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Global Energy Markets Panel #1A Wednesday, June 10th 09:00 – 10:15How the North American and global energy sector is increasingly impacting our region
Moderator: Barry Munro, Oil and Gas Leader, EY CanadaParticipants: Bob Tippee, Chief Editor, Oil and Gas Journal
John Van der Put, VP Energy East Pipeline, TransCanada Phillip Ribbeck, Director, LNG North America, Repsol;
Chairman, Executive Committee, Canaport LNG
Adjusting to Abundance
Bob Tippee, Editor, Oil & Gas JournalEast Coast Energy ConnectionSaint John, New BrunswickJune 10, 2015
Fundamentals: 2014 balance
2014 forecast
2014 actual
Million b/d
Global demand 92.5 92.5
Non-OPEC supply 56.4 57.0
OPEC NGL 6.6 6.4
Left to balance 29.5 29.1
OPEC crude 29.9 30.3
Stock change +0.4 +1.2Sources: 2014 forecast from IEA January 2014 Oil Market Report with OGJ F&R forecast for OPEC crude and stock change calculated; 2014 actual from IEA May 2015 OMR.
Fundamentals: 2015 balance
2014 Jan f’cst May f’cstMillion b/d
Global demand
92.5 93.3 93.6
Non-OPEC 57.0 57.5 57.8
OPEC NGL 6.4 6.7 6.6
To balance 29.1 29.2 29.2
OPEC crude 30.3 30.1 30.5*
Stck change +1.2 +0.9 +1.3*1Q average; April OPEC was 31.2 MMb/d.Source: IEA Oil Market Report for respective months; OGJ forecast for January OPEC crude, calculations for stock change.
New market dynamics
• Supply from unconventional resources– High volume at high cost– Limited need for exploration– Rapid supply response (especially tight oil)
• Changing role for OPEC– Supply modulation = lost share– Internal strife, external ramifications
• Is everyone a swing producer now?
A choice between status quo and Energy East
John Van der Put, Vice-President, Energy East PipelineEast Coast Energy ConnectionSaint John, New BrunswickJune 10, 2015
TransCanada: Leading North AmericanEnergy Infrastructure Company
One of North America’s Largest Natural Gas Pipeline Networks• 68,000 km of pipeline • 14 Bcf/d or 20% of demand• 368 Bcf of capacity
Largest Private Sector Power Generator in Canada• 19 power plants, 10,900 MW
Premier Oil Pipeline System• Safely delivered more than
900 million barrels of Canadian oil to U.S. markets since 2010
• 2.5 million bbl/d ultimate longhaul capacity
Energy East
Eastern Canada is importing between $15 and $25 Billion in Crude Oil per year
Delivering Energy Safely
Take Action
http://action.energyeastpipeline.com
Phillip RibbeckDirector, LNG North America, Repsol; Chairman, Executive Committee, Canaport LNG
