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Feb 7, 2014

Baytex to buy Australia’s Aurora Oil & Gas at big premium

CALGARY, Alberta/SYDNEY (Reuters) – Canadian heavy oil producer Baytex Energy Corp (BTE.TO: Quote, Profile, Research, Stock Buzz) has agreed to buy Aurora Oil & Gas Ltd (AUT.AX: Quote, Profile, Research, Stock Buzz) for C$2.6 billion ($2.4 billion) including debt, targeting the Australian company’s Texas shale oil assets and driving its shares to a 15-month high.

Baytex is offering A$4.10 for each share of the Perth-based oil producer, a 52 percent premium to its average price in the past week, valuing the company at A$1.84 billion ($1.65 billion), Aurora said in a statement.

Jan 31, 2014

TransCanada lauds U.S. review of Keystone XL project

CALGARY/VANCOUVER Jan 31 (Reuters) – TransCanada Corp’s
chief executive welcomed a favorable U.S. environmental
review of the company’s Keystone XL project on Friday, calling
the report an important milestone for the final approval of the
controversial pipeline.

The U.S. State Department issued its long-awaited Final
Supplemental Environmental Impact Statement on the $5.3 billion
pipeline project on Friday. It concluded that allowing the line
to proceed would not raise the pace of development in Canada’s
oil sands, a key argument of the pipeline’s opponents.

Jan 31, 2014

TransCanada expecting favorable review of Keystone XL project

CALGARY, Alberta, Jan 31 (Reuters) – TransCanada Corp
is anticipating a favorable review of the Keystone XL
pipeline when the U.S. State Department issues its final
environmental impact statement on the controversial project, a
move expected as soon as Friday.

Reuters reported late on Thursday that the State Department
was poised to release the Final Environmental Impact Statement
for the line. The release will be followed by a 90-day public
comment period but a final decision on the line from U.S.
President Barack Obama is not expected for months.

Jan 22, 2014

TransCanada opens Gulf Coast line, breaking U.S. oil bottleneck

CALGARY, Alberta, Jan 22 (Reuters) – TransCanada Corp
on Wednesday began delivering crude through a major new
pipeline from Oklahoma to the Gulf Coast, commissioning a $2.3
billion project expected to help eliminate a bottleneck that has
warped the U.S. oil market for three years.

For company officials, the launch of the
700,000-barrel-per-day conduit — originally conceived as the
southern leg of the contentious Keystone XL line from Canada –
was a chance to claim a milestone in the drive toward reducing
U.S. reliance on foreign oil, hailing the project for delivering
cheaper crude to Gulf refiners and creating thousands of U.S.
jobs.

Jan 22, 2014

TransCanada starts shipping oil on new U.S. Gulf Coast pipeline

CALGARY, Alberta, Jan 22 (Reuters) – TransCanada Corp
said on Wednesday it is shipping crude oil on the
700,000-barrel-per-day Gulf Coast pipeline, a $5.3 billion
project expected to help eliminate a bottleneck that has warped
the U.S. oil market for three years.

The new line will take Canadian crude from TransCanada’s
existing Keystone line and U.S. crude oil from the bloated
Cushing, Oklahoma, storage hub to the cluster of refineries on
the Gulf Coast of Texas.

Dec 23, 2013

Canadian aboriginals dig in as pipeline decision nears

CALGARY/VANCOUVER, Dec 23 (Reuters) – Canada’s push to build
its first major conduit for shipping oil to Asia took a step
forward last week, but the government’s fractious relations with
the country’s aboriginal First Nations still loom as a
formidable obstacle to the project.

Native groups in British Columbia are promising legal action
and civil unrest after regulators on Thursday gave their
blessing to Enbridge Inc’s C$7.9 billion ($7.4 billion)
Northern Gateway pipeline. That could scupper the project
outright, or at least delay construction of the 1,177-kilometer
(730-mile) line for years.

Dec 20, 2013

Canada regulator urges approval of oil-export pipeline

CALGARY/VANCOUVER, Dec 19 (Reuters) – Canadian regulators
urged the government to approve the country’s first overseas
oil-export project on Thursday, concluding that Enbridge Inc’s
C$7.9 billion (US$7.4 billion) Northern Gateway
pipeline plan posed little risk to the environment if the
company complied with some 200 conditions.

Two years after a panel of environmental and energy
regulators began hearings into the project, it sided against the
line’s many opponents and recommended the completion of a
project that would allow Canada to expand sales of crude
extracted from its oil sands to Asia.

Dec 19, 2013

Day of decision for Canada’s Northern Gateway pipeline

CALGARY/OTTAWA, Dec 18 (Reuters) – Enbridge Inc
will learn on Thursday whether Canadian regulators will
recommend approval of its proposed C$6 billion ($5.7 billion)
Northern Gateway oil pipeline, a project that has raised fierce
opposition by environmentalists and aboriginals.

The joint review panel’s decision is the first major
regulatory hurdle for the project, which would carry crude from
Alberta’s oil sands to Canada’s west coast for shipping to
energy-hungry Asia. The federal government is eager to develop
new markets for Canadian energy to reduce the country’s
dependence on the United States.

Dec 18, 2013

Day of decision for Canada’s Northern Gateway pipeline

CALGARY/OTTAWA, Dec 18 (Reuters) – Enbridge Inc
will learn on Thursday whether Canadian regulators will
recommend approval of its proposed C$6 billion ($5.7 billion)
Northern Gateway oil pipeline, a project that has raised fierce
opposition by environmentalists and aboriginals.

The joint review panel’s decision is the first major
regulatory hurdle for the project, which would carry crude from
Alberta’s oil sands to Canada’s west coast for shipping to
energy-hungry Asia. The federal government is eager to develop
new markets for Canadian energy to reduce the country’s
dependence on the United States.

Dec 17, 2013

TransCanada expects Jan. 22 start for Gulf Coast pipeline

CALGARY, Alberta, Dec 17 (Reuters) – TransCanada Corp
expects its new 700,000-barrel-per-day Gulf Coast oil
pipeline to begin service on Jan. 22, Chief Executive Russ
Girling said in an interview on Tuesday.

The company is currently filling the Cushing, Oklahoma, to
Port Arthur, Texas, pipeline with the 3 million barrels of crude
oil needed before it can be placed into normal operation.

    • 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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