LONDON (Reuters) - Oil prices steadied on Thursday on expectations that Saudi Arabia and Russia would extend production cuts, although record U.S. exports and the return of supply from a Libyan oilfield dragged on the market. “OPEC and Russia are talking about extending production limits, but there’s still plenty of supply with U.S. crude exports up sharply,” said Carsten Fritsch, commodities analyst at Commerzbank in Frankfurt. Brent crude was up 35 cents at $56.15 a barrel by 1000 GMT. U.S. [Read more]
TransCanada to abandon Energy East, Eastern Mainline pipeline projects
TransCanada Corp said it expects to take a C$1 billion charge in the current quarter after deciding to abandon its Energy East and Eastern Mainline pipeline projects, after intense scrutiny by Canada's energy regulator. The termination comes after the National Energy Board (NEB) expanded the scope of its review of Energy East in August, saying it would consider the pipeline's indirect greenhouse gas contributions. Energy East's importance has somewhat diminished for [Read more]
TransCanada to abandon Energy East and Eastern Mainline projects
TransCanada Corp said on Thursday it would abandon its Energy East and Eastern Mainline pipeline projects, following tough review by Canada's energy regulator. The company said it expects a C$1 billion non-cash charge in the fourth quarter due to the termination of the projects. Canada's National Energy Board (NEB) expanded the scope of its review of Energy East in August, saying it would consider the project's indirect greenhouse gas contributions and provide "more [Read more]
Petronas’ Canadian unit says looking to sell oil and gas asset in Alberta
Progress Energy, the Canadian unit of Malaysian state energy firm Petroliam Nasional Berhad, said on Thursday it was looking to sell its Deep Basin oil and gas asset in the Canadian province of Alberta. Reuters reported on Wednesday that Petroliam Nasional, or Petronas, had enlisted BMO Capital Markets to advise on the sale of the asset, citing documents on the bank's website. "Progress regularly reviews its assets to ensure alignment with the company's strategy," it said [Read more]
Oil prices dip on doubts that recent rally will last
LONDON (Reuters) - Oil prices fell on Wednesday, pulled down by caution that a rally that lasted for most of the third quarter would not extend through the last three months of the year. U.S. West Texas Intermediate crude futures were at $50.10 per barrel at 0843 GMT, down 32 cents from their last close. They fell below $50 earlier in the session. Brent crude futures were down 47 cents at $55.53 a barrel. The fall came amid market speculation that a third-quarter rally that lifted Brent to [Read more]
Malaysia’s Petronas puts some Canadian assets up for sale – adviser
Malaysian state energy firm Petroliam Nasional Berhad, or Petronas, is looking to sell some oil and gas assets owned by its Canadian unit Progress Energy, its adviser BMO Capital Markets said. The potential sale marks a further retreat by Petronas in Canada after it scrapped plans for a $29 billion liquefied natural gas export project in British Columbia in July. "BMO Capital Markets has been engaged by Progress Energy to assist with the sale of its Deep Basin assets in Alberta," the bank [Read more]
Malaysia’s Petronas puts some Canadian assets up for sale – adviser
Malaysian state energy firm Petroliam Nasional Berhad, or Petronas, is looking to sell some assets owned by its Canadian unit Progress Energy, its adviser BMO Capital Markets said. "BMO Capital Markets has been engaged by Progress Energy to assist with the sale of its Deep Basin assets in Alberta," the bank said on its website under a section on deals it was working on. It was not clear when BMO was hired by the Petronas unit, but a document detailing the asset was dated October 2017. [Read more]
Canadian Natural assessing duration of oil sands turnaround
Canadian Natural Resources Ltd will know in the next couple of weeks whether there will be any changes to the original 45 days of planned maintenance at its Horizon oil sands project, a spokeswoman said on Tuesday. Planned turnaround activities at the 190,000 barrel per day plant in northern Alberta are in general "tracking to plan," spokeswoman Julie Woo said in an email. Canadian light synthetic crude prices have rallied hard in recent days because of rumors the turnaround, which started [Read more]
Canadian Natural assessing duration of ongoing oil sands turnaround
Canadian Natural Resources Ltd will know in the next couple of weeks whether there will be any changes to the original 45 days of planned maintenance at its Horizon oil sands project, a spokeswoman said on Tuesday. Planned turnaround activities at the 190,000 barrel per day plant in northern Alberta are in general "tracking to plan", spokeswoman Julie Woo said in an email. (Reporting by Nia Williams; Editing by Chizu Nomiyama) [Read more]
Oil prices dip on profit-taking and U.S. production fears
NEW YORK (Reuters) - Oil prices dipped on Tuesday as speculators took profits for a second day after big third-quarter gains and on concerns that higher prices might spur increased U.S. shale production. Brent crude futures closed down 12 cents or 0.2 percent to $56.00 a barrel, having lost almost 2.5 percent on Monday. U.S. crude futures fell 16 cents or 0.3 percent to $50.42. Brent notched up a third-quarter gain of about 20 percent, the biggest increase for that quarter since 2004, and [Read more]