Nebraska regulators will hear final arguments for and against TransCanada Corp's proposed Keystone XL pipeline this week before deciding whether to approve its route later this year, the last big hurdle for the long-delayed project after President Donald Trump gave it federal approval. The proposed 1,179-mile (1,897-km) pipeline linking Canada's Alberta oil sands to U.S. refineries has been a lightning rod of controversy for nearly a decade, pitting environmentalists worried about [Read more]
Nebraska regulators block testimony ahead of Keystone XL hearings
Nebraska regulators weighing the fate of TransCanada Corp's proposed Keystone XL pipeline have ruled that opponents of the project cannot use one of their best new arguments against it in final hearings next week: that America does not need the oil. The state's five-member Public Service Commission is scheduled to hold court-like hearings on Aug. 7-11 before deciding whether to approve the project's route, marking the final hurdle for the long-delayed project after President [Read more]
Canceled LNG project casts shadow over Canada’s biggest shale play
Petronas' decision to cancel its Pacific NorthWest LNG project is a blow to the growth outlook for Canada's largest shale play, eliminating a potentially huge source of future gas demand. Gas from the Montney shale play in western Canada would have supplied the C$36 billion ($28.7 billion) project in northern British Columbia. The project, majority-owned by Malaysia's Petronas , would then have shipped 12 megatonnes per year of liquefied natural gas to Asia. Instead, [Read more]
U.S. oil drillers cut rigs for second week in three -Baker Hughes
U.S. energy firms cut the number of oil rigs for the second in three weeks, slowing the pace of a 15-month drilling recovery, amid plans to spend less in reaction to declines in crude prices over the past several months. Drillers cut one oil rig in the week to August 4, bringing the total count down to 765, General Electric Co's Baker Hughes energy services firm said in its report on Friday. There were 381 active oil rigs during the same week a year ago. Drillers have added rigs in 55 of [Read more]
Canadian Natural among bidders for Cenovus’ Pelican Lake: sources
Cenovus Energy Inc has received separate bids from Canadian Natural Resources Ltd , ARC Financial Corp and others for a heavy oil project in Pelican Lake, Alberta, according to people familiar with the matter who told Reuters the project was valued at as much as C$1 billion ($796 million). Calgary-based Cenovus is also in advanced talks to sell another oil project in Suffield, Alberta, which is likely to fetch between C$500 million and C$600 million, the people added. Cenovus has also [Read more]
Oil prices fall as OPEC oil exports rise
LONDON (Reuters) - Oil prices edged lower on Friday and were on track for weekly losses, weighed down by rising OPEC exports and strong output from the United States. Brent crude futures LCOc1, the international benchmark, were trading at $51.76 a barrel at 1141 GMT, 25 cents below the last close and heading for a fall of close to 1.5 percent on the week. U.S. West Texas Intermediate (WTI) crude futures CLc1 were 30 cents lower at $48.73 per barrel and were set to drop by around 2 percent for [Read more]
Nebraska regulators block testimony ahead of Keystone XL hearings
Nebraska regulators weighing the fate of TransCanada Corp's proposed Keystone XL pipeline have ruled that opponents of the project cannot use one of their best arguments against it in final hearings next week: that America does not need the oil. The state's five-member Public Service Commission is scheduled to hold court-like hearings on Aug. 7 to 11 before deciding whether to approve the project's route, marking the final hurdle for the long-delayed project after President Donald Trump gave [Read more]
Pipeline operator Kinder Morgan Canada launches share offering
Pipeline operator Kinder Morgan Canada Ltd on Thursday announced a C$200 million ($159 million) share offering for the completion of certain projects and to reduce debt. The company said it would offer 8 million shares at C$25 per share, which represents a 37.7 percent premium to the stock's Wednesday close. (Reporting by Ahmed Farhatha in Bengaluru; Editing by Martina D'Couto) [Read more]
Canada’s Enbridge posts lower-than-expected profit
Enbridge Inc , North America's largest pipeline operator, on Thursday reported a lower-than-expected profit, hurt by outages and production disruptions at its liquids pipeline business. The company said it expects the performance of its liquids pipelines business to strengthen over the rest of the year as production and throughput ramps back up on its mainline system. Quarterly profit more than tripled, helped partly by the company's $28 billion purchase of natural gas pipeline [Read more]
Enbridge second-quarter profit more than triples
Enbridge Inc , North America's largest pipeline operator, on Thursday reported a quarterly profit that more than tripled, helped partly by its purchase of natural gas pipeline company Spectra Energy Corp. Earnings attributable to shareholders rose to C$919 million ($729.77 million), or 56 Canadian cents per share, in the second quarter ended June 30, from C$301 million, or 33 Canadian cents per share, a year earlier. Enbridge bought Spectra for $28 billion in a deal that closed on [Read more]