U.S. energy companies added oil rigs for a third week in a row as energy firms follow through on plans to spend more on drilling this year with crude prices near three-year highs. Drillers added five oil rigs in the week to April 20,bringing the total count to 820, the highest level since March 2015, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday. More than half the total oil rigs are in the Permian basin in west Texas and eastern New [Read more]
Trump slams OPEC, says will not accept high oil prices
WASHINGTON (Reuters) - U.S. President Donald Trump criticized OPEC on Friday for output curbs that have helped raise global oil prices and said “artificially” high prices would not be accepted, drawing rebukes from oil-producing countries as prices dipped following his remarks. “Looks like OPEC is at it again. With record amounts of Oil all over the place, including the fully loaded ships at sea. Oil prices are artificially Very High! No good and will not be accepted!” Trump wrote on [Read more]
HSBC to stop financing most new coal plants, oil sands, arctic drilling
Europe's largest bank HSBC said on Friday it would mostly stop fundingnew coal power plants, oil sands and arctic drilling, becomingthe latest in a long line of investors to shun the fossil fuels.Other large banks such as ING and BNP Paribas have madesimilar pledges in recent months as investors have mountedpressure to make sure bank's actions align with the ParisAgreement, a global pact to limit greenhouse gas emissions andcurb rising temperatures. "We recognise the need to [Read more]
Canada energy minister: Ottawa still in talks with Kinder Morgan
Canada is still talking toKinder Morgan Canada Ltd about financial aid for apipeline, Natural Resources Minister Jim Carr said on Thursday,a day after the company said such help might not be enough.The chairman of parent company Kinder Morgan Inc said the offer would not help resolve resistance in the Pacificprovince of British Columbia, where the government opposes plansto almost triple the capacity of an oil pipeline from Alberta tothe west coast. Asked for his reaction to the comments, [Read more]
Canada’s Trudeau says oil pipeline will be built
Canadian Prime Minister JustinTrudeau said on Thursday a Kinder Morgan oil pipeline at thecentre of a dispute would be built in a way which best servesthe interests of Canadians. Speaking in London, Trudeau said he had asked the financeminister to engage in discussions with Kinder Morgan on theproject."I have asked the finance minister to engage in discussions,financial discussions, with Kinder Morgan and that's exactlywhat is going on," he said. "We will ensure that this [Read more]
Canada energy minister: Ottawa still in talks with Kinder Morgan
Canada's energy minister saidon Thursday the government is talking to Kinder Morgan CanadaLtd on Trans Mountain and that nothing has changedafter the company said Ottawa's promise of financial supportdoes not necessarily resolve the political risk around thepipeline. Natural Resources Minister Jim Carr told reporters that thegovernment is treating the company's May 31 deadline as real andthat Kinder Morgan is feeling pressure from its investors. (Reporting by David Ljunggren, [Read more]
Caisse de depot pension fund reveals stake in Kinder Morgan
Canada's second biggest public pension fund, Caisse de depot, held a 7.8 percent stake in Kinder Morgan Canada Ltd at the end of last year, according to its annual report, making it the largest independent shareholder of the pipeline company at the center of a contentious expansion project. Caisse de depot et placement du Quebec, which discloses its shareholdings in Canadian companies once a year,said it acquired the stake in the period following Kinder Morgan Canada's initial public offering [Read more]
Oil climbs as glut wanes, traders eye WTI at $70
NEW YORK (Reuters) - Oil prices hit highs not seen since 2014, with U.S. crude edging closer to $70 a barrel, after OPEC producers told Reuters the inventory overhang has largely disappeared and as top exporter Saudi Arabia aims to push prices even higher. Traders said speculators continue to bet on further upside, expecting potential supply disruptions and further drawdowns, driven by strong demand. U.S. West Texas Intermediate (WTI) crude futures were up 57 cents at $69.03 as of 11:25 [Read more]
Shell Canada’s Corunna plant to begin major turnaround on Thursday- local media
Shell Canada's Corunna plant in Sarnia,Ontario will undergo a major turnaround beginning Thursday,according to a news report on blackburnnews.com. The work is expected to last nearly two months, the reportsaid. Shell operates a 75,000 barrels per day refinery at Corunna. (Reporting by Vijaykumar Vedala in Bengaluru) [Read more]
Kinder Morgan Canada sees continued risk on oil pipeline expansion
Kinder Morgan Canada Ltd saidon Wednesday that its Trans Mountain oil pipeline expansionproject was facing "unquantifiable risk" due to the BritishColumbia government's continued opposition and reported a 5.1percent drop in first-quarter earnings.British Columbia said on Wednesday that it would file alegal challenge in the province to determine whether it has thejurisdiction to stop the C$7.4 billion ($5.9 billion) expansion,which was approved by the federal government in 2016. [Read more]