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Jul 21, 2011

Encana says mulling international expansion

CALGARY, Alberta, July 21 (Reuters) – Encana Corp (ECA.TO: Quote, Profile, Research, Stock Buzz)
said on Thursday it is eyeing a return to the international
arena after spending much of the last decade winnowing its
widespread oil and gas businesses into a tightly focused North
American natural-gas producer.

Randy Eresman, chief executive of Canada’s largest natural
gas producer, said on a conference call that his company is in
the early stages of looking abroad for shale gas deposits where
it can apply technologies it has honed in North America.

Jul 20, 2011

China’s CNOOC to buy Opti Canada in oil sands push

BEIJING/CALGARY, Alberta, July 20 (Reuters) – China’s top
offshore oil producer, CNOOC Ltd (0883.HK: Quote, Profile, Research, Stock Buzz), has agreed to buy
struggling Opti Canada Inc (OPC.TO: Quote, Profile, Research, Stock Buzz) for $34 million and $2
billion in debt, bolstering its position in the Canadian oil

The deal, announced on Wednesday, ends Opti’s two-year
search for a buyer willing to absorb its crushing debt and
brings CNOOC a 35 percent stake in the underperforming Long
Lake oil sands project in northern Alberta, which has run well
under its capacity since opening two years ago.

Jul 15, 2011

Shell seeks sale of Canadian Mackenzie gas assets

CALGARY, Alberta (Reuters) – Royal Dutch Shell Plc (RDSa.L: Quote, Profile, Research, Stock Buzz) has put its stake in the C$16.2 billion ($16.8 billion) Mackenzie gas project up for sale, the first crack in the partnership set up to develop gas reserves in Canada’s arctic and build a pipeline to take the gas south.

Shell is seeking bidders for its 950 billion cubic foot Niglintgak natural gas field in the Mackenzie River Delta, as well as its stake in the planned pipeline to southern markets.

Jul 15, 2011

Crescent Point may hike spending for new oil field

CALGARY, Alberta, July 15 (Reuters) – Crescent Point Energy
Corp (CPG.TO: Quote, Profile, Research, Stock Buzz) may raise capital spending by 13 percent to
acquire additional lands and boost drilling at a new northern
Alberta oil discovery, Canada’s No. 7 independent oil producer
said late on Thursday.

Crescent Point said it has spent 18 months acquiring 380
square miles (984 square km) of exploration lands in the Swan
Hills region of northern Alberta that lie over the Beaverhill
Lake formation, with much of the property held in a joint
venture with privately held Coral Hill Energy Ltd.

Jul 13, 2011

Opti Canada files for creditor protection

CALGARY, Alberta, July 13 (Reuters) – Opti Canada Inc
(OPC.TO: Quote, Profile, Research, Stock Buzz), whose sole asset is a stake in Nexen Inc’s (NXY.TO: Quote, Profile, Research, Stock Buzz)
troubled Long Lake oil sands project in northern Alberta, filed
for court protection from creditors on Wednesday as it agreed
on a equity-for-debt swap with bondholders.

Opti said half of its secured creditors have agreed to
exchange their notes for a newly issued class of common shares
and to invest C$375 million ($390 million) into the company.
Current shareholders will have their stock canceled and be
given warrants to purchase up to 20 percent of the new class of
common shares.

Jul 6, 2011

Kinder Morgan eyes expanded Trans Mountain line

CALGARY, Alberta, July 6 (Reuters) – Kinder Morgan Energy
Partners LP (KMP.N: Quote, Profile, Research, Stock Buzz) plans to gauge shipper interest this fall
for an expansion of its Edmonton, Alberta, to Vancouver
pipeline and expanded port facilities for overseas oil

Ian Anderson, president of Kinder Morgan’s Canadian unit,
said the 300,000 barrel per day line, could likely be expanded
by “a few hundred thousand barrels”.

Jul 5, 2011

TransCanada says Exxon spill no threat to XL line

CALGARY, Alberta (Reuters) – TransCanada Corp said on Tuesday that Exxon Mobil’s 1,000-barrel oil spill into the Yellowstone River will not derail its plans to build the Keystone XL pipeline, but environmentalists promised renewed pressure to block approval.

TransCanada is awaiting State Department approval to build the $7 billion Keystone XL line, which would carry 700,000 barrels per day of crude oil to the gulf coast refining hub. A final decision on the company’s application is expected by year end.

Jun 24, 2011

Niko fined C$9.5 mln for Bangladeshi bribes

CALGARY, Alberta, June 24 (Reuters) – Niko Resources Ltd
(NKO.TO: Quote, Profile, Research, Stock Buzz), a Canadian oil and gas producer operating in Asia,
was fined C$9.5 million ($9.6 million) and given three years’
probation after pleading guilty to charges that it bribed a
Bangladeshi official.

It was only the second time a company has been found guilty
under Section 3 of Canada’s Corruption of Foreign Public

Jun 21, 2011

EnCana, PetroChina end C$5.4 billion Canada shale deal

CALGARY, Alberta (Reuters) – China’s biggest North American energy deal was called off on Tuesday, as Encana Corp and PetroChina failed to reach terms for a C$5.4 billion ($5.6 billion) joint venture to develop a Canadian shale gas field.

Encana, Canada’s No. 1 natural gas producer, said the two companies ended a year of talks on a deal that would have seen PetroChina take a one-half stake in Encana’s massive Cutbank Ridge field in northern British Columbia.

Jun 13, 2011

Talisman looks for more acres in Texas shale field

CALGARY, Alberta, June 13 (Reuters) – Talisman Energy Inc
(TLM.TO: Quote, Profile, Research, Stock Buzz) says it may buy more land in the oil-rich Eagle Ford
shale field in Texas, but only if the price is right.

John Manzoni, the company’s chief executive, told reporters
on Monday that Talisman, Canada’s No. 4 independent oil
producer, would look for an incremental expansion of its
holdings in the Eagle Ford play in south Texas and stay clear
of the big-ticket deals done recently.

    • About Scott

      "Based in Calgary, Alberta, I've covered Canada's energy industry and the oil sands for the past five years for Reuters, and a decade before that for newspapers and other wire services."
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