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Aussie LNG Projects now officially not viable; Sustained below $80/ barrel Oil price slump starting to get noticed
Topic Started: 26 Oct 2014, 08:45 PM (2,637 Views)
Bardon
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miw
27 Oct 2014, 04:27 AM
What they do export will replace Russian gas in Europe and Russia will be scrambling to build pipelines east to sell their gas but have no capital to build them.




They Russkies have recently announced a major oil find in the Arctic Sea which Exxon had been jointly funding with Rosnet, now they need to stay out for the payback bit, there is talk that they will approach the Chinese for funding.

http://www.bloomberg.com/news/2014-09-27/rosneft-says-exxon-arctic-well-strikes-oil.html


Lulldapull I take it that you didn't get that job in Kuwait?

Petrofac have been awarded something like 750BP worth of oil gathering up there, if you wanted to give it a try. Also East Africa beginning to open up for oil and gas opportunities, Kenyan Oil Company awarding projects right now. Also Dar es Salaam is the new Aberdeen.

With respect to the CSG to LNG schemes in Queensland, even if they don't build anymore there is a solid block on new well heads and gathering systems that must be built over the next thirty years to keep the plants fed.

Also check out WDS share price cliff drop, 70% in one day!

http://www.asx.com.au/asx/research/companyInfo.do?by=asxCode&allinfo=&asxCode=wds


Edited by Bardon, 27 Oct 2014, 11:48 AM.
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lulldapull
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Bardon, there's a lot of riff raff currently in the ME market. Outfits like Petrofac are low balling everything and anything just to stay afloat.

It's an almost certainty now that you have to know someone somewhere to get placed in Dubai, Kuwait, Qatar or Abu-Dhabi. I've had a lot of recruiters contact me from over there in the last year or so, but so far no luck.

Here it is a dead economy, so won't hold my breath for anything. Just stay put at APA, for the next year until something materializes.

P.S. I know about WDS share price debacle. Spoke to Graeme McAinch a few days ago............The same shit is happening with OSD, Clough and also McDow.................pipeline & project work's drying up mate............ :(
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Bardon
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What was the insiders view on the reason for the WDS debacle?
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lulldapull
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Qld work rapidly drying up, and both McDow and OSD seriously low balling the remaining jobs, almost to the point of collusion. :(

Graeme is thinking retirement now Bardon...........probably head back to Scotland.

A month and a half ago GLNG let go around 500 people in a mass layoff. Saipem have been doing their own mass layoffs every now and then in both Gladstone and brisi as the project finishes. Upstream Feed & Execute was the hardest hit in this last one.

Man, I am lucky to have work these days. Tens of thousands are sitting home long term now in both brisi and perth, with no prospects of employment.

It's a very different economy now compared to 10 years ago. Nothing is safe anymore.
Edited by lulldapull, 27 Oct 2014, 09:29 PM.
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Count du Monet
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Seems to have been a strong surge in demand for manufacturing labor in Melbourne in the last month or so. Maybe it is seasonal, maybe the falling AUD?
The next trick of our glorious banks will be to charge us a fee for using net bank!!!
You are no longer customer, you are property!!!

Don't be SAUCY with me Bernaisse
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lulldapull
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Count, manufacturing is very low paid, and Melbourne is just full of refugees and cheap labor tradies.

A lot of suburbs here like Geelong, Altona, Dandenong, Meadow heights etc..... are just like the third world.

I don't think handyman type jobs or demand will ever subside. They will always be there.

It's the $250k+/ yr project jobs which are now long gone............. :bye:
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Count du Monet
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newjez
27 Oct 2014, 03:53 AM
We're still in the GFC.
The fallout of the GFC. The focal point was when the banks stopped lending to each other because the low return was not worth the risk. The FED's attempt to fore-stall bankruptcies by dropping rates in 2006 simply meant at basic level the risk reward ratio became too narrow. With such low returns risking capital became redundant. The problem is voodoo economics has a use by date and they have a bad habit of over staying. The best that can be offered is last drinks, but they think the party should keep going full swing.
The next trick of our glorious banks will be to charge us a fee for using net bank!!!
You are no longer customer, you are property!!!

Don't be SAUCY with me Bernaisse
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miw
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Count du Monet
27 Oct 2014, 10:18 PM
The fallout of the GFC. The focal point was when the banks stopped lending to each other because the low return was not worth the risk.
Actually the returns were very high! But nobody could work out what the risk was so they still wouldn't lend.
The truth will set you free. But first, it will piss you off.
--Gloria Steinem
AREPS™
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Count du Monet
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lulldapull
27 Oct 2014, 10:15 PM


It's the $250k+/ yr project jobs which are now long gone............. :bye:
An amazingly disordered commodities boom this time around. The one in the 60's and 70's was more ordered.

In 2003 some doubted there was a commodities boom even though the evidence was there from 1999. So it went for 5 years in full swing with FED piling on all the furniture to burn.

Then it blew up and $145 oil slumped to $40. The FED's idiocy was to let oil go past $120 as tankers sailed in circles trying to push up the price. Would the FED pull the plug on this? No, they wouldn't, they couldn't stomach pulling the plug. There were no men anymore, merely Greenspans.

Meanwhile the Bulls were singing new paradigm!

The BIS warned them in 2003 to raise rates and the FED only made half hearted attempts. Otherwise there would have been a more sustainable rise.

The FED tried to kick it back to life 2009 to 2011, and bulls thought it was back to last forever. Total fools! 2011 was the curtain call and the mad woman of Roy Hill thinks it is still going. In QLD you'll walking past the same icons of the golden age for the next generation until the next war starts.
The next trick of our glorious banks will be to charge us a fee for using net bank!!!
You are no longer customer, you are property!!!

Don't be SAUCY with me Bernaisse
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Bardon
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lulldapull
27 Oct 2014, 10:15 PM


It's the $250k+/ yr project jobs which are now long gone............. :bye:
I wouldn't be so sure about that, there are many still earning way above $250 k on projects right now. Not saying there hasn't been a pullback of sorts but most working on larger projects will be on good packages and i doubt that they have been peeled back, maybe bonuses etc which were on top of salaries are lesser but the $250k+ packages are certainly not gone
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