JUNEAU, Alaska — The state of Alaska has completed its acquisition of TransCanada Corp.’s interest in a major gas project. Gov. Bill Walker, in a release, called it an historic day. Legislators earlier this month approved funding for the state to buy out the Canadian pipeline company’s interest in the project, giving the state a greater stake. The governor’s office says Natural Resources Commissioner Mark Myers finalized the termination of the agreement that established TransCanada’s [Read more]
ConocoPhillips approves $900 million Arctic reserve project
ANCHORAGE, Alaska (AP) — ConocoPhillips has approved funding for a $900 million drilling project on Alaska’s North Slope. The Alaska Dispatch News reports that when production begins in 2018 at the filed in the National Petroleum Reserve-Alaska — an Indiana-sized Arctic reserve — the project is expected to yield 30,000 barrels of oil daily at its peak. Production would be the first time oil has flowed from federal lands on the reserve. The Bureau of Land Management oversees the reserve and [Read more]
TransCanada pulls Keystone XL application for Nebraska route approval, reserves right to reapply
LINCOLN, Neb. - The developer of the Keystone XL pipeline has withdrawn its application for route approval through Nebraska, but a spokesman says the Canadian company reserves the right to reapply.TransCanada made the announcement Wednesday, a day before it was scheduled to appear before the Nebraska Public Service Commission for a planning conference.Before President Barack Obama rejected a federal permit for the project, Nebraska had been a major roadblock because of lawsuits filed by [Read more]
Iran to add 500,000 barrels of oil exports after sanctions are lifted through nuclear deal
TEHRAN, Iran - Iran said Tuesday it will export an additional 500,000 barrels of oil a day after sanctions are lifted under a landmark nuclear deal in a bid to reclaim its market share despite low prices.Oil Minister Bijan Zanganeh told reporters Iran plans to double its crude oil exports as sanctions are lifted, which officials expect to happen in early 2016. Iran plans to begin exporting an additional 500,000 barrels of oil a day six months later.OPEC member Iran currently exports 1.1 million [Read more]
IEA says oil markets bearish as demand growth slows, stockpiles climb
CALGARY - The latest International Energy Agency outlook points to a continued slowing of Canadian oilsands production growth and the need for more cost-cutting, an analyst says.Martin Pelletier, portfolio manager at TriVest Wealth Counsel, said more supply cuts are needed before the market can turn around."We have not seen supply response yet, especially among non-OPEC nations, and as a result there is still a supply-demand disconnect and we're seeing that reflected in record-high inventory [Read more]
Obama administration refuses permit for Keystone XL pipeline after 7-year review
WASHINGTON - The seven-year saga of the Keystone XL pipeline culminated Friday in U.S. President Barack Obama rejecting a project that had become the biggest irritant in Canada-U.S. relations, amid its improbable escalation from an isolated land dispute into a major cross-border environmental struggle.The pipeline became the fault line in the American battle over climate change as the green movement pressed the president to turn down a permit that would have allowed Calgary-based TransCanada [Read more]
Shell defends BG deal in time of low oil prices, promises $1 billion in savings
LONDON - Royal Dutch Shell outlined Tuesday its strategy for making its merger with BG profitable in a world with falling oil prices, revealing another $1 billion in cost savings from the deal.Chief Executive Officer Ben van Beurden said cost savings for the deal are now expected to be $2 billion, bringing total synergies to $3.5 billion in 2018. Examples include savings on corporate costs such as real estate."The $1 billion increase is in operating cost synergies and has arisen from both [Read more]
North Dakota allows energy drillers to leave oil in ground longer in hopes of price rise
BISMARCK, N.D. - Depressed oil prices have helped build an inventory of about 950 drilled but uncompleted wells in North Dakota. Companies are supposed to bring the wells online within a year but North Dakota officials last week decided to give drillers an extra year, hoping for a rebound in crude prices that would provide the state with a better long-term payoff in tax revenue.MORE TIMENorth Dakota's all-Republican Industrial Commission led Gov. Jack Dalrymple last week allowed well owners to [Read more]
Shell reports net loss of $7.4 billion after Alaska drilling exit
LONDON - Royal Dutch Shell reported a third quarter loss of $7.4 billion Thursday as it re-organized and cancelled projects, including drilling in Alaska, to cope with the plunge in oil prices.The net loss compares with a profit of $4.5 billion in the same period last year. Shell reported $7.9 billion in charges, including $2.6 billion for Alaska and $2 billion related to the decision to cancel the Carmon Creek project in Alberta, Canada.Excluding one-time items and fluctuations in the value of [Read more]
TransCanada to buy Pennsylvania natural gas power plant from Talen Energy
CALGARY - TransCanada Corp. (TSX:TRP) has reached a deal to buy a gas-burning power plant in Pennsylvania for US$654 million from Talen Energy Corp., which is divesting some of its holdings to comply with regulatory requirements.Calgary-based TransCanada says the 778-megawatt Ironwood power plant in Lebanon, Penn., is a natural extension of its power business in the U.S. Northeast region, where the company now has over 4,500 megawatts of generating capacity.The plant is near the Marcellus shale [Read more]