CALGARY - The wildfire ripping through the Fort McMurray, Alta., area continued to set back Alberta's crude industry Friday as concerns arose that the disaster may have taken out as much as half of Canada's oilsands output.It is difficult to say with certainty how much oilsands bitumen is offline because production levels have fluctuated throughout the week and companies have not disclosed precise figures.But Nick Lupick, an oilsands analyst for AltaCorp Capital, said his latest estimate is that [Read more]
Gasoline prices set to rise as wildfire cuts deep into oilsands production
CALGARY - Gasoline prices are expected to creep up due to the wildfires in Fort McMurray, Alta., according to industry analyst Michael Dunn, who believes as much as one million barrels per day of Canadian oilsands production has been knocked offline.Benchmark oil prices in New York rose Thursday as oilsands companies reported more than 600,000 barrels per day of production had been sidelined because of the fire, which has sent employees and their families scrambling for safety while impeding [Read more]
TransCanada gets final permits for Coastal GasLink pipeline to Kitimat
CALGARY - TransCanada Corp. says it has secured the final permits needed to start construction and operation of its proposed Coastal GasLink pipeline. The company said Thursday that the B.C. Oil and Gas Commission issued the last two of 10 permits needed and it now is awaiting a final investment decision from LNG Canada before starting construction. The 650-kilometre pipeline would link natural gas fields in northeastern British Columbia to LNG Canada's proposed liquefied natural gas [Read more]
CNRL says production could be nearly halved due to power grid concerns from fire
CALGARY - Oilsands executives fear the wildfire that has burned swaths of the Fort McMurray, Alta., region could create gaps in the northern Alberta power grid, leading to more shutdowns of crude production.President Steve Laut of Canadian Natural Resources Ltd. (TSX:CNQ) says the Calgary-based company's Horizon oilsands mine and upgrader would have to choke output back to 70,000 barrels per day from about 130,000 bpd if its access to external power is cut off.He says electricity generated on [Read more]
UPDATE: Fort McMurray wildfire has burned 1,600 buildings, premier says
FORT MCMURRAY, ALTA. — Alberta Premier Rachel Notley says a wildfire that is raging around Fort McMurray has burned through roughly 1,600 structures in the city. “There's been fairly significant destruction of residences,” she said at a morning briefing in Edmonton. “We're looking at roughly 1,600 structures at this point, so we've begun conversations with our federal partners about work that will need to be done with respect to restoration and recovery once the fire is brought under [Read more]
Wildfire forces Shell Canada to shut down oilsands mining project
CALGARY - The wildfire raging through the heart of Canada's oilsands capital dealt a blow Wednesday to crude operations, with companies curtailing production or stopping it altogether.Shell Canada shut down output at its Albian Sands oilsands mining operations, which have the capacity to produce 255,000 barrels of oil per day. The site is located about 70 kilometres north of Fort McMurray.The company said it made the decision to focus on getting employees and their families out of the region [Read more]
Fort McMurray evacuates as fire rages
FORT MCMURRAY, Alta. - Parts of downtown Fort McMurray in northern Alberta were under an evacuation notice Tuesday as a wildfire whipped by winds began engulfing homes on the outskirts. The Rural Municipality of Wood Buffalo said people should leave immediately and head for a lodge about 20 kilometres north of the city. Residents were ordered to flee several neighbourhoods and a trailer park that had been evacuated on Monday was on fire, said Carina Van Heerde, a reporter with Fort [Read more]
Encana posts US$379 million Q1 loss, says cost-cutting on track to meet target
CALGARY - Calgary-based Encana Corp. (TSX:ECA) reported Tuesday a US$379-million net loss for the first quarter mainly due to writedowns and lower oil and gas prices as revenue fell 40 per cent compared with the same time last year.A year ago, the oil and gas producer had a US$1.71-billion loss, also mainly due to asset writedowns.The company, which reports in U.S. dollars, also said it is taking a $31-million restructuring charge to account for a 20 per cent reduction in its workforce in [Read more]
Freehold Royalties paying $165 million for Husky oil and gas royalty assets
CALGARY - Freehold Royalties Ltd. is buying a portfolio of oil and gas royalty assets from Husky Energy Inc. for $165 million.The deal will see Freehold gain the equivalent of about 1,700 barrels of oil production and add $11.6 million to annual operating income.The company says it will also increase its total royalty land holdings by 74 per cent to 2.39 million hectares with the addition of properties in southern Saskatchewan and Alberta's Deep Basin.Freehold says it will pay for the deal [Read more]
Strong bitumen blending prices expected to continue to hurt oilsands
CALGARY - High prices for condensate, a diluent that allows sticky oilsands bitumen to flow in a pipeline, are expected to remain a thorn in the side of producers already reeling from low prices.In first-quarter results last week, both Cenovus Energy Inc. (TSX:CVE) and MEG Energy Corp. (TSX:MEG) complained their losses were magnified by the high cost of condensate. For every 10 barrels of raw bitumen, about three barrels of condensate are required.While bitumen prices tumbled briefly to below [Read more]
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