ST. JOHN'S, N.L. - The regulator for the offshore oil industry in Newfoundland says Husky Energy (TSX:HSE) has reported a major hydrocarbon gas leak from a pipe linked to two of its subsea wells.The Canada-Newfoundland and Labrador Offshore Petroleum Board says the gas release happened Monday in the southern drill centre in the White Rose Field.It says Husky estimates that 8,938 kilograms of natural gas was released before it was shut off 12 minutes after the initial alarm.Husky spokeswoman [Read more]
News
Low oil hits Atlantic Canada
Oil's collapse has affected not just Western Canada, but also the economy in Atlantic Canada. With offshore oilfields near Newfoundland, and many Atlantic Canadians employeed in the Alberta oil patch, the pain of low oil has hit hard. For example, in December of last year, even before oil dropped to its current low, Husky delayed a decision on its $2.8-billion White Rose project offshore Atlantic Canada. The oil collapse has also caused, according to Atlantic Provinces Economic Council [Read more]
Enbridge Announces Closing of Transfer of Canadian Liquids Pipelines Business and Renewable Energy Assets to Enbridge Income Fund
CALGARY, ALBERTA--(Marketwired - Sept. 1, 2015) - Enbridge Inc. (TSX:ENB) (NYSE:ENB) ("Enbridge" or the "Company") today announced it has closed the transfer of its Canadian Liquids Pipeline Business and certain Canadian renewable energy assets (the "Transaction") to Enbridge Income Fund (the "Fund") for consideration of $30.4 billion plus additional incentive rights, as set out in the terms of an agreement announced June 19, 2015. The Transaction is a key component of Enbridge's [Read more]
Northern Gateway spokeswoman Janet Holder remembered as passionate advocate
PRINCE GEORGE, B.C. - Janet Holder, the woman who spearheaded the Northern Gateway pipeline in British Columbia, has died following a long battle with leukemia. She was 58."Janet will be dearly missed by everyone at Enbridge," said Al Monaco, president of the Calgary-based company behind the project."In addition to Janet's many personal and professional achievements, she exemplified our values of integrity and respect. She had a passion to serve and mentor others, and an amazing way of [Read more]
WTI falls 8.39 %
WTI prices have fallen Tuesday, giving up some of the strong gains from the last three days, as worries about China’s economy hit the markets. WTI for October delivery fell 8.39%, to $45.07 a barrel on the New York Mercantile Exchange. Official and private gauges of Chinese manufacturing activity in August fell to new lows, indicating that the country’s economy continued to contract. This has driven concern that petroleum demand in China, the No. 2 oil-consuming nation, will [Read more]
ConocoPhillips to reduce workforce 15% by mid-October
ConocoPhillips is reportedly going to lay off 15% of its workforce, affecting 400 employees in Calgary by mid-October. This comes after the Houston based company laid off 7% of its Canadian workforce, or around 200 jobs, earlier this year in March. Spokesperson Kristen Ashcroft noted at time, “we’re in a challenged economic environment. We've had to make some tough decisions, which staff were informed of today.” More layoffs: @conocophillips to reduce workforce 15% by mid-October, [Read more]
Pengrowth answers low oil with 7% cut to head office staff, dividend reduced
Throughout 2015, Pengrowth has made five key changes to the company's overall strategy to "live within" their cash flow and combat a poor commodity price environment. The company issued in a press release today the following: "Pengrowth remains committed to taking actions to ensure the Company lives within its cash flow and looking at all options to reduce its overall indebtedness. Today’s dividend reduction is consistent with all of the measures the Company has taken in 2015 to counter [Read more]
Pengrowth Announces New Dividend Policy to Strengthen Its Balance Sheet Amidst the Current Low Commodity Price Environment
CALGARY, ALBERTA--(Marketwired - Sept. 1, 2015) - Pengrowth's (TSX:PGF)(NYSE:PGH) Board of Directors has approved a change to the Company's dividend policy, moving to a quarterly payment at a rate of $0.01 per share per quarter ($0.04 per share annually), as a result of the continued weakness in commodity prices. With the macro environment continuing to deteriorate and given the outlook for a prolonged weakness in commodity prices, the Company believes that it is prudent to preserve capital and [Read more]
ConocoPhillips Safely Delivers First Oil at Surmont 2
HOUSTON--(BUSINESS WIRE)--ConocoPhillips (NYSE: COP) safely delivered first oil at its Surmont 2 in-situ oil sands facility in Canada, marking a significant milestone for the megaproject. “The oil sands are an important part of our portfolio,” said Ryan Lance, chairman and chief executive officer. “We’re pleased to see a project of this magnitude move from the capital phase to the production phase, knowing that it will produce for decades to come. Achieving this milestone on schedule [Read more]
Second Plant Begins Steam Operations at Sunrise Energy Project
CALGARY, AB--(Marketwired - September 01, 2015) - Husky Energy (TSX: HSE) has commenced steam operations at the second of two processing plants at the Sunrise Energy Project in northeast Alberta.The first plant began bitumen production in mid-March 2015. The second plant is expected to commence production later this year as Sunrise continues to steadily ramp up towards full capacity of 60,000 barrels per day (30,000 bbls/day net to Husky) around the end of 2016. Husky is the operator of Sunrise, [Read more]