ST. JOHN'S, N.L. - Statoil says a 19-month drilling campaign in the Flemish Pass off the coast of Newfoundland resulted in two discoveries of oil in the Bay du Nord area.The Norwegian company says in a statement the discoveries, at the Bay de Verde and Baccalieu prospects, have reduced uncertainty about the commercial potential of the field.Reserves for the Bay du Nord site were originally estimated between 300 and 600 million barrels, and Statoil says it appears the final volumes will be at the [Read more]
Fire threat in northern Alberta eases, Cenovus and CNRL restore production
WABASCA, Alta. - Operations are returning to normal in the Wabasca area of northern Alberta after a wildfire prompted two companies to cut back heavy oil production earlier this week.Cenovus Energy Inc. (TSX:CVE) said Thursday it was bringing about 50 staff back on-site and was in the process of restarting oil production at its Pelican Lake facility.The company evacuated 118 staff from the facility and shut down about 23,000 barrels a day of production after a wildfire was discovered about a [Read more]
Saskatchewan premier pushing pipeline on trip through Eastern Canada
REGINA - Saskatchewan Premier Brad Wall is taking his push for the Energy East pipeline to a place where it may not be welcome — Quebec.Wall is to be in Montreal next Thursday to discuss the pipeline and other matters with Quebec Premier Philippe Couillard. Wall asked for the meeting, but will not be giving a speech.The Saskatchewan premier is also to travel next week to Toronto and Saint John to speak in support of the $15.7-billion project proposed by TransCanada (TSX:TRP). Wall says it's [Read more]
U.S. production rise expected to dent Canadian natural gas growth
CALGARY - Lower prices and increasing competition from the United States are expected to add to the woes of Canadian natural gas producers over the summer, but the picture then brightens, according to a report from the National Energy Board.The federal agency said Thursday it expects natural gas prices to fall from an average of about US$2.70 per million British thermal units in 2015 to an average of US$2.50 this year, and then gradually rise to average US$3 in 2018. Prices were almost US$5 in [Read more]
Pelican Lake wildfire threat eases, allowing Cenovus workers to return
WABASCA, Alta. - An out-of-control wildfire in northern Alberta that prompted two companies to curtail heavy oil production in the Pelican Lake area is now being held, one of the companies says.Cenovus Energy Inc. (TSX:CVE) said it safely shut down about 23,000 barrels a day of production and ordered the evacuation of 118 staff from its Pelican Lake facility Tuesday after a fire was discovered about one kilometre away from its complex.Late Wednesday afternoon, the company said the fire had been [Read more]
Alberta carbon tax prompts fierce oil and gas competitiveness debate
CALGARY - The impact of Alberta's new carbon levy on the oil and gas industry was hotly debated in Calgary on Wednesday, a day after it was passed by the NDP government. Alberta Energy Minister Marg McCuaig-Boyd, who spoke at an industry conference, insisted the province can compete with neighbouring Saskatchewan, which doesn't have a carbon tax. "We're still pretty competitive overall in Canada," said McCuaig-Boyd. "We're one of the lowest (tax) jurisdictions and, I always have to remind [Read more]
Premier Brad Wall says oil and gas industry losing public relations battle
CALGARY - The energy industry is losing the public relations battle against environmentalists and needs to redouble efforts to get out its side of the story, Saskatchewan Premier Brad Wall said Wednesday."Today there continues an existential threat to this industry," said Wall."It's posed by ... some who just aren't that comfortable that we have all this oil and what oil might mean. And it's also posed by some who just want to shut it down completely."Wall made the remarks Wednesday in a speech [Read more]
CPP Investment Board lines up US$450 million oil and gas deal with LongPoint
TORONTO - Canada Pension Plan Investment Board has committed US$450 million to LongPoint Minerals, a Denver-based company that focuses on investments in the U.S. oil and gas sector.The Toronto-based pension fund manager says it will end up with a significant majority stake in LongPoint within two to three years.LongPoint's strategy is to acquire mineral and royalty interests in three key oil and gas production areas in the U.S.CPPIB manages a fund worth C$278.9 billion as of March 31 on behalf [Read more]
Shell donates controversial Arctic exploration permits for protected area
Shell Canada is donating its controversial Arctic energy exploration permits to clear the way for creating Canada's third national marine protected area.The 30 legally questionable permits are being given to the Nature Conservancy of Canada, which in turn has handed them to the federal government."(The region) is adjacent to where the government has already said it would like to establish a conservancy, so our hope is that it will contribute to a much larger marine conservation area in the [Read more]
North Alberta wildfire prompts Cenovus to evacuate Pelican Lake heavy oil complex
WABASCA, Alta. - An out of control wildfire in northern Alberta has prompted Cenovus Energy Inc. to evacuate its Pelican Lake heavy oil facility.The company says the fire was discovered about one kilometre away from its complex about 300 kilometres north of Edmonton.Cenovus (TSX:CVE) says safety is its top priority and the evacuation and shutdown are a precaution.There was no damage to facilities or infrastructure.Alberta Wildfire officials say the blaze is about 55 hectares in size and is being [Read more]
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