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Review of the BRIK (Bitumen Royalty-In-Kind) Program

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Review of the BRIK (Bitumen Royalty-In-Kind) Program LEGISLATIVE ASSEMBLY OF ALBERTA Standing Committee on Alberta’s Economic Future Review of the BRIK (Bitumen Royalty-in-Kind) Program Twenty-Eighth Legislature First Session May 2013 Standing Committee on Alberta’s Economic Future 801 Legislature Annex 9718 – 107 Street Edmonton AB T5K 1E4 780.427.1350 [email protected] STANDING COMMITTEE ON ALBERTA’S ECONOMIC FUTURE May 2013 To the Honourable Gene Zwozdesky Speaker of the Legislative Assembly of the Province of Alberta I have the honour of submitting, on behalf of the Standing Committee on Alberta’s Economic Future, its final report pursuant to standing order 52.07(2) on the Review of the BRIK (Bitumen Royalty-in-Kind) Program. Sincerely, [original signed by Chair] Moe Amery, MLA Chair, Standing Committee on Alberta’s Economic Future c. Dr. David McNeil Clerk of the Legislative Assembly CONTENTS MEMBERS OF THE STANDING COMMITTEE ON ALBERTA’S ECONOMIC FUTURE .......................... ii 1.0 INTRODUCTION..................................................................................................................................... 1 2.0 SUMMARY OF COMMITTEE RECOMMENDATIONS .......................................................................... 2 3.0 DEFINITIONS ......................................................................................................................................... 3 4.0 BACKGROUND ...................................................................................................................................... 5 4.1 Overview of the Bitumen Royalty-in-kind (BRIK) Program ........................................................... 5 4.1.1 Impetus for the Bitumen Royalty-in-kind (BRIK) Program ........................................................... 5 4.1.2 Objectives of the BRIK Program .................................................................................................. 5 4.1.3 Transportation of BRIK Bitumen .................................................................................................. 6 4.1.4 BRIK Bitumen Supply ................................................................................................................... 6 4.1.5 Agreement to Process BRIK Bitumen .......................................................................................... 6 4.1.6 Summary of Significant Terms from the Agreement to Process Crown Royalty Bitumen ........... 7 4.1.7 Carbon Capture and Storage Program ........................................................................................ 8 4.2 Background – Supply and Demand ................................................................................................ 8 4.2.1 Supply .......................................................................................................................................... 8 4.2.2 World Demand ............................................................................................................................. 9 4.2.3 Canada ....................................................................................................................................... 10 4.2.4 United States .............................................................................................................................. 11 4.2.5 China .......................................................................................................................................... 12 4.2.6 Demand for Petroleum Products ................................................................................................ 12 4.2.7 Pipelines ..................................................................................................................................... 13 4.2.8 Rail ............................................................................................................................................. 14 4.3 The Economics of Bitumen Upgrading and Refining .................................................................. 14 4.3.1 Light (and Value-Added)/Heavy Oil Price Differentials .............................................................. 14 4.3.2 Capital and Labour Costs .......................................................................................................... 16 4.3.3 Operating Costs and Capacity Utilization .................................................................................. 17 4.3.4 Transportation Costs .................................................................................................................. 17 5.0 BENEFITS AND RISKS OF ADDITIONAL BITUMEN ROYALTY-IN-KIND PROGRAM(S) ............... 19 5.1 Key Benefits..................................................................................................................................... 19 5.1.1 Greater Diversification of Energy Portfolio ................................................................................. 19 5.1.2 Capturing More of the Petroleum Value Chain and Generating Jobs ....................................... 20 5.1.3 Environmental and Additional Economic Advantages ............................................................... 20 5.1.4 Markets for Alberta Bitumen ...................................................................................................... 21 5.2 Key Risks ......................................................................................................................................... 21 5.2.1 Economic Risks .......................................................................................................................... 21 a) Narrowing Price Spread between Bitumen and Value-added Products ......................................... 21 b) Labour Cost Overruns ..................................................................................................................... 22 c) Regulatory Environment and the Timeliness of the Next BRIK Project .......................................... 22 d) Opportunity Costs and Financing other Projects ............................................................................ 23 5.2.2 Environmental Risks .................................................................................................................. 23 6.0 RECOMMENDATIONS ........................................................................................................................ 24 7.0 ACKNOWLEDGEMENTS .................................................................................................................... 25 8.0 STAKEHOLDER CONSULTATION ..................................................................................................... 26 APPENDIX A: MINORITY REPORT – KENT HEHR, MLA ....................................................................... 27 APPENDIX B: MINORITY REPORT – DAVID EGGEN, MLA ................................................................... 29 APPENDIX C: SUBMISSIONS TO THE COMMITTEE .............................................................................. 32 APPENDIX D: BIBLIOGRAPHY ................................................................................................................ 33 i Standing Committee on Alberta’s Economic Future May 2013 Report on the BRIK Program Review Standing Committee on Alberta’s Economic Future May 2013 Report on the BRIK Program Review MEMBERS OF THE STANDING COMMITTEE ON ALBERTA’S ECONOMIC FUTURE 28th Legislature, First Session Moe Amery, MLA Chair Calgary-East (PC) Gary Bikman, MLA* Rod Fox, MLA† Deputy Chair Deputy Chair Cardston-Taber-Warner (W) Lacombe-Ponoka (W) Naresh Bhardwaj, MLA Sandra Jansen, MLAǂ Peter Sandhu, MLAǂ Edmonton-Ellerslie (PC) Calgary-North West (PC) Edmonton-Manning, (PC) Laurie Blakeman, MLAǂ Jason Luan, MLA Janice Sarich, MLA§ Edmonton-Centre (AL) Calgary-Hawkwood (PC) Edmonton-Decore (PC) Wayne Cao, MLA§ Everett McDonald, MLA Dr. Raj Sherman, MLAǂ Calgary-Fort (PC) Grande Prairie-Smoky (PC) Edmonton-Meadowlark (AL) Ian Donovan, MLA Cathy Olesen, MLA Danielle Smith, MLAǂ Little Bow (W) Sherwood Park (PC) Highwood (W) David C. Dorward, MLA Bridget Pastoor, MLA§ Hon. Dr. Richard Starke, MLAǂ Edmonton-Gold Bar (PC) Lethbridge-East (PC) Vermilion-Lloydminster (PC) David Eggen, MLA Sohail Quadri, MLA Rick Strankman, MLA Edmonton-Calder (ND) Edmonton-Mill Woods (PC) Drumheller-Stettler (W) Jacquie Fenske, MLAǂ Dave Quest, MLAǂ Kerry Towle, MLAǂ Fort Saskatchewan-Vegreville (PC) Strathcona-Sherwood Park (PC) Innisfail-Sylvan Lake (W) Hector G. Goudreau, MLAǂ George Rogers, MLA Steve Young, MLAǂ Dunvegan-Central Peace-Notley (PC) Leduc-Beaumont (PC) Edmonton-Riverview (PC) Kent Hehr, MLA Bruce Rowe, MLA§ David H. Xiao, MLA§ Calgary-Buffalo (AL) Olds-Didsbury-Three Hills (W) Edmonton-McClung (PC) * Committee member and Deputy Chair to March 5, 2013. † Committee member and Deputy Chair from March 5, 2013. ǂ Committee member to March 5, 2013. § Committee member from March 5, 2013. ii Standing Committee on Alberta’s Economic Future May 2013 Report on the BRIK Program Review Substitutions Pursuant to Standing Orders 56(2.1) – (2.4): David H. Xiao, MLA* Edmonton-McClung (PC) Rick Fraser, MLA† Calgary-South East (PC) Linda Johnson, MLA‡ Calgary-Glenmore (PC) Deron Bilous, MLA§ Edmonton-Beverly-Clareview (ND) Ron Casey, MLA** Banff-Cochrane (PC) Joe Anglin, MLA†† Rimbey-Rocky Mountain House-Sundre (W) Drew Barnes, MLA‡‡ Cypress-Medicine Hat (W) Members also in attendance: Rick Fraser, MLA§§ Calgary-South East (PC) * Substitution for Dr. Richard Starke, October 31, 2012, and Everett McDonald, November 21,
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