According to Pauline Marois, the sale by Hydro-Québec of its oil rights to the company Petrolia will lose hundreds of billions of dollars to Quebec. This would actually be $ 240 billion, since it is the value of oil that would contain the island, as estimated by Petrolia. For Ms. Marois, the presumed value of property alleged translates directly into less revenue for government. What is somewhat surprising.
In the same breath, without seeing any contradiction there, it requires a thorough study of the BAPE before the start of exploration. Question: we drill or not drill or not Ms. Marois? Because if we do not drill, I wonder what is this talk about the hundreds of billions lost.
Getting started. For over 100 years that explores the basement Quebec to find the black gold. We know that there is potential in the Gaspé and the waters of the Gulf of St. Lawrence and Gulf. We dug 350 wells to date, but without convincing results.
Now it's on Anticosti Island promising a geological formation. Not a tank of oil just waiting to let themselves be pumped, but reservoir rocks which contain oil. It makes oil shale .... I understand that Quebecers do not like more than it takes the word "shale", oil, drilling and wells. All guests of Everyone speaks will make their statement on this small paradise lost soiled by bitumen.
This oil is it $ 240 billion? To really know, will need to drill, drill and drill. The buyer, the oil group is satisfied that there are and assesses the potential between 30 and 70 billion barrels. The buyer, who must fetch on the market $ 100 million for exploration, is obviously convinced of his coup. Hydro-Quebec, which has invested 10 million in a joint venture with Petrolia, seemed not to be so. Neither Junex, a major partner of Petrolia in its various projects.
Assume that there is oil and its extraction does not pose problems. Hydro-Quebec should be the owner / developer of the field in question? I am prepared to recognize several virtues to Hydro-Quebec, but I knew it was an oil expert. To the best of my knowledge, this is neither his job nor his expertise. Is it really his role to spend tens of millions of dollars extra in case there would be gas or oil?
Behind Hydro-Quebec, the role of government obviously wants to highlight the PQ. The private sector is always suspicious to many Quebecers who feel that the state serves them well. We finally proposed the development model of Iran, Saudi Arabia or Venezuela to defend "our interests". I think that the government already has its hands full with the tasks that He was awarded, I do not see how it could be well served by an administration that knows not much more than you and me at the petroleum industry.
You'll talk to me instead of Norway where the state plays a role in the oil industry.
Four things about Norway. These are the big oil companies that have begun exploring and mining on the Norwegian coast. The State has taken a leading role in 1972, but never prevent the oil to continue and develop their work. The Norwegian oil company Statoil owned 67% by the government but it is listed on stock exchanges in Oslo and New York. Finally, unlike Quebec where electricity is not expensive for an immediate appeal to consumers, the Norwegian oil is expensive to prepare future generations of Norwegians.
Nevertheless assume that there is a Petro-Quebec, a subsidiary of Hydro-Quebec and the oil flowing. It is a still a bit silly to say that revenue from this new Crown corporation will automatically translate into revenues for the state. Costs of exploration, extraction, transport, administration and financing, you make what? It's like saying that Hydro-Quebec reported 12 billion per year to the government instead of the 2 billion dividend paid.
These 2 billion, the government could get them in royalties and rights ... if oil flows really afloat. But this is not his to take the risk.