Norway's Statoil has reduced its exploration ambitions for 2017 and will drill around 30 wells, down from previous plans for as many as 35, its chief financial officer said on Thursday. The company has revised its exploration spending guidance for 2017 to $1.3 billion from $1.5 billion, citing "strict prioritisation and efficient drilling operations" in a statement accompanying its second-quarter earnings. Its exploration spending in the second quarter was down to $224 [Read more]
Qatar’s LNG brownfield trumps Petronas’ greenfield hopes: Russell
The shifting dynamics of the liquefied natural gas (LNG) industry have been neatly encapsulated by two recent decisions: the scrapping of a major new development and the expansion of an existing large-scale project. Malaysia's state-owned Petronas announced this week it was cancelling its $29 billion Pacific Northwest LNG venture in Canada's western British Columbia province, citing low global prices for the super-chilled fuel. The decision not to proceed came after Qatar said on July 4 it [Read more]
Canada’s Crescent Point posts quarterly profit
Canadian oil and gas producer Crescent Point Energy Corp posted a quarterly profit on Thursday, compared with a year-earlier loss, helped by higher realized oil prices and an increase in production. The company's net income was C$83.6 million ($67.18 million), or 15 Canadian cents per share, in the second quarter ended June 30, compared with a loss of C$226.1 million, or 45 Canadian cents per share, a year earlier. Total production rose to 175,615 barrels of oil equivalent per day from [Read more]
Canada’s Cenovus posts profit as Conoco deal boosts production
Oil producer Cenovus Energy Inc on Thursday reported a profit in the second quarter compared to a year-ago loss, helped by its purchase of ConocoPhillips' Canadian oil sands assets. Cenovus, which paid $13.3 billion in March to buy the assets, said the purchase boosted total production by 65 percent to 436,929 barrels of oil equivalent per day in the quarter. The deal closed on May 17. ConocoPhillips sold its 50 percent interest in the Foster Creek Christina Lake oil sands [Read more]
Qatar’s LNG brownfield trumps Petronas’ greenfield hopes: Russell
The shifting dynamics of the liquefied natural gas (LNG) industry have been neatly encapsulated by two recent decisions: the scrapping of a major new development and the expansion of an existing large-scale project. Malaysia's state-owned Petronas announced this week it was cancelling its $29 billion Pacific Northwest LNG venture in Canada's western British Columbia province, citing low global prices for the super-chilled fuel. The decision not to proceed came after Qatar said [Read more]
Suncor Energy reports second-quarter profit, ups capital budget
Suncor Energy Inc , Canada's second-largest oil and gas producer, reported a second-quarter profit on Wednesday due to stronger crude oil prices and increased production from some upstream assets and refining operations. The company raised its 2017 capital budget to C$5.4 million-C$5.6 million, from C$4.8 million-C$5.2 million, after speeding up work at its Fort Hills oil sands project and to reflect increased costs at the Syncrude plant in northern Alberta following a fire in March. Fort [Read more]
Suncor Energy reports second-quarter profit
Suncor Energy Inc , Canada's second-largest oil and gas producer, reported a second-quarter profit on Wednesday as a result of stronger crude oil prices and increased production from its upstream assets and refining operations. The company reported a net profit of C$435 million ($349.57 million), or 26 Canadian cents per share, versus a loss of C$735 million, or 46 Canadian cents per share, during the same period a year earlier when wildfires in northern Alberta disrupted production. [Read more]
Oil jumps to near eight-week high after big draw in U.S. crude stocks
Oil prices rose to near eight-week highs on Wednesday, with Brent crude futures above $50 a barrel, as a much steeper than expected decline in U.S. inventories encouraged hopes the global crude glut would recede. Brent crude futures LCOc1 settled up 77 cents or 1.5 percent to $50.97 a barrel. U.S. West Texas Intermediate futures CLc1 rose 86 cents or 1.8 percent to $48.75 a barrel. U.S. crude stocks fell last week as refineries hiked output and imports dropped, while gasoline stocks decreased [Read more]
Canada top court throws out permits for seismic testing in north
Canada's top court handed aboriginals a partial victory on Wednesday, ruling there was not adequate consultation on plans to conduct seismic testing for oil and gas in the north of the country, but dismissing a separate attempt to quash permits for changes to an Enbridge Inc pipeline. In the two separate but related decisions, the Supreme Court of Canada found that while the Canadian government holds ultimate responsibility for ensuring that consultations with First Nations are adequate, [Read more]
Canada’s top court finds aboriginals consulted on Enbridge pipeline
Canada's top court ruled on Wednesday that aboriginals were adequately consulted on changes to an Enbridge Inc oil pipeline, dismissing an attempt to quash the national energy regulator's approval of the project. The Supreme Court of Canada ruled in a unanimous decision that the Chippewas of the Thames First Nation were given early notice of hearings on changes to Enbridge's Line 9 oil pipeline, which runs between Sarnia, Ontario, and Montreal, through what the Chippewas [Read more]