Canada's biggest railroad says it is attracting interest from oil producers in its effort to move crude in solid, puck-like form, as clogged pipelines divert more oil to riskier rail transport.Congested pipelines have stranded much of Canada's crude in Alberta, driving discounts to record-high levels. Canadian heavy crude traded on Friday for less than one-third of the U.S. benchmark light oil price.The latest blow to the sector landed on Thursday, when a U.S. court ruled construction [Read more]
Headlines
In race to fill LNG supply gap, project goalposts have changed
The race is on for liquefied natural gas (LNG) producers to build export terminals as demand soars, but the criteria for financing such mega-projects have shifted as traditional relationships with LNG consumers have begun to disintegrate.Royal Dutch Shell's final investment decision (FID) taken last month for a $30 billion LNG Canada project was a shot in the arm for the LNG industry, which is emerging from almost three years of low prices and investment.As a vote of confidence in the [Read more]
Economic cost of Canadian oil price discounts counted in billions of dollars
CALGARY - Imagine producing a bumper crop of a product in high demand around the globe, only to learn you must settle for a discounted price because there's no easy way to get your product to market. Canadian grain farmers experienced that situation in 2013 and again last winter when their harvest outstripped the transport capacity of Canada's rail companies. Western Canada's oil companies are now in the same boat thanks to production gains that have not been matched by export pipeline capacity [Read more]
Climate change dialogue has gone North Korean, which needs to stop, and even climate advocates are now agreeing
North Korea may seem a funny place to stop on the climate change road, but it’s not. The country is currently run by a vivacious chubby tyrant named Kim Jong-un, who succeeded his father, another tyrant named Kim Jong-il. Kim Jong-il was, according to official records, a remarkable man. His first round of golf was a dazzling 38 under par, including 11 holes in one, and immediately after that round he retired from golf forever. There’s more. His other talents make that look like amateur [Read more]
Jupiter Obtains Interim Order in Connection with Recapitalization Transaction
CALGARY, Nov. 9, 2018 /CNW/ - Jupiter Resources Inc. and its affiliates (collectively, "Jupiter" or the "Company") announced today that the Court of Queen's Bench of Alberta (the "Court") has issued an interim order (the "Interim Order") authorizing Jupiter to, among other things, convene a meeting (the "Meeting") of holders of the Company's US$1.1 billion 8.5% senior unsecured notes due October 1, 2022 (the "Senior Notes"). The Meeting will be held for the holders of the Senior Notes (the [Read more]
Hold put on Keystone: Alberta says it will keep working on other ways to move oil
EDMONTON - Alberta's energy minister says a U.S. court decision ordering a halt to the Keystone XL pipeline project is frustrating. Marg McCuaig-Boyd says the province will look to see what it can do to get the project restarted and also to find other ways to get more oil to market. A federal court judge in the United States on Thursday blocked a construction permit for the Keystone project until it passes further environmental reviews. McCuaig-Boyd says pipeline bottlenecks and a [Read more]
Toscana Energy Announces Third Quarter 2018 Results
CALGARY, Alberta, Nov. 09, 2018 (GLOBE NEWSWIRE) -- Toscana Energy Income Corporation ("Toscana" or the "Corporation") (TSX: TEI) announces financial and operating results for the third quarter ended September 30, 2018. Financial and operating results: This news release summarizes information contained in the Condensed Consolidated Interim Financial Statements (unaudited) and Management’s Discussion and Analysis (“MD&A”) for the three and nine month period ended September 30, 2018. This [Read more]
U.S. drillers add oil rigs for fourth week in five
U.S. energy firms added oil rigs for a fourth time in the last five, keeping the rig count at its highest in over three years even though crude futures were on track to fall for a fifth week in a row to their lowest level since February.Drillers added 12 oil rigs in the week to Nov. 9, bringing the total count to 886, the highest level since March 2015, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday. That was the biggest weekly [Read more]
Canada Weekly Rig Count Down 2 to 196
Western Canada’s fleet of drilling rigs decreased to a total of 196 according to data collected by Baker Hughes for the week of Novmeber 9th. From one week ago, Alberta rig counts went down 3 to 136. Saskatchewan's rig count remained at 37. Oil drilling went from 121 to 117; natural gas rigs increased from 77 to 79. View a full breakdown of western Canada’s rig activity. [Read more]
TransCanada says it is committed to Keystone XL pipeline after judge orders halt
CALGARY - The Canadian proponent of the $10-billion Keystone XL crude pipeline says it remains committed to the project despite a Montana judge's ruling that it must pass a further environmental review. The company has received the judge's ruling and is reviewing it, said TransCanada Corp. spokesman Terry Cunha in a brief email on Friday. U.S. District Judge Brian Morris put the project on hold on Thursday, ruling that the potential impact had not been considered as required by [Read more]