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]
Canada review of Trans Mountain pipeline flawed, lawyers argue
Canada failed in its duty to consult First Nations and other groups on the Trans Mountain oil pipeline expansion, and therefore the approval of the C$7.4 billion ($5.9 billion) project must be overturned, lawyers for project opponents argued at the launch of a judicial review on Monday. A decision against the Kinder Morgan Canada Ltd project would send it back into regulatory review, a move that would cause lengthy delays and could derail the project. Shares of Kinder Morgan Canada fell 1.91 [Read more]
Oil drillers, not forecasters, are responsible for WTI weakness
LONDON, Oct 2 (Reuters) - The U.S. Energy Information Administration (EIA) is distorting oil prices by being far too optimistic in its forecasts for U.S. production, according to Harold Hamm, the chief executive of Continental Resources . Hamm, who also chairs the Domestic Energy Producers Alliance (DEPA), a lobbying group, blames EIA for both the outright decline in U.S. oil prices and their underperformance compared with Brent since June. Hamm faults EIA for being too optimistic about U.S. [Read more]
Oil falls more than 2 percent on signs of higher output
NEW YORK (Reuters) - Oil fell more than $1 a barrel to below $56 on Monday as a rise in U.S. drilling and higher OPEC output put the brakes on a rally that helped prices to register their biggest third-quarter gain in 13 years. Iraq announced its exports rose slightly in September while OPEC overall boosted output, a Reuters survey showed. In its report on Friday, General Electric Co’s Baker Hughes energy services firm said drillers added six oil rigs in the week to Sept. 29, bringing the [Read more]
Lawsuit against Kinder Morgan pipeline expansion starts in Canada
A Canadian judicial review that could overturn the federal approval of Kinder Morgan Canada Ltd's Trans Mountain pipeline expansion will begin on Monday in Vancouver. More than a dozen parties, including the company, government departments, environmental and aboriginal groups, will present their cases over two weeks before Canada's Federal Court of Appeal. A decision against the C$7.4 billion ($5.9 billion) expansion would send it back for assessment, a move that would cause [Read more]
U.S. drillers add oil rigs for first week since mid-August -Baker Hughes
U.S. energy companies added oil rigs for the first week in seven after a 14-month drilling recovery stalled in August as crude prices were on track for their strongest third quarter in 10 years. The U.S. oil rig count, however, is down for the second month in a row and posted its biggest monthly and quarterly declines since the second quarter of 2016. Drillers added six oil rigs in the week to Sept. 29, bringing the total count up to 750, General Electric Co's Baker Hughes energy services [Read more]
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