HOUSTON/LONDON (Reuters) - Two decades ago, BP set out to transcend oil, adopting a sunburst logo to convey its plans to pour $8 billion over a decade into renewable technologies, even promising to power its gas stations with the sun. That transformation - marketed as “Beyond Petroleum” - led to manufacturing solar panels in Australia, Spain and the United States and erecting wind farms in the United States and the Netherlands. Today, BP (BP.L) might be more aptly branded “Back to [Read more]
Encana’s profit falls 7 pct as production slips
Canadian oil and gas producer Encana Corp's profit fell 7.3 percent in the third quarter, hurt by lower oil and gas production. The Calgary-based company said on Wednesday its net profit slipped to $294 million, or 30 cents per share, in the quarter ended Sept. 30, from $317 million, or 37 cents per share, a year earlier. Total oil and gas production fell to 284,000 barrels of oil equivalent per day (boe/d) from 338,000 boe/d a year ago, led by a 29 percent fall in natural gas [Read more]
Whitecap among final-round bidders for Cenovus’ Weyburn asset -sources
Canada's Whitecap Resources Inc and at least three other companies have submitted final-round bids for Cenovus Energy Inc's Weyburn oil facility in a deal that could fetch about C$1 billion ($782 million), people familiar with the situation said on Tuesday. NAL Resources Management Ltd, a unit of insurer Manulife Financial Corp , Cona Resources Ltd and Spartan Energy Corp are among other suitors to place final bids, the people added, declining to be named as the matter is [Read more]
Whitecap among final-round bidders for Cenovus’ Weyburn asset
Canada's Whitecap Resources Inc and at least three other companies have submitted final-round bids for Cenovus Energy Inc's Weyburn oil facility in a deal that could fetch about C$1 billion ($782 million), people familiar with the situation said on Tuesday. NAL Resources Management Ltd, a unit of insurer Manulife Financial Corp , Cona Resources Ltd and Spartan Energy Corp are among other suitors to place final bids, the people added, declining to be named as the matter is not yet [Read more]
Kinder Morgan Canada denied expedited appeal for oil pipeline
Canada's National Energy Board (NEB) will take until at least Dec. 4 to review Kinder Morgan Canada Ltd's appeal over its Trans Mountain oil pipeline expansion, the regulator said on Tuesday, rejecting the company's proposed "expedited" timeline. The company, a unit of Houston-based Kinder Morgan Inc , last month asked the regulator to intervene after it said it was unable to obtain permits from the city of Burnaby, British Columbia. Burnaby has long opposed the expansion over [Read more]
Canadian Natural sees 17 pct rise in 2018 production
Canadian Natural Resources Ltd on Tuesday forecast a 17 percent rise in 2018 production, although it lowered its capital budget for the year. The company joins a growing a list of North American oil producers that have cranked up their oil output, while cutting back on spending. "Modest drilling programs will ensure cost control, which is essential in this commodity price environment," Chief Operating Officer Tim McKay said in a statement Canada's largest independent [Read more]
Chevron green lights its first Canadian shale development
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]
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