The Canadian heavy oil differential narrowed against the West Texas Intermediate (WTI) benchmark on Thursday, improving slightly as global oil prices fell: * Western Canada Select (WCS) heavy blend crude for December delivery in Hardisty, Alberta, settled on Thursday at $42.50 a barrel below WTI crude futures after settling Wednesday at $43.50, according to Shorcan Energy brokers. * Light synthetic crude from the oil sands for December delivery settled at $30.75 under WTI, compared with [Read more]
BHP secures exploration license for two oil blocks off eastern Canada
The world's biggest miner BHP said on Thursday it secured a full participating interest in and operatorship of two exploration licences for oil assets in offshore Eastern Canada.BHP said in a statement the bid price of $625 million covers the drilling and seismic work required by the project over a six year term. It added that its initial planned capital expenditure on the exploration work programs for the oil blocks is $140 million up to fiscal 2021. (Reporting by Rushil Dutta in [Read more]
Heavy crude discount widens again
The Canadian heavy oil differential widened again against the West Texas Intermediate (WTI) benchmark on Wednesday: * Western Canada Select (WCS) heavy blend crude for December delivery in Hardisty, Alberta, settled on Wednesday at $43.50 a barrel below WTI crude futures , compared with Tuesday's settle of $42.35, according to Shorcan Energy brokers. * Light synthetic crude from the oil sands for December delivery settled at $31.50 under WTI, compared with Tuesday's settle of $30.* [Read more]
Heavy crude discount edges wider
The Canadian heavy oil differential widened slightly against the West Texas Intermediate (WTI) benchmark on Tuesday, but remained below historically wide levels even as output continues to surpass transport capacity: * Western Canada Select (WCS) heavy blend crude for December delivery in Hardisty, Alberta, settled on Tuesday at $42.35 a barrel below WTI crude futures , compared with Monday's settle of $42, according to Shorcan Energy brokers. * Light synthetic crude from the oil sands [Read more]
B.C. introduces new project review rules
The province of British Columbia introduced on Monday new environmental assessment rules that it said will increase clarity and certainty for the companies behind projects, mirroring efforts by the Canadian government to update major project reviews. The proposed changes will enhance early consultation with indigenous groups and allow "good projects" to be approved more quickly, British Columbia's environment minister George Heyman said in a statement. "We want to reduce the potential for [Read more]
Heavy crude discount narrows again
The Canadian heavy oil differential narrowed again against the West Texas Intermediate (WTI) benchmark on Monday, but remained within range of historically wide levels as output continues to surpass transport capacity: * Western Canada Select (WCS) heavy blend crude for December delivery in Hardisty, Alberta, settled on Monday at $42 a barrel below WTI crude futures , compared with Friday's settle of $44.20, according to Shorcan Energy brokers. * Light synthetic crude from the oil sands [Read more]
Heavy crude discount narrows slightly after output cuts
The Canadian heavy oil differential narrowed slightly against the West Texas Intermediate (WTI) benchmark on Friday, following production cuts, but remained within range of historically wide levels as output surpasses transport capacity: * Western Canada Select (WCS) heavy blend crude for December delivery in Hardisty, Alberta, was trading Friday afternoon at $44.20 a barrel below WTI crude futures , compared with Thursday's settle of $45, according to Shorcan Energy brokers. * Light [Read more]
U.S. oil drillers cut rigs for first week in four
The U.S. oil drilling rig count declined this week for the first time in four weeks, although the rig count held close to its highest in over three years as production surges to record highs and some companies forecast even higher output this year. Drillers cut one oil rig in the week to Nov. 2, bringing the total count down to 874, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday. The U.S. rig count, an early indicator of future output, [Read more]
Heavy crude discount widens as oil glut continues
The Canadian heavy oil differential widened against the West Texas Intermediate (WTI) benchmark on Thursday, remaining near historically wide levels as production continues to surpass transport capacity: * Western Canada Select (WCS) heavy blend crude for December delivery in Hardisty, Alberta, settled at $45 a barrel below WTI crude futures , compared with Wednesday's settle of $43.25, according to Shorcan Energy brokers. * Light synthetic crude from the oil sands for December delivery [Read more]
Shell Canada sees cost advantage in LNG Canada expansion
An expansion of LNG Canada has a cost advantage over its rivals in the race to build more liquefied natural gas export capacity, but a go-ahead decision on phase two is likely still a few years away, Shell Canada's president said on Thursday. The first phase of the C$41 billion ($31.3 billion) Royal Dutch Shell -led project was given the go-ahead last month, firing up a race among companies eager to be the next to tap into booming Asian demand for the gas that is supercooled into liquid form [Read more]