技术---水平钻井和多级压裂，面对致密油和富液远景区，以及北美大陆“成熟的 ”石油远景区，包括Saskatchewan（萨斯喀彻温省）的Bakken 和Viking，以及阿尔伯塔省的Cardium这样的新课题，该技术完全能够担当。

2011年，石油行业使用多级压裂，通过水平井开发西加拿大极低渗透储藏的行动，在去年创新记录后，正在加速进行。

2010年，4个西部省钻的水平井在5000口以上，占总钻井数（不包括 油砂评价井）的约42%。创造了新的记录。

2011年前三个月石油行业审定了2433口水平井位，比去年一季度增加了69%，创造了水平井又一新的纪录。除油砂评价井和实验井外，审定的2433口水平井占所有审定钻井井位的约55% 。

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Sebastian Gault, PhD
加拿大石油杂志

美 国著名记者法里德•扎卡瑞亚（Fareed Zakaria）曾经撰文称，在21世纪，一个国家只能成为世界的思想及能源之源，才能繁荣昌盛。然而， 对许多人而言，“思想”之路可能更具有吸引力，而加拿大成为能源之源的机会则更好。事实上，在这方面，加拿大已经卓有成效。

加拿大的水电、铀、天然气以及石油的产量分别列居全球第一位、第二位、第三位及第七位，这些荣誉足以证明，加拿大为极佳的能源供应国。众所周知，未来，加拿大的能源产量将持续增加，这对其国家认同的影响可能更加深远。

自 从皮尔森总理杜(Lester B. Pearson)撰了“和平卫士”这一新词以来，我们即深信：加拿大是全球“和平卫士”。虽然国家的情况发生了变化，但是我相信，该观念将会被另一更加相 关的观念所取代。也许，不值得以另外的方式进行一次再造加拿大品牌的思考实验，如“能源大国”或者甚至“能源强国”?而我不喜欢使用“能源超级大国”这一 词，但是，如果随着加拿大在全球能源出口的份额越来越大，将促使其致力于谋求外交政策目标的实现，那么，有朝一日，这将成为事实。

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Peter Tertzakian
ARC Financial Corp

当有人步入商店，付双份的钱购买了一件商品时，店主的眉毛会向上扬。发了笔小财的快感油然而生，然而，甜蜜的感觉很快被一个快速袭来的问题吹散：“难道这个家伙掌握了我们不知道的情况？”所以，当2011年10月10日中国国有油气公司中石化跨入加拿大石油行业，出价22亿加元购买Daylight Energy时，我们必须向中国人提出这个问题。

中石化对债务缠身的上市公司Daylight的竞标价高于10加元钱/股；而10月7日的市场价仅为4.89加元/股，超出一倍的溢价等待回答： “中国人掌握了什么我们不知道的情况？”中国公司及其银行很清楚：如果要让所有的股东（以及加拿大联邦政府）同意这桩收购，它的溢价一定要很丰厚，且让人迫不及待。

这样的解释很有理；但是买家的慧眼不仅如此。有一点是，他们知道Daylight Energy已经在阿尔伯塔省和不列颠哥伦比亚省的东北部拥有了一系列高产天然气储藏的投资组合。

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Sebastian Gault
Publisher

As we enter the 21st Century, a new world order continues to emerge with Asian economies becoming increasingly important global players. Many old assumptions that once well served the Canadian oil & gas industry need to be re-considered. Consider some examples:

"Canada’s energy exports flow south; the United States will take whatever is in the pipe"

Many Canadians are struck by the strange irony in how the United States invests so much in securing its energy interests in the Middle East, whereas it drags its feet on permitting a pipeline to import crude from its friendly northern neighbour (with whom it shares an almost unprotected 9,000-kilometre long border). Many Canadians used to regard their country’s heavily resource-based economy as almost an appendage to the American one. But recent US resistance to the Keystone XL pipeline application is a sign of how things are changing. Few experts believe that Keystone XL will be kiboshed, but the extraordinary resistance has added urgency to the need for a coastal outlet for oil and gas exports and the further diversification of Canadian resource exports away to other countries, such as China. The Trans Mountain pipeline system expansion as well as the Northern Gateway pipeline project are both part of the efforts to make that happen.