CALGARY, AB, Jan 9, 2014/ Troy Media/ – “Punt” is an interesting choice of words to describe U.S. President Barack Obama’s dithering on the contentious Keystone XL Pipeline, a piece of infrastructure that would make it easier to ship Canadian bitumen to the southern U.S. But Prime Minister Stephen Harper’s decision to use that slang term this week is more than apt. The Urban Dictionary defines punt as “to skip class” or “avoid doing work”. And that’s pretty much what Obama has done. The [Read more]
News
Canadian Natural to keep Montney shale assets
CALGARY - Canadian Natural Resources Ltd. (TSX:CNQ) has decided to keep the Montney shale gas assets that it put on the market early last year. The Calgary-based oil, gas and oilsands producer says it received "a number of expressions of interest" for the assets but none was sufficient to merit a deal at this time. CNQ announced in March it was looking for buyers or partners for the assets, which are in a part of northeastern British Columbia that contains huge reserves of natural gas [Read more]
Husky Energy Approves Two New Heavy Oil Thermal Projects
CALGARY, ALBERTA--(Marketwired - Jan. 9, 2014) - Husky Energy (TSX:HSE) has sanctioned two new heavy oil thermal projects in Saskatchewan, which will deliver a total of 20,000 barrels per day (bbls/day) of production. Engineering is underway with construction of the 10,000 bbls/day Edam East project and the 10,000 bbls/day Vawn project scheduled to begin this year with first oil expected in 2016. The projects build on the success the Company has had in the Lloydminster region in using [Read more]
Canadian Natural Resources Limited Announces an Update on the Montney Disposition Process
CALGARY, ALBERTA--(Marketwired - Jan. 9, 2014) - Canadian Natural Resources Limited (TSX:CNQ) (NYSE:CNQ) ("Canadian Natural" or the "Company") announces the completion of its process of exploring options to monetize or joint venture a portion of its Montney acreage in the liquids rich fairway of Northeast British Columbia. As part of the review process, third party evaluators established contingent resources of approximately 6.7 TCFe on the relevant acreage. Canadian Natural received a number of [Read more]
Surge forecasts more than 40 percent production growth and more than 65 percent growth in FFO for 2014
CALGARY, Jan. 8, 2014 /CNW/ - The Board of Directors of Surge Energy Inc. ("Surge" or the "Company") ("SGY": TSX) has approved the Company's 2014 capital expenditure program. In 2014 Surge will spend a budgeted $114.5 million, and deliver the following: Growth in annual production of more than 40% over 2013; in 2014 Surge is targeting record annual production of 15,250 boepd (15,500 boepd exit rate); A production mix of over 83% light and medium gravity crude oil; Growth in annual [Read more]
Latest derailment and fire fans safety concerns posed by oil by rail
OTTAWA - Yet another railway fire involving crude oil has prompted the chief executive officer of CN Rail to suggest that long-overdue regulatory changes to the tank cars used to transport dangerous goods will be introduced soon.What is being called a controlled burn had been raging for more than 18 hours in northwestern New Brunswick late Wednesday after 17 cars on a CN train — some carrying propane, others crude oil — derailed and caught fire.It is the fifth significant railway accident in [Read more]
ARC Resources Ltd. achieves record production levels
CALGARY, Jan. 8, 2014 /CNW/ - (ARX - TSX) ARC Resources Ltd. ("ARC") announced today that it estimates fourth quarter production to be approximately 100,000 boe per day. This is record quarterly production volumes for ARC and is expected to contribute to record annual production of approximately 96,000 boe per day; meeting ARC's production guidance announced with its 2013 budget. ARC's strong production performance is a significant achievement given the divestment of approximately 1,700 boe per [Read more]
Long Run Exploration Ltd. Announces $75 Million Bought Deal Convertible Debenture Offering
CALGARY, ALBERTA--(Marketwired - Jan. 8, 2014) - Long Run Exploration Ltd. (TSX:LRE) ("Long Run" or the "Company") is pleased to announce that it has entered into an agreement to sell, on a bought deal basis to a syndicate of underwriters co-led by National Bank Financial Inc. and Scotia Capital Inc., $75 million aggregate principal amount of 6.40% convertible unsecured subordinated debentures, due January 31, 2019 (the "Debentures") at a price of $1,000 per Debenture (the "Offering"). The [Read more]
European Union makes carbon emitting more expensive
BRUSSELS - It will become more expensive for businesses in the European Union to burn fossil fuels this year after the 28-country bloc decided Wednesday to beef up its carbon trading system. The agreement ended a year of bickering over how to amend what is Europe's prime tool in the fight against climate change and the world's biggest emission trading system. Under the cap-and-trade scheme, companies pay per ton of carbon dioxide they release into the atmosphere, with the pollution [Read more]
Keyera to Expand C3+ Fractionation Capacity at Fort Saskatchewan
CALGARY, Jan. 8, 2014 /CNW/ - Keyera Corp. (TSX:KEY) ("Keyera") announced today that it is proceeding with an expansion at its NGL fractionation and storage facility in Fort Saskatchewan ("KFS"). The project will involve more than doubling the facility's existing C3+ fractionation capacity from 30,000 barrels per day to 65,000 barrels per day. In conjunction with the fractionator, the project will include the construction of new product receipt facilities, operational storage and pipeline [Read more]