OTTAWA - The federal government appears to be backing away from any role in assessing the environmental impact of new oilsands projects. A list of the types of projects that will require a federal environmental assessment has been released and it does not include any in-situ oilsands mines. Expansions to open pit mines will still be reviewed. But 80 per cent of the resource can only be recovered using in-situ methods and that's how most new development is expected to proceed. Those [Read more]
News
POLL: Majority of Canadians support Keystone, oppose Northern Gateway
According to a Forum Research Poll Canadians support TransCanada's Keystone XL pipeline and oppose Enbridge's Northern Gateway. The survey sampled 1,859 random Canadians and found 42% favor Keystone, 41% oppose and 16% don't know. This is the first poll where a majority of Canadians support the pipeline. Unsurprisingly, Albertans offered the greatest level of support at 69%, BC and Quebec had the greatest opposition at 49% and 47% respectively. When it comes to Northern Gateway, Canadians [Read more]
Chevron Establishes Recoverable Resource in the Duvernay Shale Play
SAN RAMON, Calif.--(BUSINESS WIRE)--Chevron Corporation (NYSE: CVX) today announced the successful conclusion of the initial exploration phase by its Canadian subsidiary, Chevron Canada Limited, in the Kaybob area of the Duvernay play, located in west-central Alberta, Canada. “This discovery creates a foundation for future growth in Canada.” Chevron Canada Limited successfully concluded the initial twelve well exploration drilling program in the liquids-rich portion of the Duvernay shale play. [Read more]
Oil consolidates near $97 after losses
BANGKOK (AP) -- Oil dwelled near $97 a barrel Friday, consolidating after two weeks of losses sparked by high supplies and patchy global economic growth. Benchmark U.S. crude for December delivery was up 20 cents at $97.31 a barrel at late afternoon Bangkok time in electronic trading on the New York Mercantile Exchange. The contract, which rose 25 cents to $97.11 on Thursday, is down nearly 5 percent over the past two weeks. One factor weighing on the price was Wednesday's report from the [Read more]
North America leads the world in production of shale gas
Source: U.S. Energy Information Administration, LCI Energy Insight, Canada National Energy Board, and Facts Global Energy Note: Canadian data uses "marketable production," which is comparable to dry production. The United States and Canada are the only major producers of commercially viable natural gas from shale formations in the world, even though about a dozen other countries have conducted exploratory test wells, according to a joint U.S. Energy Information Administration [Read more]
New Saskatchewan pipeline to be redesigned after ANCIENT BONES FOUND
BETHUNE, Canada - A major pipeline project in Saskatchewan will be redesigned after ancient bones were found at the dig site.TransGas, the pipeline subsidiary of SaskEnergy, says the redesign will minimize impact to the newly discovered cultural lands near Bethune, northwest of Regina.The company says instead of open digging, it will use trenchless technology and install the new pipeline far deeper to avoid disturbing the area.TransGas says First Nations Elders and monitors will be on site to [Read more]
Advantage Announces Increase in Credit Facilities Borrowing Base to $300 Million
CALGARY, Oct. 24, 2013 /CNW/ - Advantage Oil & Gas Ltd. ("Advantage" or the "Corporation") announced today that its lenders have completed their regular semi-annual review of the credit facility borrowing base. Advantage's borrowing base will increase from $230 million to $300 million and continue to provide significant financial flexibility in support of future capital program requirements and general corporate purposes. The increase resulted from recognition of Advantage's strong third [Read more]
MEG Energy reports record quarterly production and cash flow
Operational and financial foundations in place to achieve targeted production increase of approximately 140% by early 2015 CALGARY, Oct. 24, 2013 /CNW/ - MEG Energy Corp. today reported third quarter 2013 operational and financial results. Highlights include: Record quarterly production of 34,246 barrels per day (bpd) and record year-to-date production of 32,980 bpd, 20% higher than comparative 2012 year-to-date volumes; Record quarterly cash flow from operations of $144.5 million, driven by [Read more]
CENOVUS: Crude oil operating cash flow 40% higher in third quarter
Expansion work continues at Cenovus Energy's Christina Lake oil sands operation. (CNW Group/Cenovus Energy Inc.) Oil sands production at Christina Lake up 63% Operating cash flow from oil production increased 40% to $915 million, compared with the third quarter of 2012, driven by higher oil prices and increased volumes. Refining operating cash flow decreased 75% to $133 million compared with the third quarter of 2012 due to lower market crack spreads and higher feedstock costs. Cash flow [Read more]
Anderson Energy Ltd. Completes Strategic Alternatives Review
CALGARY, ALBERTA--(Marketwired - Oct. 24, 2013) - Anderson Energy Ltd. ("Anderson" or the "Company") (TSX:AXL) announced today that it has closed the previously disclosed sale of its Garrington and Ferrier Cardium oil and natural gas properties. Proceeds from this transaction were used to repay bank debt. After normal closing adjustments and transaction fees, net proceeds were approximately $78 million and current cash deposits are approximately $24 million. With this sale, the Company's [Read more]