U.S. energy firms this week added oil rigs for a fifth time in six weeks, keeping the rig count at its highest in over three years and crude production from shale basins at a record high.Drillers added two oil rigs in the week to Nov. 16, bringing the total count to 888, still the highest level since March 2015, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday. After rig additions stalled at five during the third quarter, drillers [Read more]
Heavy crude differential widens slightly
The Canadian heavy oil differential widened slightly against the West Texas Intermediate (WTI) benchmark on Thursday: * Western Canada Select (WCS) heavy blend crude for December delivery in Hardisty, Alberta, traded on Thursday afternoon at $41.75 a barrel below WTI crude futures , wider than Wednesday's settle of $41.55, according to Shorcan Energy brokers. * The recent widening and narrowing of the differential reflects volatility in global markets, including recent talk of an OPEC [Read more]
Impact of U.S. court ruling on Keystone XL timing unclear -TransCanada
TransCanada Corp is reviewing a decision by a Montana judge blocking construction of the Keystone XL pipeline, but the impact on project timing remains unclear, the company's top crude pipeline executive said on Tuesday. "We're going through the decisions, we're reviewing the deficiencies to determine how best to address the deficiencies," Paul Miller, President, Liquids Pipelines, said at an Investor Day in Toronto. "At this point it is too soon to determine what impact the ruling will have [Read more]
Australia’s Whitebark Energy jumps on drilling plans in Alberta-based project
** Shares of Whitebark Energy Ltd jump as much as 20 pct to A$0.003, their highest since Nov 7** The production and explorer firm confirms its Alberta-based Point Loma joint venture will start drilling for two exploration wells before year-end, targeting 70 mln barrels of oil equivalent in place ** Whitebark holds between 20 pct and 30 pct working interest Point Loma joint venture (PLJV) with Point Loma Resources Ltd ** Stock posts biggest intraday pct gain since Oct 3 ** Over 20.1 mln [Read more]
Oil pucks and pellets; Canada eyes new ways to move stranded crude
Canada's biggest railroad says it is attracting interest from oil producers in its effort to move crude in solid, puck-like form, as clogged pipelines divert more oil to riskier rail transport.Congested pipelines have stranded much of Canada's crude in Alberta, driving discounts to record-high levels. Canadian heavy crude traded on Friday for less than one-third of the U.S. benchmark light oil price.The latest blow to the sector landed on Thursday, when a U.S. court ruled construction [Read more]
In race to fill LNG supply gap, project goalposts have changed
The race is on for liquefied natural gas (LNG) producers to build export terminals as demand soars, but the criteria for financing such mega-projects have shifted as traditional relationships with LNG consumers have begun to disintegrate.Royal Dutch Shell's final investment decision (FID) taken last month for a $30 billion LNG Canada project was a shot in the arm for the LNG industry, which is emerging from almost three years of low prices and investment.As a vote of confidence in the [Read more]
Heavy crude discount unchanged amid pipeline delays
The Canadian heavy oil differential was unchanged against the West Texas Intermediate (WTI) benchmark on Friday, even as shares of Canadian oil producers sank after the construction of a key Alberta export pipeline was blocked by a U.S. court: * Western Canada Select (WCS) heavy blend crude for December delivery in Hardisty, Alberta settled on Friday at $42.50 a barrel below WTI crude futures , unchanged from Thursday's settle, according to Shorcan Energy brokers. * Light synthetic crude [Read more]
U.S. drillers add oil rigs for fourth week in five
U.S. energy firms added oil rigs for a fourth time in the last five, keeping the rig count at its highest in over three years even though crude futures were on track to fall for a fifth week in a row to their lowest level since February.Drillers added 12 oil rigs in the week to Nov. 9, bringing the total count to 886, the highest level since March 2015, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday. That was the biggest weekly [Read more]
What is at stake in the Keystone XL pipeline ruling?
A U.S. federal judge in Montana halted construction of TransCanada Corp's Keystone XL oil pipeline on Thursday, saying a U.S. environmental analysis "fell short of a 'hard look'" at the cumulative effects of greenhouse gas emissions and the impact on Native American land resources. The ruling is the latest delay to the project, a decade in planning, which was revived by U.S. President Donald Trump after being halted by his predecessor, Barack Obama.WHAT IS KEYSTONE [Read more]
Trump slams U.S. judge’s decision to halt Keystone XL pipeline
U.S. President Donald Trump on Friday blasted a federal judge's decision to halt construction of the Keystone XL pipeline that would carry heavy crude oil from Canada to the United States, a project that has been in development for a decade. The ruling out of U.S. Court in Montana on Thursday dealt a major setback to TransCanada Corp and could possibly delay the construction of the $8 billion, 1,180 mile (1,900 km) pipeline. It was also a blow to Trump, who approved the pipeline shortly after [Read more]