Cenovus Energy predicts increased production by 2025 for new projects
Cenovus Energy, a Canadian energy company, forecasted higher oil and natural gas production in 2025. It expects to benefit from the new projects that will be coming online. According to LSEG, the company expects upstream production of between 805,000 and 845,000 boepd by 2025. The midpoint is higher than analyst estimates of 820140 boepd. The company anticipates between 770,000 and 810,000 boepd this year. The U.S. Energy Information Administration has predicted that power consumption in the U.S.
U.S. Crude Hits $75 as Oil Supply Risks Mount
U.S. crude oil prices rose above $75 a barrel for the first time since 2014 on Tuesday after Iran appeared to threaten to disrupt oil shipments from the Middle East Gulf if Washington pressed ahead with sanctions."The Americans have claimed they want to completely stop Iran's oil exports," the website, president.ir, quoted Iranian President Hassan Rouhani as saying. "They don't understand the meaning of this statement, because it has no meaning for Iranian oil not to be exported…
Oil Climbs on Libya Force Majeure, Canada Outage
Libyan disruption cuts 850,000 bpd of oil from market; Canada outage drains U.S. crude, product inventories. Oil prices rose on Tuesday after Libya declared force majeure on some of its crude exports, while the loss of Canadian supplies helped lift U.S. crude to 3-1/2-year highs. U.S. light crude jumped 99 cents, or 1.3 percent, to $74.93 a barrel, its highest since November 2014, before easing back to $74.79, up 85 cents, by 1120 GMT. Benchmark Brent crude oil was up 70 cents at $78.00.
Oil Falls as OPEC Output Rises
Brent crude fell Monday as supplies from Saudi Arabia and Russia rose while economic growth stumbled in Asia amid escalating trade disputes with the United States. At the same time, U.S. crude strengthened mid-session, buoyed by concerns about supply levels at the Cushing, Oklahoma delivery hub. Brent crude fell $1.42 to $77.81 a barrel by 12:37 p.m. EDT after touching a session low of $77.59. U.S. light crude rose from 7 cents to $74.23 a barrel. The premium for U.S.
Oil Drops on OPEC Output Deal, Markets to Stay Tight
OPEC to raise output to make up for unforeseen disruptions; Canadian outage helps support U.S. crude. Brent crude oil fell by more than 1 percent on Monday as investors prepared for an extra 1 million barrels per day (bpd) in output to hit the markets after OPEC and its partners agreed to raise production. Despite the increase, which is intended to stop the gap between global supply and demand from becoming too wide, analysts said global oil markets would likely remain relatively tight this year.
ConocoPhillips: Syncrude Outage Affecting Output
A production shutdown at the Syncrude oil sands facility in northern Alberta has impacted output from ConocoPhillips' Surmont thermal plant, helping push heavy Canadian crude prices to their narrowest discount in nearly two years. The 350,000 barrel-per-day Syncrude project cut production for all of April to zero, according to market sources, following a fire last month that damaged the facility and forced the operator to bring forward planned maintenance.
Helicopters, Trucks to Rescue Thousands from Canadian Fire
Canada's government sent trucks and helicopters on Friday to safely remove thousands of evacuees stranded north of a wildfire that ravaged nearly a quarter million acres around the Canadian oil town of Fort McMurray, Alberta. The out-of-control wildfire has consumed entire neighborhoods in Fort McMurray, forcing 88,000 to evacuate, and threatened two oil sands sites south of the city. While the main fire have turned southeast, away from town, parts of Fort McMurray were still burning.
Nexen Apologizes for Worker's death at Canada Oil Sands Site
Nexen Energy executives apologized on Saturday for an explosion at the company's Long Lake oil sands facility in Alberta that killed one employee, left another critically injured and shut down the site for an indefinite period. Fang Zhi, who heads the unit of China's CNOOC Ltd, said the incident marked one of the darkest days in Nexen's history. "Our thoughts are with the families," he told reporters in Calgary. The company…
One Dead in Explosion at Nexen Canadian Oil Sands Facility
One person was killed and a second was injured in an explosion at Nexen Energy's Long Lake oil sands facility south of Fort McMurray, Alberta, on Friday, the company said. The injured person was in critical condition, a police spokesman said. Other personnel were accounted for after the explosion, the unit of China's CNOOC Ltd said in a statement. "The affected facility has been shut down and we are stabilizing the scene.
Alberta Premier: Nexen Pipeline Leak 'Very Troubling'
Alberta Premier Rachel Notley said on Friday the pipeline leak at Nexen Energy's Long Lake oil sands facility in northern Alberta was "very troubling." Notley, who on Friday finalised a Canadian energy strategy with other provincial leaders, also said the leak did not shake the conclusion that pipelines are the safest way to move hydrocarbon products. Nexen is a wholly owned subsidiary of China's CNOOC Ltd. (Reporting by Nia Williams)
Wildfire Intensifies Near Alberta Oil-sands Sites
An out-of-control wildfire, burning near two major oil sands projects in the key crude-producing region of northern Alberta, grew in size on Friday, although firefighters were hopeful cold weather moving into the region would help tackle the blaze. Around 233,000 barrels per day of production, roughly 10 percent of Alberta's total output crude output, was shut in as a result of wildfires across the province, which is the largest source of United States crude imports.
