WASHINGTON - The Keystone XL pipeline passed a major procedural hurdle in the United States Senate, receiving enough votes Monday to override a filibuster for the first time in the years-long dispute.The chamber agreed to move forward with debate on a bill that would force President Barack Obama to approve the controversial Canadian oil infrastructure.The vote reflects the power of the new Republican majority following the midterm elections, and is the first piece of legislation advanced in the [Read more]
News
BlackPearl Revises 2015 Capital Spending Plans Due to Lower Crude Oil Prices
CALGARY, ALBERTA--(Marketwired - Jan. 12, 2015) - BlackPearl Resources Inc. ("BlackPearl" or the "Company") (TSX:PXX)(OMX:PXXS) announced today changes to its 2015 capital program as a result of the continued deterioration in crude oil prices. Capital Plans In November 2014, the Company announced that it expected to spend approximately $280 million in 2014 and had set a 2015 capital budget of $80 million. Our original plans were based on forecast 2015 oil prices of US$85 WTI, a US$17 per [Read more]
Exxon says Prince Rupert LNG plant worth $25-billion and could create 6,000 jobs
VICTORIA - Texas-based energy giant Exxon Mobil Corp., has submitted plans to develop what could be a $25-billion liquefied natural gas project near Prince Rupert on British Columbia's north coast.Exxon and its Canadian partner, Imperial Oil Ltd. (TSE:IMO), outlined a strategy for West Coast Canada LNG, or WCC LNG, in a 141-page report to the provincial government's Environmental Assessment Office.Exxon said in the report that it considered eight potential export facility sites in the Kitimat [Read more]
Revised drilling forecast for oil industry expected after stakeholder meetings
RED DEER, Alta. - An oilwell drilling spokesman expects a revised 2015 forecast in a few weeks in light of tumbling oil prices.Derek Fildebrandt of the Canadian Association of Oilwell Drilling Contractors says the group wants to finish meeting with industry stakeholders first.Fildebrandt says the association is watching the situation very closely.But he adds it's no time to panic.Fildebrandt says the industry has been through oil price swings before, so the situation isn't new to drillers.He [Read more]
Dejour Ties New Gething Gas Discovery into Woodrush Production Unit
VANCOUVER, British Columbia--(BUSINESS WIRE)--Dejour Energy Inc. (NYSE MKT: DEJ / TSX: DEJ) (“Dejour” or the “Company”), an independent oil and natural gas exploration and production company operating in North America's Piceance Basin and Peace River Arch regions, updates current development progress underway at the Woodrush/Hunter Project (“Woodrush”) in NE British Columbia. Dejour will initiate production from its new Gething discovery this coming week at rates in excess of 1 mmcf/d. [Read more]
Cheap oil dims spirit of energy sector, but businesses optimistic overall: BoC
OTTAWA - The Bank of Canada says while plummeting oil prices have darkened the confidence of firms linked to the energy sector, Canadian businesses overall see brighter days ahead.The central bank's latest business outlook survey, released Monday, found companies in energy-rich Western Canada planned to reduce their investments in equipment and hiring following the oil-price collapse.On the other hand, Eastern and Central Canadian companies said they were planning to invest more, particularly in [Read more]
Canadian Natural Resources Limited Announces the Use of Capital Flexibility in Its 2015 Budget
CALGARY, ALBERTA--(Marketwired - Jan. 12, 2015) - Canadian Natural Resources Limited ("Canadian Natural" or the "Company") (TSX:CNQ)(NYSE:CNQ) announces that it will exercise previously discussed capital flexibility in its 2015 budget, as a result of changes in commodity prices since its original 2015 budget was released in November 2014. The original 2015 budget targeted $8.6 billion in capital expenditures resulting in a targeted 11% production growth from the midpoint of 2014 production [Read more]
Husky Energy Updates Lima Refinery Incident
CALGARY, AB--(Marketwired - January 12, 2015) - Following a recent incident at the Lima, Ohio refinery, Husky Energy (TSX: HSE) advises the following: The refinery experienced a fire at the isocracker unit. The site is secure and impacts were limited to the unit area. All personnel are accounted for and there were no injuries. As a precaution, other facilities and units at the refinery were shut down and production is expected to be suspended for about one week. Plans are [Read more]
TSX set for more volatility as traders assess damage from oil price collapse
TORONTO - The Toronto stock market is likely in for another rocky week as traders try to assess where oil prices will end up and how the collapse in prices to 5 1/2 year lows is impacting other corporate sectors. It's a light week for economic data but investors will start to turn their focus to corporate earnings as the fourth-quarter reporting season gets moving in the United States. The Toronto market had a dreadful start to the 2015 trading year, with the TSX losing 369 points or 2.5 [Read more]
Venezuela, Saudi leaders meet and talk oil prices in Riyadh
RIYADH, Saudi Arabia (AP) — Venezuelan President Nicolás Maduro met Sunday with Saudi Arabia's Crown Prince Salman, a day after talks with Iran's supreme leader focused on the slump in global oil prices. The official Saudi Press Agency reported that the leaders discussed areas of cooperation between the two OPEC-member countries and ways to promote bilateral ties. The brief statement did not elaborate, though it said Saudi Oil Minister Ali Naimi and Venezuelan Oil Minister Asdrubal Chavez [Read more]