Junior Canadian oil and gas producer Questfire Energy Corp has shut in 900 barrels of oil equivalent per day of mostly natural gas production because of a wildfire raging in southern Alberta, the company chief executive said on Wednesday. CEO Richard Dahl said the out-of-control Kenow wildfire is currently about 2-3 kilometres west of the company's operations, which were shut in at about 2 a.m. local time on Tuesday morning. (Reporting by Nia Williams; Editing by Chris Reese) [Read more]
Oil prices rise as IEA sees higher demand, shrinking inventories
Oil prices rose on Wednesday after the International Energy Agency (IEA) said a global surplus of crude was starting to shrink due to robust global demand and an output drop from OPEC and other producers. By 1201 GMT, international benchmark Brent crude was up 47 cents, or 0.8 percent, at $54.74 a barrel. U.S. West Texas Intermediate (WTI) CLc1 was up 47 cents, or 0.9 percent, at $48.70 a barrel. “Based on recent bets made by investors, expectations are that markets are tightening and that [Read more]
One injured in fire at Canadian Natural oil sands project
One person was injured after an electrical fire broke out at Canadian Natural Resources Ltd's Horizon oil sands project on Monday evening, the company said on Tuesday. The fire was quickly extinguished and the person was being treated for minor injuries, Canadian Natural spokeswoman Julie Woo said in a statement. Production is unaffected as the 190,000-barrel-per-day Horizon project is already shut down for 45 days of maintenance, Woo said, adding that the company is assessing the fire [Read more]
Canada’s Desjardins mulls withdrawal from Kinder pipeline expansion
Canadian lender Desjardins is considering backing out of its C$145 million ($113 million) commitment to Kinder Morgan Inc's Trans Mountain pipeline expansion, two people present at a meeting with the financial institution told Reuters. At the meeting last Thursday, Desjardins senior executives told aboriginal leaders the lender will consider their request to pull its financing for the C$7.4 billion ($6.1 billion) project, said Eugene Kung, a lawyer for the west coast Tsleil-Waututh [Read more]
Shell Canada shuts some gas operations due to southern Alberta wildfire
Shell Canada, a subsidiary of Royal Dutch Shell Plc , is shutting some gas operations in its Waterton complex in southern Alberta as a precaution against an uncontrolled wildfire raging nearby, the company said on Tuesday. The Waterton complex includes natural gas wells and a processing plant and has production capacity of nearly 179 million cubic feet per day. So far the company has not shut its Waterton gas plant but is closely monitoring the situation, spokesman Cameron Yost said in a [Read more]
Oil edges up as OPEC output falls, offsets hurricane concerns
Oil prices recouped some losses on Tuesday, helped by OPEC saying its output fell in August, indicating a production-cutting deal with non-member countries is helping to tackle a supply gut. In its monthly report, the Organization of the Petroleum Exporting Countries also raised its demand forecast for 2018, and said two hurricanes that hit the United States in recent weeks would have “negligible” impacts on demand. The market is grappling with Hurricane Irma’s effect on demand, even as [Read more]
Enbridge’s Line 3 oil pipeline upgrade challenged by Minnesota government
CALGARY, Alberta (Reuters) - Enbridge Inc’s upgrade of its Line 3 crude oil pipeline hit an obstacle on Monday after the U.S. state of Minnesota told a regulatory committee that it has no need for the project, and that the existing pipe should be shut. The testimony by Minnesota’s Department of Commerce is the latest challenge against the C$8.2 billion ($6.52 billion) project through the state, which faces fierce opposition from environmentalists and aboriginal groups. The Minnesota Public [Read more]
OPEC sees higher 2018 oil demand, trims output
OPEC on Tuesday forecast higher demand for its oil in 2018 and pointed to signs of a tighter global market, indicating its production-cutting deal with non-member countries is helping to tackle a supply glut that has weighed on prices. In a monthly report, the Organization of the Petroleum Exporting Countries said the world would need 32.83 million barrels per day (bpd) of OPEC crude next year, up 410,000 bpd from its previous forecast. OPEC said inventories were falling and that an increase [Read more]
U.S. Gulf refiners rumble back to life, piece by piece
HOUSTON, Sept 12 (Reuters) - U.S. refineries are restarting after Hurricane Harvey forced them to shut down two weeks ago, raising the risk of fires and explosions that could prolong fuel supply disruption as plants simultaneously reheat units and reactivate catalysts. Restarts are one of the most dangerous times for refinery workers, so operators keep shutdowns to a minimum. Plants typically shut only a few units for overhaul in spring and fall, with most refinery units remaining in operation [Read more]
Enbridge’s Line 3 oil pipeline upgrade challenged by Minnesota govt
Enbridge Inc's upgrade of its Line 3 crude oil pipeline hit an obstacle on Monday after the U.S. state of Minnesota told a regulatory committee that it has no need for the project, and that the existing pipe should be shut. The testimony by Minnesota's Department of Commerce is the latest challenge against the C$8.2 billion ($6.52 billion) project through the state, which faces fierce opposition from environmentalists and aboriginal groups. The Minnesota Public Utilities Commission, [Read more]