Canadian Energy Sector to Boost Spending
Capital spending by Canada's oil and gas industry will rise by 6%, or C$1.9 billion, in 2020 from the previous year, halting a six-year decline due to improving economics, the Canadian Association of Petroleum Producers (CAPP) forecast on Thursday.CAPP said a corporate tax cut by Alberta's provincial government last year and its easing…
Canadian Drillers Expect Flat Year
The Canadian Association of Oilwell Drilling Contractors (CAODC) said that the Canadian oil and gas industry is simply too dysfunctional to anticipate any kind of quick recovery.As a result, Canadian service companies are exploring any and all options to generate positive cash flows, said CAODC President, Mark Scholz."Our members are on life support," says Scholz.
Why Canada is the Next Frontier for Shale Oil
The revolution in U.S. shale oil has battered Canada's energy industry in recent years, ending two decades of rapid expansion and job creation in the nation's vast oil sands. Now Canada is looking to its own shale fields to repair the economic damage. Canadian producers and global oil majors are increasingly exploring the Duvernay and Montney formations, which they say could rival the most prolific U.S.
ExxonMobil's Canada Offshore Project Produces First Oil
The Hebron oil project off the coast of eastern Canada has produced its first oil, operator Exxon Mobil said on Tuesday, in a boost to Atlantic Canada's output after years of weak crude prices. At its peak Hebron will produce up to 150,000 barrels per day (bpd), Exxon said. It will help Atlantic Canada offshore production climb 44 percent to 307…
KeystoneXL Opponents Vow Long Fight as Nebraska Hearing Concludes
Opponents of the Keystone XL pipeline vowed on Thursday to block construction of the controversial project if Nebraska regulators approve the proposed route later this year. Nebraska regulators wrapped up a final public hearing a day early on Thursday on TransCanada Corp's proposed Keystone XL pipeline after four days of contentious exchanges between lawyers. They will make their final decision by Nov. 23.
Canceled LNG Project Casts Shadow over Canada's Biggest Shale Play
Petronas' decision to cancel its Pacific NorthWest LNG project is a blow to the growth outlook for Canada's largest shale play, eliminating a potentially huge source of future gas demand. Gas from the Montney shale play in western Canada would have supplied the C$36 billion ($28.7 billion) project in northern British Columbia. The project…
Innovators Toil to Revive Canada Oil Sands
In the boreal forests and on the remote prairies of Alberta, a handful of firms are running pilot projects they hope will end a two-decade drought in innovation and stem the exodus of top global energy firms from Canada's oil sands. They are searching for a breakthrough that will cut the cost of pumping the tar-like oil from the country's…
Canada Mulls Single Body to Assess Pipelines
Canada needs a single federal authority to assess the potential impact of major projects such oil pipelines and mines, a move that could help quell environmental protests, an official panel said on Wednesday. Responsibility for examining the potential impact of projects on federally-regulated land in Canada is shared between three separate entities…
New Pipelines No Silver Bullet for Battered Canada Oil Industry
Canada's oil sands producers are getting a long-awaited boost in export capacity, but the two pipeline projects approved this week will not be a silver bullet for the industry's woes unless crude prices pick up or companies improve their operating efficiency. The Canadian government approved Kinder Morgan's plan to triple volumes on its Trans Mountain pipeline to 890…
Canadian Oilwell Drilling Forecasted to Jump in 2017
Drilling in Canada's oil and gas fields will pick up in 2017 because of more favourable pricing after two years of record low activity, an industry group said on Tuesday in its annual forecast. The Canadian Association of Oilwell Drilling Contractors said a more stable U.S. benchmark crude oil price would lead to a 31 percent increase in the number of wells drilled to 4…
Low Prices May Hobble Potentially Massive New Canada Oilfield
A deepwater oilfield off the coast of eastern Canada could hold 25.5 billion barrels of crude, according to a new seismic report by the Newfoundland and Labrador government, potentially making it the country's largest offshore resource. But the West Orphan Basin, 300 km (186 miles) northeast of Newfoundland, may still struggle to attract…
Oil Ends Higher in Choppy Trade ahead of Britain's EU Vote
Oil prices closed 2 percent higher after a volatile session on Thursday, with investors less worried about prospects for the global economy after the last pre-vote opinion polls showed Britain was likely to remain in the European Union. Oil prices were also supported by market intelligence firm Genscape's report of a drawdown of nearly 1 million barrels at the Cushing, Oklahoma storage base for U.S.
Canada's Oil Output to grow 28 pct by 2030
Canadian oil production will grow by 28 percent to hit 4.9 million barrels per day (bpd) by 2030, the Canadian Association of Petroleum Producers said in its annual report. The estimate is lower than CAPP's previous forecast of 5.3 million bpd by 2030, and comes amid a two-year rout in global oil prices that continue to hammer Canadian oil companies, which have slashed billions in capital expenditures.
Cenovus Cuts Nearly 250 Workers
Cenovus Energy said it let go nearly 250 employees on Tuesday as part of a previously announced restructuring, a spokesman said, adding to the tens of thousands of energy industry workers laid off in Canada since oil prices crashed. The cuts at the oil and gas producer are part of the 440 layoffs outlined by Cenovus earlier this year…
Hefty Maintenance Schedule Looms for Canada Oil Sands Producers
The move is seen temporarily curbing supply in the second and third quarters, which should lift crude prices in the region and give producers a respite from selling their barrels below cash costs. Among producers planning major work at their facilities, Suncor is planning the first five-yearly turnaround on its U2 upgrader, Cenovus…
Alberta Panel to Review Climate-change Policy
The Canadian province of Alberta, the biggest source of U.S. oil imports, announced the members of its climate change policy review panel on Friday, part of its pledge to implement new rules on greenhouse gas reductions. Environment Minister Shannon Phillips said the panel would offer recommendations to the government by early November…
Alberta Mulls Splitting Energy Regulator from Promoter Role
The Canadian province of Alberta, the largest source of U.S. oil imports, is considering splitting its energy regulator to avoid a potential conflict with its role as promoter of the oil and gas industry, a spokeswoman for the premier said on Tuesday. Notley's left-wing New Democratic Party, which last month ended 44 years of Conservative rule with a majority election victory…
Canadian Drillers' Group Sees More than 25,000 Jobs Lost
The Canadian Association of Oilwell Drilling Contractors slashed its 2015 drilling forecast for a second time on Monday, forecasting that more than 25,000 jobs will disappear because of weak oil prices. The number of drillers' operating days is expected to decline by an additional 10,320, after the industry body said in January that 64,645 operating days would be lost.
Alberta Energy Minister Inexperience Concerns Industry
Canada's oil and gas industry is concerned about the inexperience of Alberta's new energy minister, but is ready to give her the benefit of the doubt for now as she takes on the closely watched role, analysts and executives said on Monday. Marg McCauig-Boyd, a one-time teacher with a master's degree in administration and leadership from San Diego State University…
Alberta's Possible Pivot to Left Alarms Oil Sector
CALGARY, Alberta, May 4 (Reuters) - Canada's oil-rich province of Alberta is on the cusp of electing a left-wing government that can make life harder for the energy industry with its plans to raise taxes, end support for key pipeline projects and seek a bigger cut of oil revenues. Polls suggest Tuesday's election is set to end the…
