CALGARY, Alberta, Nov 4 (Reuters) – Falling oil prices will
lead to lower capital spending in Western Canada next year,
observers say, as both oil sands and light oil producers look to
cope with less cash coming in the door.
North American benchmark oil prices touched $75.84 a barrel
on Tuesday, the lowest since October 2011, after Saudi Arabia
cut export prices to the United States.
CALGARY, Alberta/SINGAPORE, Oct 30 (Reuters) – TransCanada
Corp said on Thursday it has filed for regulatory
approval of its C$12 billion ($10.8 billion) Energy East
pipeline, the largest, longest and most expensive ever proposed
for the country, as it pushes ahead with a plan to ship oil
sands crude to eastern refineries and Atlantic export ports.
Canada’s No.2 pipeline operator said it has filed the formal
project application with the National Energy Board, officially
starting the clock on a regulatory review of the proposed 4,600
kilometer (2,860 mile) line, a process expected to last about 18
CALGARY, Alberta, Oct 23 (Reuters) – Cenovus Energy Inc
, Canada’s No. 2 independent oil producer, said on
Thursday it is mulling the future of its royalty-generating
freehold oil and gas properties in Western Canada after
competitor Encana Corp raised billions through the sale
of similar properties.
Cenovus, whose shares rose 6 percent after it reported its
third-quarter operating profit climbed by nearly a fifth, said
it is looking at strategic alternatives for the lands, which
currently produce about 8,000 barrels of oil equivalent per day.
CALGARY, Alberta, Oct 7 (Reuters) – A freight train derailed
in the Canadian province of Saskatchewan on Tuesday, setting two
cars carrying petroleum distillate on fire, Canadian National
Railway Co said.
The railway said the train, traveling from Winnipeg,
Manitoba, to Saskatoon, Saskatchewan, had three locomotives and
was pulling 100 cars. It said 26 cars derailed near the
community of Clair.
BRUSSELS/CALGARY, Oct 7 (Reuters) – A European Union plan to
label Canadian tar sands oil as highly polluting as part of its
fight against climate change has been abandoned after years of
opposition from Canada, clearing the way for exports of tar
sands crude to the European market.
A proposal published by the European Commission on Tuesday
removes what could have been an EU obstacle to shipments of the
crude and comes at a time when tensions between the EU and its
top oil supplier, Russia, are running high.
VANCOUVER/CALGARY, Oct 6 (Reuters) – Malaysian state-owned
energy company Petronas said on Monday it could delay
its planned $11 billion liquefied natural gas plant on Canada’s
Pacific Coast by up to 15 years unless it can reach a favorable
tax deal by month’s end.
Petronas said in a statement that the economics of the plant
are marginal and without a favorable tax arrangement with the
province of British Columbia and Canada’s federal government, it
could shelve the project for a decade or more.
Sept 30 (Reuters) – Enbridge Inc, Canada’s largest
pipeline operator, said on Tuesday it may have to build new
pipeline capacity from its Superior, Wisconsin, storage hub if
oil shipments from Canada and the Bakken shale field of North
Dakota keep expanding.
Speaking at the company’s annual investor day in Toronto,
Guy Jarvis, head of the oil pipeline unit, said Enbridge could
handle up to 500,000 more barrels per day (bpd) on its 2.5
million bpd system once it completes rebuilding its Line 3
pipeline from Alberta to Superior and finishes its Sandpiper
pipeline serving the Bakken in 2017.
CALGARY/TORONTO Sept 29 (Reuters) – Canada’s Encana Corp
said on Monday it will buy Athlon Energy Inc
for $5.93 billion in cash, taking aim at Athlon’s oil-rich lands
in Texas’s Permian Basin and at jump-starting its plan to boost
output of lucrative oil and natural-gas liquids.
Encana, Canada’s largest natural-gas producer, is offering
$58.50 per Athlon share, a 25 percent premium on the stock’s
Friday closing price. The deal would give the Calgary-based
company control of about 140,000 acres in the oil-rich Permian
Basin, where Encana says it can raise liquids output by two
thirds, to 50,000 barrels per day, by 2015.
CALGARY, Alberta, Sept 26 (Reuters) – Jim Prentice, the
one-time federal minister and investment banker sworn in as
premier of Alberta earlier this month, said on Friday the
Canadian province must secure new oil-export pipelines to ensure
the growth of its oil sands sector.
In an interview, Prentice said Alberta, which produces more
than three million barrels of oil per day, would strongly back
more pipeline projects to ship its crude overseas and minimize
its reliance on the U.S. market, where Western Canada crude
trades at a discount. New pipelines would also draw more
investment in Alberta’s oil sands, he added.
CALGARY, Alberta, Sept 19 (Reuters) – Canada’s oil sands
industry is shrugging off declining world oil prices as some of
the world’s highest-cost producers find a cushion in strong
demand and a weakened domestic currency.
The companies that mine and drill the world’s third-largest
crude reserve in northern Alberta are sanguine about the latest
round of falling oil prices, arguing that costs have dropped and
that domestic prices are firm even as world prices falter.