Canadian Natural Gas Companies eager to capitalize on the LNG boom flood the market with excess supply
Analysts said that a huge LNG Canada terminal, led by Shell, could struggle to raise Canadian natural-gas prices dramatically when it begins operating next year, because of a glut of supply waiting to be released. Storage was full, and the price of a million British thermal unit (mmBtu)…
Investors react negatively to US inflation data, causing TSX to fall
Canada's main index of stocks fell on Wednesday, part of a wider decline. Mixed U.S. data on inflation reduced expectations for a 50-basis point rate cut next week in the United States. At 10:19 am. The S&P/TSX Composite Index of the Toronto Stock Exchange was down 126.22 or 0.55% at 22,876.87 by 14:19 GMT.
Cenovus Energy Sets Out to Slash Emissions
Canada's Cenovus Energy on Thursday unveiled plans to reduce per-barrel greenhouse gas emissions by 30% by the end of 2030, as the country's oil industry faces growing pressure from environmental activists.The Alberta-based integrated oil and gas company…
US Judge Halts Keystone XL Oil Pipeline
A U.S. judge in Montana has halted construction of the Keystone XL pipeline designed to carry heavy crude oil from Canada to the United States, drawing a sharp rebuke on Friday from President Donald Trump.The ruling of a U.S. Court in Montana late on Thursday dealt a major setback to TransCanada Corp…
MEG Energy Expects to Produce More Oil in 2018
Canadian oil sands producer MEG Energy Corp said on Friday it expects higher production in 2018, compared to its 2017 forecast. The company expects to produce 85,000 to 88,000 barrels per day (bpd) next year, compared to its 2017 forecast of 80,000 to 82,000 bpd.
Cenovus Energy to Shed Pelican Lake Assets
Canada's Cenovus Energy Inc said on Tuesday it would sell its Pelican Lake heavy oil operations in Alberta for C$975 million ($786.92 million) and the oil company is also considering sale of other assets to reduce debt. Cenovus said the proceeds from…
Cenovus Facing Tough Market for Critical Asset Sales
Cenovus Energy Inc's efforts to sell C$5 billion ($3.8 billion) of energy assets, already facing a rocky road because weak oil prices are depressing the appetite for deals, has become complicated by the surprise departure of its chief executive officer, fund managers said.
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…
Suncor Evaluates Potential Oil-sand Deals as Majors Exit
Suncor Energy, Canada's largest energy producer, is still evaluating opportunities for oil sands acquisitions in northern Alberta as foreign oil majors exit the high-cost region, Chief Executive Steve Williams said on Thursday. However, the company…
Alberta Crude Oil Leak Came from Inter Pipeline System
A crude oil leak in central Alberta's Strathcona County on Friday afternoon came from Inter Pipeline Ltd's Cold Lake regional pipeline system, the company said in a statement on Monday. Calgary-based Inter Pipeline has isolated a segment of the pipeline near its Strathcona Terminal in Edmonton for repairs…
Chevron Exploring Sale of Canadian Oil Sands Stake
Chevron Corp, the second-largest U.S.-based oil producer, is exploring the sale of its 20 percent stake in Canada's Athabasca Oil Sands project, which could fetch about $2.5 billion, according to people familiar with the situation. The company has discussed…
Waterous Targets Canadian, U.S. Energy Assets
Private equity firm Waterous Energy Fund is seeking investment opportunities in the Canadian oil and gas sector as valuations turn attractive after a prolonged slump in the oil price, making a contrarian bet as global players pull back, its top executive said.
Canadian Natural Resources: 2017 production to rise 6 pct
Canadian Natural Resources Ltd said on Thursday that it expected production to rise by 6 percent and set its 2017 capital budget at C$3.89 billion ($2.92 billion), a slight increase from last year. Canada's largest independent petroleum producer said overall production in 2017 is expected to be between 833…
Canada: Oil Facilities Largely Okay, Restart a Challenge
The mass evacuation of residents from the wildfire-devastated Canadian oil town of Fort McMurray is likely to significantly delay the restart of production, even though energy facilities themselves have escaped major damage from the flames. The huge…
Hits to Americas Oil Output Show Global Glut Not Invincible
Wildfires in Canada. Pipeline sabotage in Colombia. Instability in Venezuela. U.S. frackers at a standstill. Drops in oil output are happening so fast that it looks as if the Americas alone could resolve global oversupply. The 60 percent price slide…
Canadian Energy Companies Sell "Jewels" to Keep Oil Sands Afloat
Faced with record low prices for heavy crude, Canadian energy companies are sacrificing other parts of their business to keep higher-cost oil sands production going and safeguard the billions already invested in these multi-decade projects. Companies including Husky Energy Inc…
Canadian Energy Sacrifice "jewels" to keep Oil Sands
Faced with record low prices for heavy crude, Canadian energy companies are sacrificing other parts of their business to keep higher-cost oil sands production going and safeguard the billions already invested in these multi-decade projects. Companies including Husky Energy Inc…
Hurting Canadian Oil Producers Signal Further Cuts to Come
Canadian energy companies, especially those at higher cost oil sands producers, are signalling they will cut capital spending for a second straight year in 2016 as they adjust to a painful new reality of oil near $40 a barrel. Energy executives, coming…
Total to Resume South African Offshore Drilling
French oil major Total is expected to resume drilling offshore South Africa in the second half of 2016, part of a broader campaign to explore in Africa, a senior official said on Wednesday. Total last year stopped drilling off the southern coast of…
Canadian Natural to Sell Royalty Assets to PrairieSky
Canadian Natural Resources Ltd will sell most of its royalty assets to PrairieSky Royalty Ltd in a C$1.8 billion ($1.4 billion) deal, joining other oil producers in shedding assets to weather a slump in crude prices. The deal comes just a week after…
