CALGARY - The president of Canadian Natural Resources (TSX:CNQ) says his company will increase production to more than one million barrels of oil equivalent a day in the next three years if oil prices strengthen.Steve Laut said in an interview Thursday that the Calgary-based company would increase annual spending to about $4.5 billion a year from 2017 through 2019 if it sees signs of sustainability in benchmark oil prices above US$60 a barrel and in natural gas prices above US$3 a gigajoule."If [Read more]
Bear Head LNG obtains approval for licences to import, export natural gas
POINT TUPPER, N.S. - A proposed liquefied natural gas export facility in Cape Breton has received federal approval for a licence to export liquefied natural gas.Bear Head LNG Corporation, a subsidiary of the Australia-based Liquefied Natural Gas Ltd., says the government also approved a licence to import natural gas from the United States.The company says the National Energy Board's approval of the licences was given in August 2015, but was subject to the approval of the Governor in Council.The [Read more]
Countdown on Energy East decision begins as National Energy Board launches review
CALGARY - The National Energy Board officially started the clock Thursday on its review of the contentious Energy East pipeline project.The NEB now has 21 months to hold hearings along the 4,500-kilometre route from Alberta to New Brunswick and report to government whether the pipeline is in the national interest.The hearings will begin in Saint John, N.B., on Aug. 8 and NEB director Jean-Denis Charlebois said the review will be one of the most comprehensive ever conducted by the regulator."This [Read more]
Saskatchewan Premier Brad Wall defends Energy East in Quebec
MONTREAL - Saskatchewan Premier Brad Wall took his pro-Energy East road show into relatively hostile territory Thursday as he met with Quebec counterpart Philippe Couillard in a province where the proposed project has many detractors."Pipelines aren't perfect, but they are the safest and most efficacious way to move energy across the country," Wall told a news conference alongside Couillard.But while pitching the pipeline as an "opportunity for nation-building" that could link the country much [Read more]
Wildfire loss to oilsands at least 30 million barrels worth $1.4 billion
CALGARY - Analysts say lost oilsands production from the Fort McMurray wildfires could top 30 million barrels and cost the industry upwards of $1.4 billion.Some of the largest oilsands producers in the province were forced to shut down or curtail operations last month as 80,000 residents of Fort McMurray evacuated the city to escape the fierce blaze, which has yet to be extinguished.Damage to oilsands projects was minimal but Calgary-based analysts say restarting operations is taking longer than [Read more]
Premiers Wall and Gallant discuss proposed Energy East pipeline benefits
SAINT JOHN, N.B. - A day after pitching the Energy East pipeline to an enthusiastic New Brunswick crowd, Saskatchewan Premier Brad Wall faces a more skeptical audience Thursday: Quebec.Wall, continuing a swing through Eastern Canada, told an energy conference in Saint John Wednesday the $15.7 billion project proposed by TransCanada (TSX:TRP) will benefit all of Canada, will be safe, and won't make climate change worse.The project would transport more than a million barrels of western Canadian [Read more]
China’s CNOOC replaces CEO who led company through Nexen takeover
HONG KONG - Chinese petroleum multinational CNOOC Ltd. has announced the immediate replacement of its chief executive officer, who was appointed last week as a deputy director for China's National Energy Administration.Li Fanrong had been CEO of CNOOC since 2011 and led it through the controversial purchase of Calgary-based Nexen Inc. in a $15.1 billion deal that resulted in changes to Canadian foreign takeover law.The Harper Conservative government approved the Nexen deal — which closed in [Read more]
Pipeline leak fouls creek near grizzly protection area in northwestern Alberta
CALGARY - A pipeline leak has spilled an estimated 380,000 litres of light petroleum within five kilometres of a provincially designated grizzly bear management zone in northwestern Alberta, and an undetermined amount of it has reached a nearby creek.Producer ConocoPhillips Canada said in a statement posted on its website Tuesday that the leak of condensate, a liquid produced with natural gas, was seen at a pipeline right-of-way near its Resthaven gas plant about 65 kilometres northeast of [Read more]
Suncor restocking Petro-Canada stations after Edmonton refinery restart
CALGARY - Suncor Energy says its Edmonton refinery is working to restock Petro-Canada stations after fuel shortages across Western Canada.A company spokeswoman said it will be a matter of days before fuel stocks are replenished after the refinery outage on May 27 led to significantly reduced production of diesel and particularly gasoline.The company said supply disruptions from the Fort McMurray wildfire added to the shortages, which resulted in Petro-Canada stations from Winnipeg to the B.C. [Read more]
TransCanada joint venture wins US$2.1B natural gas pipeline contract in Mexico
CALGARY - TransCanada Corp. and a joint venture partner have won a contract to build, own and operate a US$2.1-billion natural gas pipeline in Mexico.The Calgary-based company says it will develop the 800-kilometre Sur de Texas-Tuxpan pipeline in co-operation with IEnova, a subsidiary of California-based Sempra Energy.TransCanada (TSX:TRP) said it will invest about US$1.3 billion in the partnership and will own 60 per cent of the pipeline, with IEnova owning the rest.Once completed in late 2018 [Read more]
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