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Dec 24, 2012

Chevron to buy stake in Kitimat LNG from Encana, EOG

CALGARY, Alberta, Dec 24 (Reuters) – Chevron Corp
said on Monday it will enter the Canadian liquefied natural gas
business with the acquisition of the 50 percent stake in the
Kitimat LNG project held by Encana Corp and EOG
Resources Inc.

Chevron will take Encana’s and EOG’s 30 percent stakes in
the LNG-export project for an undisclosed price as the No.2 U.S.
oil company looks to jumpstart North American natural gas
exports.

Dec 6, 2012

Enbridge expands oil pipeline plan to C$6.2 bln

CALGARY, Alberta, Dec 6 (Reuters) – Enbridge Inc on
Thursday proposed a C$6.2 billion ($6.3 billion) expansion of
its oil pipeline system, aimed at moving surging volumes of
light crude from Western Canada and the North Dakota Bakken to
refineries in the eastern part of the continent and U.S.
Midwest.

The series of projects, which would add a total of 400,000
barrels per day of overall capacity to the huge Canada-to-United
States network, is larger than Enbridge had proposed previously
as it sought to address the need for new transport capacity.

Dec 4, 2012

Canadian Natural boosts spending to raise oil output

CALGARY, Alberta, Dec 4 (Reuters) – Canadian Natural
Resources Ltd, the country’s biggest independent
petroleum producer, said on Tuesday it will boost oil production
by about 9 percent next year as it looks to higher prices and
strong demand for Canadian crude in the U.S. market.

The company, which operates in Canada, the North Sea and
offshore West Africa, expects to spend C$6.95 billion ($7
billion) next year, 7.7 percent more than its 2012 capital
budget. It’s targeting oil production of between 482,000 and
513,000 barrels per day in 2013, up from a current forecast
range of 452,000 to 460,000 bpd.

Nov 7, 2012

Enbridge sees room for rival eastern pipeline

CALGARY, Alberta, Nov 7 (Reuters) – Enbridge Inc,
Canada’s No. 2 pipeline company, said on Wednesday a planned
expansion of its eastern Canada oil pipeline network will be
able to supply Quebec refineries, but admitted there may be room
for a rival project.

The company also reported a 13 percent rise in adjusted
third-quarter profit on higher crude oil shipments.

Nov 1, 2012

Suncor delays new oil sands mine, upgrader “challenged”

CALGARY, Alberta, Nov 1 (Reuters) – Suncor Energy Inc
said on Thursday that rising light oil production
threatens the profitability of a massive new upgrading facility
planned by Canada’s dominant oil sands producer as it delayed
plans to expand output from the world’s third-largest oil
reserve.

The company. Canada’s No. 1 integrated oil producer and
refiner, backed away from what had been a C$20.6 billion ($20.65
billion) plan to boost production from its oil sands operations,
delaying a new mining project for at least one year and putting
a target date to build North America’s largest upgrading
facility on hold while it works to squeeze costs from the
project.

Oct 30, 2012

TransCanada mulls new oil line, no damage from Sandy

CALGARY, Alberta, Oct 30 (Reuters) – TransCanada Corp
said on Tuesday it will decide early next year on
whether to go ahead with a pipeline carrying up to one million
barrels of crude oil from Alberta’s oil sands to refineries in
Eastern Canada and the U.S. Eastern Seaboard.

The company, which earlier reported a 4 percent drop in
quarterly profit, also said that its power plants in the U.S.
Northeast, including the 2,480 megawatt Ravenswood plant in the
New York borough of Queens, were undamaged by Hurricane Sandy.

Oct 26, 2012

Insight: How the Petronas deal fell victim to Canada’s China fears

OTTAWA/CALGARY (Reuters) – Malaysian state-owned oil company Petronas was so confident last Friday that its purchase of Progress Energy Resources Corp would be approved by Canada that company officials had drafted a press release to announce the news.

At midnight Kuala Lumpur time, they were flabbergasted to learn that Ottawa wanted more time to make a decision.

Oct 26, 2012

How the Petronas deal fell victim to Canada’s China fears

OTTAWA/CALGARY, Oct 26 (Reuters) – Malaysian state-owned oil
company Petronas was so confident last Friday that its
purchase of Progress Energy Resources Corp would be
approved by Canada that company officials had drafted a press
release to announce the news.

At midnight Kuala Lumpur time, they were flabbergasted to
learn that Ottawa wanted more time to make a decision.

Oct 22, 2012

Petronas rejection may hurt Canadian stocks

CALGARY/TORONTO (Reuters) – Canadian markets could face a bloody opening on Monday after the government blocked the C$5.17 billion ($5.22 billion) acquisition of Progress Energy Resources Corp (PRQ.TO: Quote, Profile, Research, Stock Buzz) by Malaysian state oil company Petronas PETR.UL, raising questions about other, bigger bids and about Canada’s willingness to let foreign investors in.

Canadian Industry Minister Christian Paradis said late Friday night that Petronas’ bid for Progress — one of the largest owners of exploration lands in the gas-rich Montney shale region in northeastern British Columbia — would not provide the “net benefit” for the country required by Canada’s foreign investment laws.

Oct 21, 2012

Canada says to continue talks with Petronas

CALGARY/TORONTO (Reuters) – Canada could still approve the C$5.17 billion ($5.22 billion) acquisition of Progress Energy Resources Corp (PRQ.TO: Quote, Profile, Research, Stock Buzz) by Malaysian state oil company Petronas PETR.UL, the country’s finance minister said on Sunday, despite blocking the bid late last week.

While observers predict a chaotic market reaction following the federal government’s statement late on Friday that the deal did not provide the “net benefit” required from foreign buyers under the Investment Canada Act, Finance Minister Jim Flaherty said on Canadian television that negotiations continue.

    • 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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