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