Chevron Canada, a unit of global oil major Chevron Corp , is forging ahead with its first ever Canadian shale play development, targeting the East Kaybob region of central Alberta's Duvernay formation. The decision, announced by the company on Monday, is a rare bright spot for Canada's oil industry, which was hard hit by the global crude price downturn. International energy firms sold off nearly $23 billion in assets this year alone. Chevron will initially develop around 55,000 [Read more]
Oil surges 3 percent, at highest since mid-2015 on Saudi purge
NEW YORK (Reuters) - Oil prices rose 3 percent on Monday, hitting the highest since early July 2015, as Saudi Arabia’s crown prince cemented his power over the weekend with an anti-corruption crackdown, while the U.S. rig count fell and markets continued to tighten. Brent crude futures were trading $1.86 or 3 percent higher at $62.46 a barrel by 12:00 p.m. Eastern time (1700 GMT). U.S. West Texas Intermediate (WTI) crude rose $1.49 or 2.7 percent to $57.13 a barrel. Both benchmarks [Read more]
Kuwait’s PIC signs contract with U.S. Jacobs for plant in Canada
Kuwait's Petrochemical Industries Co (PIC) has signed a contract with U.S. firm Jacobs Engineering to carry out engineering and design work for a planned polypropylene plant it co-owns in Canada, Kuwait's state news agency reported on Saturday. Kuwait and its neighbours including Saudi Arabia are expanding their petrochemicals footprint abroad, offering them a diversified feedstock for their growth in the sector. Canada Kuwait Petrochemical Corp. (CKPC), a joint venture between PIC, [Read more]
U.S. oil rig count falls by most in week since May 2016 -Baker Hughes
U.S. energy companies cut eight oil rigs this week, the biggest reduction since May 2016, extending a drilling decline that started over the summer when prices slipped below $50 a barrel. The oil rig count fell to 729 in the week to Nov. 3, the lowest level since May, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday. The rig count, an early indicator of future output, is still much higher than a year ago when only 450 rigs were active [Read more]
Oil near 2-year high; growing global demand supports market
NEW YORK (Reuters) - Oil prices rose on Friday, nearing their highest levels in more than two years, supported by rising global demand and physical prices and continuing expectations that OPEC and other producing countries will extend a deal to cut output. Global benchmark Brent futures traded up 18 cents at $60.79 a barrel at 11:17 a.m. EDT, after hitting a session high of $61.15. Brent has risen around 38 percent since its low in 2017 reached in June. U.S. West Texas Intermediate (WTI) crude [Read more]
Gibson Energy lays off staff across Canadian operations
Canadian oil and gas infrastructure company Gibson Energy laid off staff across its Canadian operations on Thursday, according to a company spokeswoman who declined to provide exact numbers. Calgary-based Gibson Energy, which provides storage and transportation services for energy companies across North, has been hard hit by a prolonged slump in oil and gas prices. New Chief Executive Steve Spaulding took charge of the company in June and has been focused on cutting costs. "These are [Read more]
Gibson Energy lays off staff across Canadian operations
Canadian oil and gas infrastructure company Gibson Energy laid off staff across its Canadian operations on Thursday, according to a company spokeswoman who declined to provide exact numbers. Calgary-based Gibson Energy provides storage and transportation services for energy companies across North America and has been hard hit by a prolonged slump in oil and gas prices. (Reporting by Nia Williams) [Read more]
Canadian Natural commits to shipping more crude on Keystone XL pipeline
Canadian Natural Resources Ltd has increased its volume commitment on TransCanada Corp's Keystone XL pipeline by about 46 percent to 175,000 barrels per day (bpd), Canadian Natural President Steve Laut told Reuters on Thursday. The bigger commitment from one of Canada's largest oil and gas producers will be a boon to TransCanada, which recently held an open season to gauge interest from oil producers wanting to ship on the pipeline. The open season ended last week. Canadian [Read more]
Canadian Natural commits to shipping more crude on Keystone XL pipeline
Canadian Natural Resources Ltd has increased its volume commitment on TransCanada Corp's Keystone XL pipeline to 175,000 barrels per day (bpd) from 120,000 bpd, Canadian Natural chairman Steve Laut told Reuters on Thursday. TransCanada received a U.S. presidential permit from the Trump administration to build the 830,000 bpd crude oil pipeline earlier this year and held an open season, which closed last week, to gauge commercial support from shippers. (Reporting by Nia Williams; [Read more]
Enbridge posts third-quarter profit on Spectra deal
Canada's Enbridge Inc on Thursday reported a quarterly profit compared with a year-ago loss, driven mostly by new natural gas, liquids and utility assets acquired in its Spectra Energy deal. Enbridge bought Houston-based Spectra last September in an all-stock deal valued at about $28 billion, creating North America's largest energy infrastructure company. The pipeline operator also said it is waiting for approval from Minnesota for its Line 3 replacement project. The project [Read more]