EDMONTON, Alberta, March 15 (Reuters) – A glut of Canadian
oil at the Cushing, Oklahoma, storage hub will depress prices
there for at least two years until new pipelines can take the
crude to other markets, J.P. Morgan’s head of global oil
research said on Tuesday.
The oil faces bottlenecks both in Western Canada and at the
huge Cushing site, trapping it in both locations and keeping
prices low, Lawrence Eagles said in a presentation to the World
Heavy Oil Congress.
CALGARY, Alberta, Feb 15 (Reuters) – Canadian Natural
Resources Ltd (CNQ.TO: Quote, Profile, Research, Stock Buzz) and North West Upgrading Inc are
expected to announce on Wednesday a long-awaited deal to
process bitumen for Alberta’s government, spurring construction
of a C$5 billion ($5.05 billion) refinery to handle the oil.
The Alberta government said on Tuesday it plans a news
conference in the region that will be the site of the proposed
plant, hosted by the premier and energy minister. An Alberta
Energy official said details would be released at 9 a.m. local
time (1600 GMT) on Wednesday.
CALGARY, Alberta, Feb 15 (Reuters) – TransCanada Corp
(TRP.TO: Quote, Profile, Research, Stock Buzz), the country’s No. 1 pipeline and power company,
boosted the cost estimate for its controversial Keystone
pipeline system by $1 billion on Tuesday and said U.S.
approvals for its line to the Gulf of Mexico will be further
The company, which reported a stronger-than-expected
fourth-quarter profit, said Keystone’s final cost will be $13
billion, because of the rising Canadian dollar, higher costs
for the line’s first two phases to Illinois and Cushing,
Oklahoma, as well as scope changes and regulatory delays in
approving the system’s third leg from Cushing to the Gulf
CALGARY, Alberta, Feb 10 (Reuters) – Nexen, the operator of
the Long Lake oil sands project, warned that output may fall
short of forecasts because of operational problems that
analysts say may take heavy spending to fix.
Nexen shares dropped about 3 percent after it said on
Wednesday fourth-quarter output at the underperforming oil
sands project in the Canadian province of Alberta rose 10
percent from the third quarter to 28,100 barrels a day.
CALGARY, Alberta, Feb 2 (Reuters) – Suncor Energy Inc
(SU.TO: Quote, Profile, Research, Stock Buzz), Canada’s biggest energy company, said on Wednesday its
quarterly profit almost tripled due to increased production in
the Alberta oil sands, higher prices and a strong performance
from its refining division.
The results pushed Suncor shares as high as C$42.90, their
loftiest level in more than two years, before they fell back
back to C$41.74, up 0.3 percent.
CALGARY, Alberta, Jan 25 (Reuters) – Alberta Premier Ed
Stelmach surprised voters on Tuesday by saying he will resign,
just three years after winning the largest parliamentary majority
in the oil-rich province’s history.
Stelmach, 59, a farmer by trade who has had a tumultuous
relationship with Alberta’s powerful energy industry, told
reporters he plans to step down as head of the governing
Progressive Conservative Party before the next election.
CALGARY, Alberta, Jan 24 (Reuters) – Space on Canadian oil
pipelines will remain tight through at least the end of
February, as Enbridge Inc (ENB.TO: Quote, Profile, Research, Stock Buzz) and Kinder Morgan Energy
Partners (KMP.N: Quote, Profile, Research, Stock Buzz) both said on Monday their lines can’t ship as
much crude next month as customers have requested.
Enbridge, whose lines carry the bulk of oil shipments to
the United States from Canada, the biggest U.S. supplier, said
five of its lines in the Lakehead system would be apportioned,
or rationed, in February. The system distributes oil to
refiners in the U.S. Midwest and on to the storage hub at
CALGARY, Alberta, Jan 14 (Reuters) – TransCanada Corp
(TRP.TO: Quote, Profile, Research, Stock Buzz) said on Friday that Canadian regulators have rejected
an interim toll agreement that would have lowered the cost of
shipping gas on its massive mainline natural-gas system.
The company said the National Energy Board left 2011
interim tolls at the same rates currently in effect, setting
aside an agreement between the company and Canadian natural-gas
producers that would have seen tolls fall in order to boost
flagging volumes on the pipeline network.
CALGARY, Alberta, Jan 10 (Reuters) – Canadian Natural
Resources Ltd (CNQ.TO: Quote, Profile, Research, Stock Buzz) said on Monday it may be able to resume
limited production at its Horizon oil sands plant in northern
Alberta after determining that key parts of the upgrader may
still be able to function despite a fire last week.
Canadian Natural, Canada’s No. 1 independent oil explorer
and producer, said in a release there is “a possibility” that
two of four drums in its coker unit were only slightly damaged
in a Thursday fire that forced the company to halt production
at the 110,000-barrel-a-day facility.
CALGARY, Alberta, Jan 7 (Reuters) – Canadian Natural
Resources Ltd’s (CNQ.TO: Quote, Profile, Research, Stock Buzz) shares tumbled and oil prices jumped
on Friday after a fire halted production at the company’s main
oil sands project in northern Alberta.
Canadian Natural, the country’s largest independent oil
producer, could not say when its 110,000-barrel-a-day Horizon
facility would resume normal operations. The plant, the newest
major project in Alberta’s oil sands, cost C$9.7 billion ($9.8
billion) to build.