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BOE Report Staff

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Saudi’s hit record production in 2012

RIYADH, Saudi Arabia (AP) — Saudi Arabia’s state-owned oil giant says production reached a record level last year as global demand surged and international sanctions sharply trimmed output from rival Iran. Gulf Arab states have stepped up crude production to compensate for Iranian exports, which have dropped as major customers such as India and China face pressures from the West to trim their purchases from Tehran. Sanctions over Iran’s nuclear program have targeted Tehran’s critical oil [Read more]

Up to $9B could be lost if Keystone cancelled

TORONTO (Canadian Press) - A Canadian bank estimates that the cancellation or a continuing delay of the Keystone XL pipeline could endanger more than $9 billion of oilsands investment over the next seven years.RBC Dominion Securities — part of the group that includes Royal Bank of Canada (TSX:RY) — says a negative decision on the pipeline would be felt by construction, engineering and project management companies, among othersIt estimates the financial hit would be somewhere between $8 billion [Read more]

GE aims to improve fracturing

PITTSBURGH (AP) — One of America’s corporate giants is investing billions of dollars in the new boom of oil and gas drilling, or hydraulic fracturing. General Electric Co. is opening a new laboratory in Oklahoma, buying up related companies, and placing a big bet that cutting-edge science will improve profits for clients and reduce the environmental and health effects of the boom. “We like the oil and gas base because we see the need for resources for a long time to come,” said Mark Little, a [Read more]

Price of WTI oil falls below $94 per barrel as US oil traders take holiday profit

BANGKOK, Thailand (AP) - The price of oil fell Monday as traders concerned about global energy demand took profits ahead of economic data from China and the United States. Benchmark oil for July delivery was down 59 cents to $93.66 per barrel at late afternoon Bangkok time in electronic trading on the New York Mercantile Exchange. The contract fell 10 cents to $94.15 a barrel on Friday. Analysts said traders took profits before May unemployment data is released Tuesday in Washington, which [Read more]

Kinder Morgan takes next step in its Trans Mountain oil pipeline expansion plan

  Kinder Morgan Canada's proposal to increase the capacity of its Trans Mountain pipeline calls for 30 oil tankers a month to load up with Alberta crude at its terminal in Burnaby, B.C., — up from about one per week.The information is part of a formal description of the proposed $5.4-billion, 1,150-kilometre-long pipeline project the company has filed with the National Energy Board.If approved, the pipeline would carry about 890,000 barrels of oil per day from the Edmonton area across both [Read more]

Wife of trucker puzzled by bridge collapse

MOUNT VERNON, Wash. - The wife of a Canadian trucker linked to a dramatic bridge collapse in Washington state says her husband had all the permits he needed and she doesn't believe he is responsible for bringing the structure down.Cynthia Scott says she spoke with her husband, Bill Scott, right after he saw the Interstate 5 bridge crash into the Skagit River about 15 metres below."He looked in the mirrors and it just dropped out of sight," she said Friday from the couple's home on a rural [Read more]

Alberta trucker hauling steel casing causes Washington interstate bridge collapse: police

MOUNT VERNON, Wash. (AP) - The Washington State Patrol has confirmed that an Edmonton-area trucker was at the wheel of a semi that struck a bridge on a busy interstate highway, sending part of the span thundering into a river below. The patrol says William Scott, a 41-year-old resident of Spruce Grove, was hauling a large load Thursday night and hit a girder of the bridge over the Skagit River on Interstate 5, about 100 kilometres north of Seattle. Sgt. Kirk Rudeen says Scott was heading [Read more]

Keystone makes TransCanada more cautious about future U.S. forays: executive

By Bill Graveland, The Canadian Press CALGARY - A senior TransCanada Corp. executive says the resistance to the approval of the proposed Keystone XL oilsands pipeline has made the company more cautious about future cross-border endeavours.Alex Pourbaix, president of energy and oil pipelines at the Calgary-based pipeline and utility company (TSX:TRP), said the long delays getting Keystone approved in the U.S. has been an education."When you're involved in one of these cross-border projects you [Read more]

Tervita opens Saskatoon office

SASKATOON - Environmental and energy services company has opened an office in Saskatoon. Tervita has been working in Saskatchewan for about a decade, but hasn't had a corporate presence until now. Premier Brad Wall says the new office is part of the growth momentum in Saskatchewan that can't be underestimated. It's expected Tervita's office will create more than 250 jobs as a result of increased business. Tervita offers environmental solutions to oil, natural gas and mining [Read more]

Marathon Oil ends talks to sell oilsands assets

Marathon Oil Corporation's bid to sell off its stake in the Athabasca Oil Sands Project has ended with "terminated negotiations". The company said in a press release it "is not engaged in further discussions with respect to a potential sale of these assets". Read the release below courtesy Marathon Oil Corp: As previously announced, Marathon Oil Corporation (NYSE: MRO) had engaged in discussions with respect to a potential sale of a portion of the Company's 20 percent outside-operated [Read more]