When it comes to talking about how the northern Alberta oilsands have lost their lustre for foreign investors, Satoshi Abe sounds a lot like his Canadian counterparts. "I think Canada itself creates significant barriers to new investment," said the president of Japan Canada Oil Sands Ltd. or JACOS, reached at his Calgary office. "Additional investment in Canada will only become attractive once there is sufficient egress of its resources and more certainty around its regulatory processes, [Read more]
Headlines
Chinese companies commit to oilsands despite setbacks and poor operating results
CALGARY - While some European and U.S. companies cut their exposure to the Canadian oilsands, China's Big Three oil giants — CNOOC, PetroChina and Sinopec — seem content to let their bets ride even if the results haven't been spectacular. In 2018, PetroChina produced an average of just 7,300 barrels per day of bitumen from its MacKay River thermal oilsands project, although it was designed to produce 35,000 bpd. In June, its output was about 8,700 bpd. The Beijing-based company [Read more]
U.S. natgas futures rise to 7-wk high on forecasts for more demand
U.S. natural gas futures rose over 3% to a seven-week high on Tuesday on forecasts for warmer weather and higher cooling demand next week than previously expected. Front-month gas futures for October delivery on the New York Mercantile Exchange (NYMEX) were up 7 cents, or 3.1%, to $2.355 per million British thermal units at 11:29 a.m. EDT (1529 GMT), their highest since July 16. That put the contract into overbought territory for the first time since November 2018 and cut the premium [Read more]
Venezuelan oil exports fall to lowest level in 2019 as U.S. sanctions bite -data
Venezuela's oil exports fell in August to their lowest level in 2019, internal reports and Refinitiv Eikon data showed, hurt by a halt in purchases by the nation's second largest customer, China National Petroleum Corp (CNPC), following tougher U.S. sanctions. Overall exports of crude and refined products by state-run oil company Petroleos de Venezuela (PDVSA) and its joint ventures declined last month to some 770,000 barrels per day (bpd) from 992,565 bpd in July and 1.13 million bpd in [Read more]
Oil sinks as manufacturing reports renew global economy worries
Oil prices fell on Tuesday, with U.S. crude futures down more than 3%, weighed by manufacturing data that raised concerns about a weakening global economy, while the U.S.-China trade dispute continued to drag on investor sentiment. U.S. West Texas Intermediate (WTI) crude futures fell $1.91, or 3.5%, to $53.19 a barrel by 11:05 a.m. EDT (1505 GMT). It fell to a session low of $52.84 a barrel, the lowest since Aug. 9. Prices extended losses following data that showed U.S. manufacturing [Read more]
Crescent Point Announces Sale of Uinta Basin and Non-Core Saskatchewan Assets for Cash Proceeds of $912 Million
CALGARY, Sept. 3, 2019 /CNW/ - Crescent Point Energy Corp. ("Crescent Point" or the "Company") (TSX and NYSE: CPG) is pleased to announce that it has entered into definitive agreements with select parties to sell its Uinta Basin asset in its entirety and certain southeast Saskatchewan conventional assets for total cash consideration of approximately $912 million. KEY HIGHLIGHTS Agreements to sell 27,000 boe/d of upstream assets for approximately [Read more]
Supreme Court rejects Saskatchewan’s request to delay carbon tax appeal
REGINA - Saskatchewan says the Supreme Court of Canada has denied the province's request to delay its appeal hearing over the carbon tax. The province says the Supreme Court recently issued an order stating the hearing remain tentatively set for Jan.14. The government had asked for more time and expected a delay could mean a hearing next spring. It argued a delay would allow for better co-ordination of challenges coming from other provinces such as Ontario. Ottawa [Read more]
Enbridge reaches agreement with shippers for Line 3 pipeline placement in Canada
Enbridge Inc on Friday said it reached an agreement with shippers to place the Canadian portion of the Line 3 replacement pipeline into service by the end of this year. Enbridge will be filing a tariff with the Canadian energy regulator for a temporary surcharge with a proposed effective date of Dec. 1, 2019, the pipeline operator said in a statement. The Line 3 replacement line is on schedule for the Canadian portion and once complete, the line will carry 760,000 barrels per day of [Read more]
Husky says Superior refinery rebuild to begin in 2019 fall
Husky Energy Inc on Friday said its Superior, Wisconsin, refinery is making steady progress in its plans to return to full operations, with the rebuild activity expected to begin in the fall of 2019, pending regulatory approvals.Demolition work is underway at the 38,000-barrel-per-ay (bpd) refinery, with a target of resuming operations in 2021, the company said.The Superior refinery was projected to reopen in late 2020 following $400 million in repairs from an April 2018 explosion and fire. [Read more]
Natgas futures slip, but log first monthly gain in nine
U.S. natural gas futures fell on Friday on technical selling and forecasts pointing to lower demand, but prices posted their first monthly gain since November as above-normal temperatures boosted gas use for cooling. On its second day as the front-month, gas futures for October delivery fell 1.1 cents, or 0.5%, to settle at $2.285 per million British thermal units. The contract gained about 6% this week, the most since January. On Thursday it hit its highest in a month, at $2.310. For the [Read more]