CALGARY - Suncor Energy (TSX:SU) is revising its estimates on when full shipments from its Mildred Lake oilsands operation will resume following a fire in March. At the beginning of May, Suncor said repairs had been completed and production was expected to return to full rates in June. On Tuesday, the company issued a news release saying the timing of full ramp-up has been extended to mid-July. The company said repairs are progressing as planned but maintenance work [Read more]
Saskatchewan pens letter to federal natural resources minister on update of NEB
REGINA - The Saskatchewan government has submitted its response to a report on the modernization of the National Energy Board. Energy Minister Dustin Duncan has sent a letter to federal Natural Resources Minister Jim Carr about what Saskatchewan sees as the positives and negatives in the report. Speaking at the legislature, Duncan said the government would welcome any changes that would result in the approval of sound energy projects. But he added those projects would [Read more]
EIA revises down oilsands reserve drop by about a third after data error
CALGARY - The U.S. Energy Information Administration has revised down its estimate of how much oilsands reserves were taken off the books last year because of a data error. In an updated brief out Tuesday, the EIA reports that 67 U.S.-listed companies debooked about 4.9 billion barrels of reserves in the oilsands, down from the 7.7 billion it reported Monday. The EIA had included the 3.5 billion barrels of reserves debooked by Exxon Mobil, plus the roughly 2.8 billion barrels of [Read more]
Canadian oil production projected to grow 33 per cent by 2030, CAPP says
CALGARY - The Canadian Association of Petroleum Producers expects oil production to climb 33 per cent by 2030 even as pipeline constraints and competition for investment threaten to slow future growth. The forecast calls for Canadian crude oil production to reach 5.12 million barrels per day by 2030, up from last year's projection that output would hit 4.93 million bpd. CAPP president Tim McMillan said Tuesday that the crude supply will grow by five per cent per year to 2020, but [Read more]
EIA shows oilsands saw major reserve writedown in 2016 following oil price drop
CALGARY - The U.S. Energy Information Administration has highlighted how last year's oil price drop brought on a massive writedown of high-cost Canadian oilsands reserves. The EIA said in a brief Monday that data from 68 U.S.-listed companies shows their oilsands reserves dropped by a total of about 7.7 billion barrels, making up the vast majority of their 8.2-billion net reduction in commercially viable barrels globally. The writedowns came after the West Texas Intermediate [Read more]
Coalition urges banks to shun financing for Kinder Morgan’s Trans Mountain
BURNABY, B.C. - A coalition of interest groups is calling on Canada's six biggest banks and others to back away from providing funding for Kinder Morgan Canada's controversial Trans Mountain pipeline expansion. The coalition of 20 indigenous and environmental groups says in an open letter that it will use its influence to urge local and foreign governments to divest from banks that ignore its opposition to the pipeline. It names a total of 28 banks as potential targets for its [Read more]
Encana selling Colorado natural gas unit to Denver company for US$735 million
CALGARY - Encana Corp. (TSX:ECA) has a deal to sell its Piceance natural gas assets in Colorado for US$735 million cash to Caerus Oil and Gas LLC of Denver. The Piceance assets include approximately 3,100 operated wells, which produced about 240 million cubic feet per day of natural gas in the first quarter. They also produced 2,178 barrels per day of liquids. Encana has been focusing its efforts on four core areas in Texas and western Canada, and selling non-core parts of its [Read more]
Contractor injured performing maintenance at Syncrude oilsands site
FORT MCMURRAY, Alta. - A man has been injured at an oilsands facility in northern Alberta. Syncrude spokesman Will Gibson said a contractor was performing routine maintenance early Thursday at the Mildred Lake upgrader complex near Fort McMurray when there was "an incident." Gibson said he didn't know what happened or the type of maintenance the contractor was doing. He said Syncrude has suspended certain maintenance activities while it investigates. Gibson said [Read more]
Enbridge sets out oil pipeline growth plan to cover Western Canada for a decade
CALGARY - Enbridge Inc (TSX:ENB) has outlined a pipeline expansion plan it says can cover the expected oil production increase from Western Canada for the next decade. The company's executive vice-president of liquids pipelines says the replacement and restoration of its Line 3 pipeline, combined with upgrades and adjustments to other pipelines on its mainline system, could add about 875,000 barrels a day of capacity. "These solutions can be staged to meet industry's needs [Read more]
Carr: Canada would consider Chinese investment proposals for oilsands
OTTAWA - As Natural Resources Minister Jim Carr explores avenues in China to expand foreign investment in the oilsands, his government is being accused of allowing Chinese takeovers of Canadian firms with little regard for national security. Carr is on a five-day trade mission to China, pursuing partnerships and new markets for the energy and forestry sectors. The trip comes as the two countries pursue exploratory free trade talks, and the federal Liberals adjust their foreign policy to [Read more]
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