CALGARY - A by-the-numbers look at the wildfire in Fort McMurray, Alta., and its impact on the oilsands industry:12: Number of surface oilsands mines and thermal or underground oilsands operations forced to close.1.1 million: Peak estimated number of barrels per day of oilsands output taken offline.C$65 million: Estimated reduction in daily revenue for energy companies from decline in production.700 million to 900 million cubic feet per day: The reduction in natural gas demand from shuttered [Read more]
Alberta natural gas producers could lose money because of wildfire: analyst
CALGARY - The first oilsands mine shut down by wildfires in the Fort McMurray region a week ago has been restarted and optimism is building that many of the largest operations will be producing again in a little as a few days.Shell Canada said Tuesday morning that it had resumed production at its Albian Sands mining operations about 95 kilometres north of Fort McMurray after a seven-day closure.The operations, which include the Muskeg River and Jackpine oilsands mines, have the capacity to [Read more]
Enbridge paying $282 million to join large-scale French offshore wind project
CALGARY - Enbridge Inc. (TSX:ENB) says it will pay $282 million to participate in the development of three large-scale wind farms off the coast of France.The Calgary-based company will acquire 50 per cent ownership of Eolien Maritime France SAS, which is building a total of 1,428 megawatts of generating capacity.The other half of the wind farms will be owned by EDF Energies Nouvelles, a subsidiary of Paris-based Electricite de France SA.Each of the three wind projects has been awarded a 20-year [Read more]
Statoil’s Leismer thermal oilsands project closes as fire stops pipeline
CALGARY - When energy company executives meet Tuesday with Premier Rachel Notley, they should urge the Alberta government to do whatever it can to facilitate the return of their employees in the wake of the wildfire that has devastated Fort McMurray, observers say.CEO Mark Ward of Syncrude Canada and Steve Laut, president of Canadian Natural Resources Ltd., will be among those meeting Notley in Edmonton to discuss how to get the oilsands industry back on track following the evacuation of 80,000 [Read more]
Effect of oil price shock still unfolding but economy coping well so far: IMF
TORONTO - Canada's economy has coped well with a shocking decline in oil prices but the country's central bank and federal government should remain prepared to do more if the need arises, an International Monetary Fund analysis released Monday has concluded.Cheng Hoon Lim, head of the IMF's annual review of Canada's economic performance, said it's too soon to calculate the impact of the Alberta wildfires that have devastated a huge area including parts of Fort McMurray."We need to see the extent [Read more]
Proponents behind Northern Gateway pipeline ask for three-year extension
CALGARY - Enbridge and its partners behind the Northern Gateway pipeline are asking for three more years to build support for the controversial project, but some First Nations say their opposition will never waver.The company's Northern Gateway subsidiary and 31 aboriginal equity partners said Friday they've asked the National Energy Board for an extension to the 2016 construction deadline to secure legal and regulatory certainty as well as continue consultations.Northern Gateway president John [Read more]
Fire forces Suncor to close two more plants, taking 237,000 bpd offline
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]
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