CALGARY, Alberta, Jan 17 (Reuters) – The premier of
Saskatchewan led 10 U.S. state governors on Thursday in urging
President Barack Obama to approve TransCanada Corp’s
contentious and long-delayed Keystone XL oil pipeline, citing
energy-security benefits in both countries.
Saskatchewan does not have the massive oil sands resources
that neighboring Alberta does and which would move in large
volumes to the southern United States in the proposed $5.3
billion conduit. But it does have some of the Bakken light oil
reserves that would also be shipped.
CALGARY, Alberta, Jan 17 (Reuters) – Pipeline expansions may
not be the only way to narrow a deep discount on Canadian oil,
and the head of Alberta’s public sector pension fund has been
approached with some technological ideas that could eventually
Leo de Bever, chief executive of Alberta Investment
Management Corp, said on Thursday that shipping the western
province’s bitumen to faraway markets like the southern United
States might not be the only or best way to get the highest
value for the vast supplies.
CALGARY, Alberta, Jan 15 (Reuters) – Canadian heavy oil
prices, pressured by a combination of tight pipeline capacity
and delays in a U.S. refinery retooling, have fallen close to
the trigger point for companies to begin shutting off some
production, an analyst said on Tuesday.
Prices for Western Canada Select (WCS) heavy blend, a widely
quoted grade, have fallen recently to around $50 a barrel, less
than half the price of a barrel of international benchmark
Brent, pressuring the bottom lines of producers.
CALGARY, Alberta (Reuters) – Enbridge Inc (ENB.TO: Quote, Profile, Research, Stock Buzz) wants to change how users of its Canada-United States oil pipeline network approach day-to-day operations – from delivering oil at one end to receiving it at the other – so the industry can cope with several more months of tight capacity.
Overbooked pipelines on Enbridge’s two-million-barrel-a-day system have played a major role in the deepening discounts for heavy crude that are pressuring the oil industry. Billions of dollars in expansions are planned but they will be gradual, with a first tranche expected by the end of March.
CALGARY, Alberta, Jan 10 (Reuters) – Kinder Morgan Energy
Partners has boosted the size of a proposed expansion of
its Canadian oil pipeline by almost a third to $5.4 billion
after signing up more customers for the project aimed at
carrying growing volumes of oil sands-derived crude to the
Pacific Coast, it said on Thursday.
Kinder Morgan said it now hopes to expand its Trans Mountain
Pipeline between Edmonton, Alberta, and Vancouver to 890,000
barrels per day, up from the previously proposed 750,000. It
currently ships 300,000 bpd.
CALGARY, Alberta (Reuters) – Exxon Mobil Corp (XOM.N: Quote, Profile, Research, Stock Buzz) said on Friday it is moving forward with the next major offshore oil project in the North Atlantic, the $14 billion Hebron development off the Newfoundland coast, boosting its investments in Canada’s most oil-rich regions.
Exxon Mobil, the U.S. oil major, said it will produce 150,000 barrels of oil a day at Hebron using a massive concrete gravity-base structure like the one employed at the Hibernia project, which has been operating in the iceberg-prone region since the late 1990s.
CALGARY, Alberta (Reuters) – A top risk-management analyst warned on Friday that a decision by Washington on TransCanada Corp’s (TRP.TO: Quote, Profile, Research, Stock Buzz) Keystone XL pipeline could get delayed again into next summer, adding more pressure to already deeply discounted Canadian oil prices.
The U.S. State Department has said it will rule on the $5.3 billion Canada-to-Nebraska pipeline by the end of March, assuming Nebraska approves a new route that skirts an environmentally sensitive region in the state.
CALGARY, Alberta (Reuters) – A trio of small oil and gas companies said on Thursday they have agreed to combine to form a mid-sized Canadian producer, hoping a focus on light crude and monthly dividend policy will generate more value for investors than they were garnering individually.
Pace Oil and Gas Ltd (PCE.TO: Quote, Profile, Research, Stock Buzz), AvenEx Energy Corp (AVF.TO: Quote, Profile, Research, Stock Buzz) and Charger Energy Corp (CHX.V: Quote, Profile, Research, Stock Buzz) said they would offer new shares in a combined operation known as Spyglass Resources Corp that will produce about 18,000 barrels of oil equivalent a day in various regions of Alberta.
CALGARY, Alberta, Dec 19 (Reuters) – Depressed Canadian
crude oil prices have the government of Alberta worried it might
not meet its target of moving back to budget surpluses next
year, the Western Canadian province’s finance minister said on
As a result, all government departments will be examining
ways to hold the line on spending in the coming weeks as heavy
oil prices keep lagging expectations, Finance Minister Doug
Horner told reporters.
CALGARY, Alberta, Dec 18 (Reuters) – Royal Dutch Shell Plc
has scrapped plans for a coalbed methane gas project
near Canada’s Pacific Coast in the face of local opposition and
weak natural gas prices, ending an eight-year battle over
development, the company and the British Columbia government
said on Tuesday.
In addition, the provincial oil and gas authority said it
will not issue any more drilling rights in the Klappan area,
which the local aboriginal community had identified as having
special cultural and spiritual significance.