Sept 12 (Reuters) – Encana Corp, Canada’s largest
gas producer, on Thursday signaled a potential sale of dry
natural gas assets as it focuses on more-lucrative oil and gas
liquids and cutting the number of properties it owns.
Doug Suttles, the former BP Plc executive appointed
as Encana’s chief executive in June and charged with righting
the company after a series of strategic missteps, said the
company will push to cut producing properties and revamp its
organization as it looks to weather natural gas prices he
expects to remain low for years.
CALGARY, Alberta, Sept 10 (Reuters) – TransCanada Corp
said on Tuesday its planned C$12 billion Energy East
pipeline would create an estimated 10,000 jobs during
development and construction and more than C$10 billion in tax
As it waits on a long-delayed U.S. approval of its
controversial Keystone XL project, TransCanada executives touted
the benefits of the Energy East line. The pipeline, which would
be North America’s longest and most expensive, would move 1.1
million barrels per day of Alberta crude oil to Atlantic
(Reuters) – TransCanada Corp on Thursday said it would move ahead with a $12 billion oil pipeline to ship Western Canada’s oil sands crude to refiners on its east coast and beyond, scaling up the project as its U.S.-bound Keystone XL line stalls in Washington.
TransCanada, Canada’s No. 2 pipeline company, said it would push ahead with a 1.1-million-barrel-per-day Energy East Pipeline after “strong market support.” That is more than the 850,000 bpd capacity TransCanada mentioned in April, when it first began seeking customer commitments for the project.
July 22 (Reuters) – Canadian National Railway,
Canada’s largest railroad, said on Monday it expects the boom in
crude-by-rail shipments to continue, despite the Lac-Megantic
tragedy earlier this month and as narrowing spreads between
benchmark world oil prices raise questions about the economics
of rail transport.
The company reported an 11 percent rise in adjusted profit
for the second quarter and said its oil shipments grew by 150
percent from the year-earlier period, boosting revenue by about
C$100 million ($96.7 million). It said that growth would likely
continue over the next 18 months.
CALGARY, Alberta, July 8 (Reuters) – Pilot projects in an
as-yet undeveloped oilfield could remake Canada’s energy map, if
producers can successfully wrest a sludgy, tarry substance
called bitumen from porous rock in remote northern Alberta.
The bitumen in the caverns and cracks of the dolomite and
limestone rock is a vast resource, estimated by Alberta
regulators to hold close to 500 billion barrels of oil, or more
than the combined recoverable oil reserves of Saudi Arabia and
Venezuela, the world’s top two oil states.
(Reuters) – The deadly train derailment in Quebec this weekend is set to bring intense scrutiny to the dramatic growth in North America of shipping crude oil by rail, a century-old practice unexpectedly revived by the surge in shale oil production.
At least five people were killed, and another 40 are missing, after a train carrying 73 tank cars of North Dakota crude rolled driverless down a hill into the heart of Lac-Megantic, Quebec, where it derailed and exploded, leveling the town center.
July 7 (Reuters) – The deadly train derailment in Quebec
this weekend is set to bring intense scrutiny to the dramatic
growth in North America of shipping crude oil by rail, a
century-old practice unexpectedly revived by the surge in shale
At least five people were killed, and another 40 are
missing, after a train carrying 73 tank cars of North Dakota
crude rolled driverless down a hill into the heart of
Lac-Megantic, Quebec, where it derailed and exploded, leveling
the town center.
(Reuters) – The railroad whose freight cars derailed and burst into an oil-fueled fire in a small Canadian town on Saturday is headed by a Chicago-area railroad veteran whose career included work with railways in Australia, New Zealand, Britain, Estonia and Poland.
Edward A. Burkhardt’s Rail World Inc is a privately held rail management and investment firm based outside Chicago. The little-known Rosemont, Illinois, company also has current ties to freight railways in Poland.
CALGARY, Alberta, June 26 (Reuters) – By last Friday morning
in Canada’s oil capital, the scope of the disaster facing
Calgary was becoming clear, and the reputation of the city’s
first-term mayor was rising along with the floodwaters.
As the two rivers in the city of 1.1 million reached new
heights in the worst flooding the province of Alberta has ever
seen, a growing list of neighborhoods were evacuated and the
downtown home to Canada’s largest oil companies was shut down as
electrical substations failed.
CALGARY, Alberta, June 24 (Reuters) – Calgary will push
ahead with its annual Stampede festival on July 5, a marquee
event that draws 1 million people, despite massive flooding that
swamped the venue and left the downtown of Canada’s oil capital
without power, officials said on Monday.
The worst flooding in decades late last week turned streets
in Calgary and surrounding towns into fast-running rivers,
wreaking damage that will likely cost the province of Alberta
billions of dollars for repairs and clean-up operations.