CALGARY, Alberta, Feb 24 (Reuters) – A company backed
by Alberta aboriginal groups claims the provincial government
has withdrawn support for a planned C$6.6 billion ($6.6 billion)
oil sands upgrader with little explanation, putting the
project’s future in doubt.
Privately held Teedrum Inc and a number of Alberta
aboriginal groups had looking to develop the Alberta First
Nations Energy Centre (AFNEC), an upgrader that would process
125,000 barrels per day of bitumen from the tar sands into
synthetic crude oil, diesel, jet fuel and other products.
CALGARY, Alberta, Feb 21 (Reuters) – Kinder Morgan
Energy Partners LP said on Tuesday it has received
enough binding commitments from shippers to begin design work on
a proposed C$3.8 billion ($3.8 billion) project that would
double the size of its 300,000 barrel per day Trans Mountain oil
pipeline from Alberta to Vancouver.
The company, which has been considering the project since
2004, said a recent open season held to gauge shipper interest
in expanding the pipeline had received support from a diverse
group of customers. Kinder Morgan will make a final decision on
moving the line’s capacity up to 600,000 bpd by the end of
NEW YORK/CALGARY, Feb 17 (Reuters) – Encana Corp
said on Friday it will immediately cut some North
American natural gas output and slash spending on pure gas plays
due to decade-low prices, becoming the second major producer to
shutter production as profit margins narrow.
To counter a huge American supply glut, Canada’s
largest natural gas producer will shut in 250 million cubic feet
per day (mmcfd) of gas production instantly, as it shears
spending on dry gas fields and focuses drilling in
more lucrative oil-based liquids plays.
Feb 15 (Reuters) – Cenovus Energy Inc,
Canada’s No. 2 independent oil producer, said on Wednesday its
quarterly profit tripled on production gains as it again
extended its hunt for a joint-venture partner for a planned
Alberta oil sands development.
The company, known for its oil sands production and U.S.
refining joint ventures with ConocoPhillips, is looking
for a partner for its proposed 90,000 barrel per day Telephone
CALGARY, Alberta (Reuters) – TransCanada Corp (TRP.TO: Quote, Profile, Research, Stock Buzz), the backer of the Keystone XL pipeline project, said on Tuesday it still intends to build the controversial $7 billion line even as it again pushed back its already delayed schedule.
The company, which reported a 39 percent rise in net income on Tuesday, and boosted its dividend by 4.8 percent, said it expects to have the 830,000 barrel Alberta-to-Texas line up and running by early 2015 after last estimating it could be operating by late 2014.
CALGARY, Alberta, Feb 7 (Reuters) – Canadian Natural
Resources Ltd’s Horizon oil sands plant in northern
Alberta is shut down for unplanned repairs and could be off line
for two to three weeks, a source with knowledge of the situation
said on Tuesday.
The outage pushed up U.S. oil prices and pressured Canadian
Natural shares, which fell as much as 5.2 percent. By early
afternoon they were down C$1.69, or 4.2 percent, at C$38.59 on
the Toronto Stock Exchange.
CALGARY, Alberta (Reuters) – Canada will set up a new environmental monitoring system for the northern Alberta oil sands as it seeks to fend off harsh international criticism following revelations that oversight of the huge petroleum development has been insufficient.
The federal and the Alberta provincial governments said on Friday the new plan that will boost water sampling and increase information available to the public.
CALGARY, Alberta (Reuters) – Pembina Pipeline Corp (PPL.TO: Quote, Profile, Research, Stock Buzz) agreed on Monday to buy Provident Energy Ltd (PVE.TO: Quote, Profile, Research, Stock Buzz) for C$3.24 billion ($3.16 billion) in an all-stock deal that will create one of Canada’s biggest pipeline and natural gas processing companies.
Calgary-based Pembina, a regional pipeline company operating in Alberta and British Columbia, will pay Provident shareholders 0.425 of a share for each share of Provident.
CALGARY, Alberta (Reuters) – Shares of Nexen Inc (NXY.TO: Quote, Profile, Research, Stock Buzz) surged 9 percent on Tuesday, a day after the Canadian oil and gas company announced it had replaced Chief Executive Marvin Romanow and the head of its domestic operations.
Nexen shares were up C$1.53 at C$18.60 by midday on the Toronto Stock Exchange on optimism over the company’s outlook and on expectations the stock price will improve under new management after Romanow failed to prove to investors that he could fix a number of costly operational issues.
CALGARY, Alberta (Reuters) – A deal with a native chief that Enbridge Inc held up last week as an example of rising support of their planned oil pipeline to the Pacific appears to be unraveling as the community battles over who has the authority to negotiate.
Enbridge touted the Gitxsan agreement to take an equity stake in the Northern Gateway pipeline as the first public display of what it says is substantial support for the C$5.5 billion ($4.5 billion) project among British Columbia’s First Nations, the aboriginal groups whose traditional territories make up vast swaths of the province.