CALGARY - Wildfires at Fort McMurray, Alta., have forced the shutdown of about a dozen mining and thermal projects. Here's what you need to know about how they will be restarted and how long that might take. What is the difference between an oilsands mine and a thermal oilsands project? An oilsands mine recovers heavy, sticky bitumen crude from a strip mine using shovels and trucks and then processes the ore to remove impurities such as sand, clay and water. Most miners also upgrade the [Read more]
Nearly $1B of oilsands production lost due to Fort McMurray fire
CALGARY - Plans to quickly restart oilsands production in northern Alberta were turned upside down Tuesday after the Fort McMurray wildfire erupted with renewed vengeance, forcing thousands of workers to scramble to safety.Oilsands miners had been gradually returning staff to the area to begin the process of resuming production at facilities undamaged by fire but shut down because of the threat.However, a change in wind direction sent the rapidly moving blaze north toward oilsands projects [Read more]
Recommendation coming down pipes for Kinder Morgan Trans Mountain expansion
VANCOUVER - As a key decision looms this week on a project that will have an impact on the future of Canada's oil economy, the federal government announced details Tuesday of an additional review on the Trans Mountain pipeline.The National Energy Board is set to announce by Friday whether it supports Kinder Morgan's proposal to triple the capacity of the pipeline, which carries diluted bitumen from the oilsands near Edmonton to Burnaby, B.C., for export.The federal government, meanwhile, [Read more]
Worker evacuation near Fort McMurray expands, now numbers 8,000
FORT MCMURRAY, Alta. - A mandatory evacuation of employees at work camps north of Fort McMurray, Alta., has expanded and now affects about 8,000 people. The Rural Municipality of Wood Buffalo issued an emergency alert about 10 p.m. on Monday evening, saying the move was prompted by the threat of a quickly spreading wildfire. The evacuation zone now stretches about 50 kilometres north of Fort McMurray to just south of Fort MacKay, and includes Syncrude and Suncor facilities, along with [Read more]
Oilsands producer Connacher seeks court protection 12 months after restructuring
CALGARY - Twelve months after emerging from a court-supervised restructuring, junior oilsands producer Connacher Oil and Gas Ltd. is again seeking court protection from creditors.The Calgary company announced Monday that it had asked the Court of Queen's Bench for shielding under the Companies' Creditors Arrangement Act while it tries to arrange a sale of its business in whole or in part.Its restructuring last May resulted in creditors owed $1 billion taking over almost the entire [Read more]
Penn West says low oil, gas prices have pushed it close to debt default
CALGARY - Concerns mounted in the oilpatch after one of Calgary's oldest oil and gas production companies warned Monday it was facing the possibility of defaulting on its debt by the end of next month.Penn West Petroleum Ltd. (TSX:PWT) said it could be in violation of its agreements with its lenders by June 30 if it can't negotiate some form of loan relief.The firm, the latest member of the oilpatch to face a showdown with lenders amid depressed crude prices, said it has hired investment banking [Read more]
Enbridge pipelines to resume oilsands shipments within days as fire risk falls
CALGARY - Enbridge Inc.'s chief executive said he hopes to restart shipments on its regional oilsands pipelines in the next few days as the wildfire risk in the Fort McMurray, Alta., area diminishes."I would say within the next two or three days, hopefully, we'll be at a point where we'll be in good startup mode," CEO Al Monaco said after the company's annual general meeting Thursday.He said the restart would be gradual because it depends on production flows from oilsands operators and requires [Read more]
Big banks shave 2016 growth outlooks for Canada in wake of Alberta wildfire
OTTAWA - The effects of the enormous Alberta wildfire on the ever-crucial oil sector have prompted forecasters to trim their 2016 economic growth predictions for the entire country.Experts, including those from several big banks, have shaved their outlooks in recent days following the huge blaze that tore through Fort McMurray — the heart of oil country.The emergency forced nearby oilsands facilities to shut down last week, but some have begun to restart their operations. More are expected to [Read more]
Ottawa puts all hands on deck for Fort McMurray in advance of Trudeau visit
OTTAWA - The federal Liberals are putting all hands on deck with a special cabinet committee to co-ordinate Fort McMurray aid and reconstruction efforts in advance of the prime minister's visit to the fire-ravaged region on Friday.Justin Trudeau has received an appeal from Alberta Premier Rachel Notley for enhanced employment insurance benefits for the Edmonton area as a consequence of last week's mass evacuation of more than 80,000 people.But that's just one thread of a multi-government effort [Read more]
AltaGas partner Idemitsu shelves work on Triton liquefied natural gas project
CALGARY - AltaGas Ltd's joint venture partner, Idemitsu Kosan Co., says it has stopped work on the Triton liquefied natural gas project in northern British Columbia.The Japanese conglomerate says in its annual results issued Tuesday that it had suspended all efforts to export LNG from North America.AltaGas's director of finance and communications says that the news doesn't change anything for the company since AltaGas had put Triton on the back burner more than a year ago.Jess Nieukerk says [Read more]
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