CALGARY - The question of who should bear the financial risk for pricey carbon capture and storage projects has become a stumbling block slowing the technology's adoption in Canada. It has been half a year since privately held Entropy Inc. inked a deal with the federal government that saw Ottawa agree to underwrite much of the risk for the company's proposed carbon capture and storage project. Entropy said it would go ahead with its $49-million second phase of the project — located at [Read more]
ConocoPhillips buying Marathon Oil for $17.1 billion in all-stock deal, plus $5.4 billion in debt
NEW YORK - ConocoPhillips is buying Marathon Oil in an all-stock deal valued at approximately $17.1 billion. The deal is valued at $22.5 billion when including $5.4 billion in debt. Crude prices have jumped more than 12% this year and the cost for a barrel rose above $80 this week. As part of the transaction, Marathon Oil shareholders will receive 0.2550 shares of ConocoPhillips common stock for each share of Marathon Oil common stock that they own, the companies said [Read more]
Lobby group says emissions cap would cost oil and gas sector $75B in lost investment
CALGARY - An oil and gas lobby group says the federal government's proposed emissions cap on the sector combined with its stringent targets for methane reduction could reduce Canada's non-oilsands fossil fuel production by one million barrels per day by 2030. The Canadian Association of Petroleum Producers says it commissioned a study by S&P Global Commodity Insights to see what the economic impact of various proposed emissions-reducing policies would be on Canada's conventional, or [Read more]
University of Calgary looks to relaunch oil engineering program after hiatus
CALGARY - The University of Calgary says it is planning a potential relaunch of its oil and gas engineering program, which it suspended three years ago due to dwindling student demand. The university stopped admitting students to its petroleum engineering bachelor's degree program in 2021, after a multi-year period of low oil prices, corporate consolidation and widespread energy sector layoffs. At the time, U of C said it had seen a dramatic decline in student interest in the program, [Read more]
Imperial starts production at new oilsands project using lower-emissions technology
CALGARY - Imperial Oil Ltd. says it has started production at its new Grand Rapids oilsands project located at its Cold Lake operating site. The Calgary-based company, which is majority owned by U.S. giant ExxonMobil, says the project will use a mixture of steam and chemical solvents to recover the bitumen that is too deep underground to be extracted via mining. While all of the existing facilities at Imperial's Cold Lake oilsands operation use steam instead of mining, the Grand Rapids [Read more]
Biden releasing 1 million barrels of gasoline from Northeast reserve in bid to lower prices at pump
WASHINGTON (AP) — The Biden administration said Tuesday that it is releasing 1 million barrels of gasoline from a Northeast reserve established after Superstorm Sandy in a bid to lower prices at the pump this summer. The sale, from storage sites in New Jersey and Maine, will be allocated in increments of 100,000 barrels at a time. The approach will create a competitive bidding process that ensures gasoline can flow into local retailers ahead of the July 4 holiday and sold at competitive [Read more]
Suncor not rushing to secure additional supply for Base Plant oilsands facilities
CALGARY - Suncor Energy Inc. says it will be more than five years before it makes any significant investments to secure additional bitumen supply to replace output from its Base Plant oilsands mine. The Calgary-based company has been exploring options to sustain the supply of thick, sticky oilsands crude to its Base Plant upgrading facilities north of Fort McMurray, Alta. The company's Base Plant oilsands mine is expected to be largely depleted by the mid-2030s. To solve its supply [Read more]
Bank chief executives summoned to House of Commons environment committee
OTTAWA - A parliamentary committee has summoned Canada's big five bank CEOs to talk about the environmental and climate impacts of the financial system. The House of Commons environment committee has set a date of June 13 for the chief executives of RBC, TD Bank, CIBC, BMO and Scotiabank to appear, according to meeting minutes. Scotiabank and CIBC confirmed their CEOs plan to appear, while other banks did not immediately clarify if they plan to attend. A summons is generally used to [Read more]
New Brunswick oil executive Arthur Irving dies at age 93
SAINT JOHN, N.B. - Arthur L. Irving, the second-born son of New Brunswick industrialist K.C. Irving, has died at the age of 93 after a life spent growing the oil business that his father founded. Irving Oil announced his death in a statement, saying he died today surrounded by his wife and daughter. Forbes Magazine listed Arthur Irving as being among the top 10 richest Canadians in 2023, with an estimated net worth of $6.3 billion, which includes a Saint John, N.B., refinery that is [Read more]
Oil executives expect sustained period of strong crude prices, survey shows
CALGARY - A new survey shows nine out of 10 Canadian energy sector executives believe oil prices will remain strong for the next three to five years. The survey, conducted between April 5 and April 18 by ATB Financial, polled 80 executives representing oil and gas exploration and production companies, energy services companies and institutional investors. Ninety-one per cent of the executives polled said they anticipate the West Texas Intermediate benchmark crude price to average above [Read more]
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