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Nov 28, 2012

CNOOC, Nexen reapply for U.S. deal approval

CALGARY, Alberta (Reuters) – China’s state-owned CNOOC Ltd and its Canadian takeover target Nexen Inc have withdrawn and resubmitted an application for U.S. approval of their $15.1 billion deal, as Canada gets close to its decision on whether to approve the transaction.

The energy companies said on Tuesday that discussions with the Committee on Foreign Investment in the United States (CFIUS) were still in progress, “with a view to completing the CFIUS review process as expeditiously as possible.”

Nov 27, 2012

Canadian PM’s Conservatives hang on to Calgary seat

CALGARY, Alberta, Nov 26 (Reuters) – Canadian Prime Minister
Stephen Harper’s Conservatives narrowly hung onto what had been
considered one of their safest seats on Monday as voters elected
their candidate in a by-election that became a contentious
referendum on the government’s policies.

In the electoral district of Calgary Centre, Conservative
candidate Joan Crockatt, who had the support of the right wing
of the party, was leading Liberal challenger Harvey Locke with
37.4 percent of the vote to 32.5 percent with most of the votes

Nov 23, 2012

Enbridge, shippers at odds over “air barrel” relief

CALGARY, Alberta, Nov 23 (Reuters) – Enbridge Inc
and its crude oil pipeline customers are battling over a plan by
the company to try to cut the over-booking of capacity on the
massive export network that has played a role in the deep
discounting of Canadian crude prices.

The dispute is the latest symptom of an oil pipeline network
running ever closer to capacity as production from the Canadian
oil sands and North Dakota Bakken surges and expansion plans get
bogged down by regulatory delays and environmental opposition.

Nov 22, 2012

Calgary by-election proving thorny for Canada’s Harper

CALGARY, Alberta, Nov 22 (Reuters) – A hotly contested
by-election in Canada’s oil capital is proving troublesome for
Prime Minister Stephen Harper’s government as other parties chip
away at support in a region his Conservatives have long taken
for granted.

The result in the Calgary Centre voting district will not
alter the balance of power in Ottawa, where the government has a
comfortable majority. But it is highlighting how views in urban
Alberta are diversifying as more people from across the country
relocate to take advantage of a robust economy.

Nov 14, 2012

‘Patently unwise’ for Canada to reject China money -ex-minister

CALGARY, Alberta, Nov 14 (Reuters) – Canada should not
reject Chinese investments in its oil industry out of hand
because China offers an important outlet as Canada seeks to
broaden the market for its crude oil supplies, a former
government minister said on Wednesday.

Jim Prentice, vice chairman for Canadian Imperial Bank of
Commerce and a former member of Prime Minister Stephen
Harper’s cabinet, made his remarks as Ottawa reviewed the $15.1
billion takeover bid by China’s state-owned CNOOC Ltd
for Nexen Inc.

Nov 9, 2012

Canada crude-Prices edge up as refineries finish work

CALGARY, Alberta, Nov 9 (Reuters) – Canadian cash crude oil
prices moved higher on Friday, with more refinery capacity
coming back on line in the U.S. Midwest following maintenance.

Western Canada Select heavy blend for December delivery was
last quoted at $27 a barrel under benchmark West Texas
Intermediate, compared with $28.90 a barrel under on Tuesday,
according to Shorcan Energy Brokers.

Nov 8, 2012

Canadian Natural advances upgrader, profit falls

Nov 8 (Reuters) – Canadian Natural Resources Ltd
and its partner, North West Upgrading Inc, said on Thursday they
are proceeding with a C$5.7 billion ($5.7 billion) oil sands
upgrading plant in Alberta at a time when some of their rivals
are slowing down spending over fears of high costs.

Canadian Natural also reported a sharper-than-expected 57
percent drop in third-quarter profit and cut its output
forecast. Shares of the country’s larges independent oil
explorer and producer slid 4 percent.

Nov 7, 2012

Canada crude-Discounts ease as market shrugs off election

CALGARY, Alberta, Nov 7 (Reuters) – Canadian cash crude oil
prices strengthened on Wednesday, shrugging off a post-United
States election rout in U.S. prices, with some Midwest
refineries back in operation following maintenance.

Western Canada Select heavy blend for December delivery was
last quoted at $29.25 a barrel under benchmark West Texas
Intermediate, compared with $30.75 a barrel under on Tuesday,
according to Shorcan Energy Brokers.

Nov 7, 2012

WestJet profit soars, names boss for Encore

CALGARY, Alberta (Reuters) – WestJet Airlines Ltd (WJA.TO: Quote, Profile, Research, Stock Buzz) flew past third-quarter profit estimates and moved closer to starting up its regional carrier by naming a boss for the unit, but shares in Canada’s second-largest airline dipped on Wednesday in a broader market drop.

WestJet said earnings surged 80 percent and its load factor, a measure of how many passengers its aircraft carried compared with capacity, climbed 4.5 points to a company-record 84.6 percent, as capacity increased by just 2 percent.

Nov 6, 2012

Alberta has huge shale oil, gas resources – study

CALGARY, Alberta, Nov 6 (Reuters) – A new study has
identified immense oil and gas resources in Alberta’s emerging
shale prospects, suggesting a string of recent takeovers and
land buys will yield impressive production gains for some of the
world’s largest oil companies.

The Western Canadian province’s shale formations, including
the Duvernay, Montney and Muskwa, could contain 3,324 trillion
cubic feet of natural gas, 58.6 billion barrels of gas liquids
and 423.6 billion barrels of oil, according to the research,
conducted by the Alberta Energy Resources Conservation Board and
Alberta Geological Survey.

    • About Jeffrey

      "Jeffrey Jones is a senior reporter based in Calgary, Alberta, Canada. Jeff covers a wide array of topics, including energy, environment, business and general news. He is also in charge of coordinating in-depth energy-related stories for the United States and Canada. Jeff has a keen interest in music."
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