BAKERSFIELD, Calif. - The amount of oil that can be recovered from California's sprawling Monterey Shale formation using existing technology is far less than thought, according to a new federal estimate that potentially deals a blow to oil companies looking to extract the resource. About 600 million barrels of oil can be tapped from the formation, the Los Angeles Times reported (http://lat.ms/1ndwsx9 ), citing data from the U.S. Energy Information Administration. The new figure, which is [Read more]
Crude oil rises to US$104 a barrel as report shows large drop in U.S. supplies
The price of oil climbed to a one-month high Wednesday after a report showed a large drop in U.S. crude supplies, helped by a decline in imports. Benchmark West Texas Intermediate crude for July delivery gained $1.74 to close at US$104.07 a barrel on the New York Mercantile Exchange. Oil now is up four per cent for the month of May. Brent crude, a benchmark for international oil, added 86 cents to US$110.55 a barrel on the ICE Futures exchange in London. A report from the U.S. Energy [Read more]
B.C. premier brushes aside Russia-China gas deal, suggests Russia not reliable
VANCOUVER - B.C.'s premier is brushing aside a massive natural gas deal between China and Russia, insisting she's not worried it will affect her province's plans to develop a liquefied natural gas industry. Premier Christy Clark has made the LNG industry her government's central focus, and that plan relies almost entirely on producers selling their natural gas to markets in Asia. Russia and China have reached a $400-billion, 30-year agreement for China to buy Russian natural gas, prompting [Read more]
Russia-China gas deal not seen threat to Canadian West Coast LNG prospects
CALGARY - A natural gas deal signed between Russia and China includes some mindbogglingly large numbers — but observers say it's not big enough to keep Canadian exports out of that burgeoning market. The value of the contract — signed amid growing isloation from Russia's traditional customers to the west — is pegged at $400 billion and covers a 30-year period. Talisman Energy CEO Hal Kvisle says it's a big deal, but it doesn't shut the door on liquefied natural gas exports from [Read more]
China signs $400 BILLION deal for Russian natural gas
SHANGHAI (AP) — China signed a landmark deal Wednesday to buy Russian natural gas worth about $400 billion, giving a boost to diplomatically isolated President Vladimir Putin and expanding Moscow’s ties with Asia. Price negotiations on the 30-year deal continued into the final hours of a two-day visit by Putin to China, during which both sides had said they hoped to sign an agreement. Putin was in Shanghai for an Asian security conference where China’s president called for a new model of [Read more]
Environmentalists say national conservation deal not working in Alberta
EDMONTON - Some Alberta environmentalists say a national agreement between the forestry industry and conservation groups isn't working in the province.Keepers of the Athabasca and the Alberta Wilderness Association say logging is still going on inside caribou habitat and in buffer zones set up to protect the animals' ranges.In the Canadian Boreal Forest Agreement reached four years ago, major forestry companies agreed to preserve forests and environmentalists ended a boycott and media campaign [Read more]
Oil rises ahead of U.S. supply data and minutes from Fed meeting
The price of oil rose Wednesday before the release of the latest report on U.S. supplies and minutes from the U.S. Federal Reserve's April policy meeting.Benchmark U.S. crude for July delivery was up 56 cents to US$102.90 a barrel at 1:50 a.m. ET in electronic trading on the New York Mercantile Exchange. It gained 22 cents to $102.33 on Tuesday.Brent crude, a benchmark for international oil, was up 4 cents to $109.73 a barrel on the ICE exchange in London.Traders are watching for analysis of the [Read more]
Funding problems threaten to ground night helicopter ambulance in oilsands area
FORT MCMURRAY, Alta. - A funding shortfall threatens to ground nighttime helicopter ambulance service in Alberta's bustling oilsands region.Phoenix Heli-Flight said it plans to discontinue night flights out of Fort McMurray to remote accident sites at the end of the month."If there is no funding in place, the company can't afford to keep it," chief pilot Darrel Peters said Tuesday.Peters said the company has a fee-for-service deal with Alberta Health Services when it responds to injury [Read more]
Industry says no added risk for Bakken crude despite explosive accidents in US, Canada
BISMARCK, N.D. - Oil industry representatives are pushing back against tougher rules for rail cars carrying crude despite a string of fiery accidents and insisting that oil shipped by train from the Northern Plains is no more dangerous than some other cargoes.An industry-funded report released Tuesday said the volatility of Bakken oil from North Dakota and Montana is comparable to other light crudes.But the report offers further evidence that Bakken crude is more volatile than heavier oils such [Read more]
Ottawa demands NAFTA body drop investigation into oilsands tailings
CALGARY - Ottawa is demanding the Commission for Environmental Co-operation drop its investigation into whether laws are being properly enforced when it comes to oilsands pollution. Two environmental groups and three individuals complained in 2010 to the CEC, a body created alongside the North American Free Trade Agreement as a way for Canada, the United States and Mexico to address environmental issues. The complainants assert the federal government has failed to enforce provisions in the [Read more]
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