CALGARY - A massive deal that would see Royal Dutch Shell and Marathon Oil sell Alberta oilsands assets to Canadian Natural Resources elicited a wide range of responses: "The pipeline situation didn't play into our thinking at all. We believe that we will have adequate pipeline capacity. This was a decision based on, as I said earlier, on our strategy around simplifying the portfolio, focusing in on parts of the business where we thought we could reach globally competitive scale." — [Read more]
Oilsands deal latest sign cheap crude driving away international majors
CALGARY - Royal Dutch Shell's deal to sell off most of its Canadian oilsands holdings shows the waning appeal of the higher-cost sector for foreign investors at a time of soft crude prices and abundant global supply. The megadeal announced on Thursday has Netherlands-based Shell and Houston-based Marathon Oil both making big divestments of their Alberta oilsands assets. Canadian Natural Resources is spending $12.74 billion in cash and shares to snap them up, a price it says is still less [Read more]
Kinder Morgan ups Trans Mountain cost to $7.4 billion, confirms shipper interest
CALGARY - Kinder Morgan has increased the estimated cost of the Trans Mountain pipeline project to $7.4 billion and says it has confirmed shipping interest from producers. The cost is up from the $6.8 billion previously estimated, with Kinder Morgan citing increased compliance costs including the National Energy Board's 157 conditions, thicker pipe walls, additional drilled water crossings, and the Burnaby Mountain tunnel. The company said shippers have reconfirmed all but three [Read more]
PM Trudeau to talk balancing oil with the environment at Houston energy summit
HOUSTON - Prime Minister Justin Trudeau made it clear he is flatly against a proposed U.S. border adjustment tax, telling a global gathering of politicians and energy sector executives it would hurt the economy in both countries. "Recognizing, of course, how much the Canadian economy depends on close collaboration and integration with the American economy, anything that creates impediments at the border — extra tariffs or new taxes — is something we're concerned with," Trudeau said [Read more]
NewsAlert: Royal Dutch Shell signs two deals to sell oilsands assets
CALGARY - Canadian Natural Resources has struck a blockbuster $12.74-billion deal to buy Alberta oilsands assets from Royal Dutch Shell and Marathon Oil, boosting its exposure to the higher-cost sector even as soft crude prices prompt some large foreign players to exit. The deal announced Thursday would see Canadian Natural (TSX:CNQ) buy Shell's 60 per cent stake in the Athabasca Oil Sands Project, which includes a mine north of Fort McMurray, Alta., and the Shell-operated Scotford [Read more]
Alberta Energy regulator says court upholds ruling about Lexin Resources
CALGARY - The Alberta Energy Regulator says a court has upheld its decision to prevent equipment from being removed from Lexin Resources Ltd. sites. Last month the regulator took the unusual step of shutting down all Lexin operations, accusing the Calgary-based oil and gas producer of ignoring orders and regulations. Lexin was ordered to shut down its estimated 1,660 sites, including 1,380 wells and 201 pipelines across the province. The regulator says it submitted [Read more]
Concerns over oilsands river contamination overstated, scientist says
EDMONTON - New research from the University of Alberta suggests concerns about contaminants in the Athabasca River from the oilsands may be overstated. "Absolutely — no question," said Bill Shotyk, a soil and water scientist involved in three recently published papers that question much recent science conducted on the effects of the oilsands on the local watershed. His results are already being criticized by the authors of some of that research. Shotyk says the [Read more]
Painted Pony cuts capital spending plans in response to lower gas prices
CALGARY - Painted Pony Petroleum Ltd. (TSX:PPY) has cut back its capital spending budgets and production targets for 2017 and 2018, citing recent declines in the projected price of natural gas. The Calgary-based company says it has reduced this year's capital budget by about 10 per cent to $288 million, from the previously announced $319 million. Its 2018 budget will drop by nearly 44 per cent to $216 million from the previous estimate of $385 million under a previously announced [Read more]
Alberta and Ottawa help fund Calgary centre for carbon conversion projects
CALGARY - The Alberta government and the federal government are each providing $10 million to help build a test facility in Calgary for technologies that convert carbon dioxide emissions into usable products. The Alberta Carbon Conversion Technology Centre will be owned and operated by InnoTech Alberta, a subsidiary of Alberta Innovates. It will initially be used by finalists of the Carbon Xprize, a global competition sponsored by power company NRG and Canada's Oil Sands [Read more]
Alberta premier heads to Texas for energy conference and meeting with governor
EDMONTON - Alberta Premier Rachel Notley will continue her travels in the U.S. next week, this time with a visit to Houston where she will take part in an annual energy-industry conference. Notley's office says she will participate in a panel discussion on energy and the environment Monday at CERAWeek. She will also meet with energy executives and policy makers on Tuesday, and will travel to Austin on Wednesday to meet with Texas Gov. Greg Abbott. Notley was in Washington [Read more]
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