BOE Report

Enbridge plans new $1B diluent pipeline in northern Alberta

CALGARY - Enbridge Inc. is planning to build a new pipeline to bring diluent — used to thin-out oilsands bitumen so it can flow through pipelines — to industry players in northern Alberta.The company envisions a 200,000-barrel-per-day conduit with a price tag of $1 billion, said Vern Yu, senior vice-president of business and market development. Depending on how keen the industry is on the pipeline, it could be expanded to 300,000 barrels per day.Traditionally, oilsands producers have used [Read more]

Oil falls to near $102 on U.S. shutdown

The price of oil fell Tuesday after parts of the U.S. government were ordered to shut down because of a budget impasse in Washington.Benchmark oil for November delivery was down 19 cents to US$102.14 per barrel at late afternoon Bangkok time in electronic trading on the New York Mercantile Exchange. The contract fell 54 cents to close at $102.33 on Monday after trading as low as $101.05.Just as the U.S. economy is struggling to expand, infighting among U.S. lawmakers is threatening to slow [Read more]

Canadian heavy crude benchmark hits five year high in August

TORONTO - Scotiabank says a benchmark Canadian heavy crude hit its highest level in five years last month. The bank says in its monthly report of commodity prices that Western Canadian Select crude hit US$90.90 per barrel in August, the highest since mid-2008. Click here to see historical Alberta oil prices... Scotiabank economist Patricia Mohr says in a report issued Monday that Canadian oilsands crude is now closer to its true value than in the first quarter of 2013. At the time, [Read more]

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]