BOE Report

Statoil says huge discovery of oil off Canadian coast larger than expected with 2nd new find

HELSINKI - Norwegian energy company Statoil ASA says it has made another "significant" discovery of crude oil off the Canadian coast in the Flemish Pass.The company said Friday that it was the second find in two days in the Bay du Nord prospect, 500 kilometres northeast of Newfoundland, but did not estimate its size.On Thursday, Statoil announced that its Canadian unit and partner, Husky Energy Inc. (TSX:HSE), had made its first Bay du Nord exploration estimated at between 300 and 600 million [Read more]

North Dakota regulator: Oil production to double by 2017 to 1.6 million barrels per day

DICKINSON, N.D. — North Dakota’s top oil regulator says the state’s daily oil production will double to 1.6 million barrels by 2017. The Dickinson Press reports that Department of Mineral Resources Director Lynn Helms made the prediction Thursday in Dickinson at the annual meeting of the North Dakota Association of Oil and Gas Producing Counties. Helms says natural gas flaring as the No. 1 challenge for state regulators. Helms says he’s working with the North Dakota Industrial Commission [Read more]

Enbridge plans pipeline for Hangingstone

CALGARY - Enbridge Inc. says it has an agreement to build a 50-kilometre pipeline to serve the Hangingstone oilsands project, jointly owned by Japan Canada Oil Sands Ltd. and China's CNOOC Ltd. Pending regulatory approvals, the 12-inch lateral pipeline would connect Hangingstone to Enbridge's regional system at Cheecham, Alta.The agreement also provides for an optional eight-inch line to transport diluent to the project, Enbridge said in announcing the deal Thursday.Financial terms were not [Read more]

Greenpeace activists jailed amid Russian probe

MURMANSK, Russia (AP) — A Russian court on Thursday jailed the U.S. captain of a Greenpeace ship along with a Russian photographer and several activists who were part of a group protesting near an oil platform in the Arctic last week. two months detention for Greenpeace activists, pending piracy investigation http://t.co/hMlbXYfUZY pic.twitter.com/GmXHBOMpOW— Saskia Richartz (@seafishinfuture) September 26, 2013 The Russian Coast Guard disrupted an attempt by the activists on Sept. 18 [Read more]

Harper on Keystone: WON’T TAKE NO FOR AN ANSWER

NEW YORK - Canada "won't take no for an answer" from the U.S. when it comes to the Keystone XL pipeline, Prime Minister Stephen Harper said Thursday as he sharpened his sales pitch for the controversial cross-border energy proposal.The logic in support of the project going ahead is "overwhelming," and governments at all levels on both sides of the Canada-U.S. border are endorsing it, Harper told a high-powered business audience in New York."My view is that you don't take no for an answer," [Read more]

U.S. bill could overhaul pipeline reviews

By Lauren Krugel A bill proposed in the U.S. House of Representatives would overhaul how cross-border energy projects such as the Keystone XL pipeline are reviewed.The North American Energy Infrastructure Act is co-sponsored by Michigan Republican Fred Upton and Texas Democrat Gene Green.Under the bill, a project must be approved within 120 days, unless it's found be against the national security interest of the United States.The current review process for projects such as TransCanada Corp.'s [Read more]

Lone Pine announces restructuring deal with noteholders, TSX suspends

CALGARY - Lone Pine Resources Inc. (TSX:LPR) said Wednesday that it has reached an agreement on a restructuring plan with holders of about three quarters of its outstanding senior notes. If successfully implemented, the Calgary-based oil and natural gas developer said the plan would reduce its debt obligations and improve access to capital. "The proposed restructuring transaction is the result of a lengthy evaluation and deliberation by Lone Pine's management and board of directors, [Read more]

Oil discovery offshore Newfoundland could yield up to 600 million barrels

ST. JOHN'S, N.L. - A Norwegian energy firm is estimating that an untapped oil field off Canada's east coast contains between 300 and 600 million barrels of recoverable oil, making it one of the biggest discoveries in recent years."We believe this has the potential to open a new region offshore," Bard Glad Pedersen, director of communications for Statoil, said in a telephone interview Thursday."We will be working with our partners and authorities to enable a positive development for the companies [Read more]

Sunshine Oilsands Ltd. Announces Transaction Outline Letter for Muskwa and Godin Areas

CALGARY, Alberta, Sept. 25, 2013 /CNW/ - Sunshine Oilsands Ltd. ("Sunshine" or the "Corporation") (HKEX: 2012, TSX: SUO) is pleased to confirm that further to its August 19, 2013 announcement, discussions and negotiations have advanced and it has now signed a non-legally binding Transaction Outline Letter with the same international third party to pursue a joint venture involving its Muskwa and Godin area oil sands leases. The Transaction Outline Letter provides for a 50 - 50 joint venture [Read more]

RCMP say oil leak after CN train derails near Saskatchewan town, school closed

LANDIS, Sask. - A hazardous material crew is on the scene of a Canadian National train derailment in western Saskatchewan involving one rail car leaking oil.A spokesman with CN (TSX:CNR) says 17 train cars derailed, some tipping onto their sides, shortly after 4 a.m. just east of the village of Landis, west of Saskatoon.Warren Chandler says the amount of the oil leak is not known but vacuum trucks are being used to clean up the spill.Train derailment near Landis pic.twitter.com/Ryasa7aOUZ— [Read more]