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Oct 17, 2012

Exxon to buy Canada’s Celtic Exploration for C$2.6 billion

CALGARY, Alberta (Reuters) – Exxon Mobil Corp agreed on Wednesday to buy Celtic Exploration Ltd for C$2.6 billion ($2.64 billion), as the world’s largest publicly traded energy company looks to raise its presence in some of Western Canada’s most promising shale oil and gas regions.

The deal, announced Wednesday, will give Exxon vast tracts in the liquids-rich Montney shale gas region in northeastern British Columbia, joining other world-scale energy companies looking to tap Montney’s massive reserves to feed planned liquefied natural gas plants planned for province’s Pacific coast.

Sep 7, 2012

Bank of Canada says strong commodities good for economy

CALGARY, Alberta, Sept 7 (Reuters) – Bank of Canada Governor
Mark Carney on Friday said high commodity prices were
unambiguously good for the economy and he made clear the central
bank would not counter commodity-driven increases in the value
of the Canadian dollar.

In a speech in Calgary, Carney dismissed the idea that the
economy was suffering from so-called Dutch disease, whereby high
commodity prices increase the value of the currency and help
hollow out the manufacturing sector.

Jul 31, 2012

Enbridge says Line 14 repairs to wrap up on Tuesday

CALGARY/WASHINGTON (Reuters) – Enbridge Inc said on Monday that repairs to a ruptured Wisconsin pipeline could be complete as early as tomorrow, though regulators have not yet said when they will allow the company to restart the line.

U.S. pipeline regulators said no decision had been made on whether Enbridge will have to take any corrective measures before restarting a pipeline shuttered after spilling more 1,000 barrels of crude oil in Wisconsin.

Jul 30, 2012

U.S. reviewing Enbridge pipeline spill, no restart decision yet

CALGARY/WASHINGTON (Reuters) – U.S. pipeline regulators said on Monday no decision had been made on whether Enbridge Inc will have to take any corrective measures before restarting a pipeline shuttered after spilling more 1,000 barrels of crude oil in Wisconsin.

The 318,000 barrel per day Line 14 — which carries Canadian crude to refiners in the Midwest — was shut on Friday after the discovery of the spill, the latest in a series of incidents that threaten to damage the reputation of a company that launched its most ambitious expansion program ever just two months ago.

Jul 25, 2012

Encana says Michigan lands no longer up for sale

CALGARY, Alberta, July 25 (Reuters) – Encana Corp
said on Wednesday it is no longer including any of its Michigan
properties in an asset sale package after Reuters reported that
it colluded with Chesapeake Energy Corp to lower the
price of exploration lands in the state.

Randy Eresman, chief executive of Canada’s No. 1 natural gas
producer, declined to answer questions on the allegations on a
conference call held to discuss the company’s quarterly
earnings. Encana reported a $1.5 billion second-quarter loss on
Wednesday due a $1.7 billion charge stemming from low natural
gas prices.

Jul 25, 2012

Suncor to revisit growth plans as new CEO takes charge

CALGARY, Alberta, July 25 (Reuters) – The new chief
executive of Suncor Energy Inc, Canada’s No. 1
integrated oil producer and refiner, said on Wednesday the
company is revisiting plans for a massive expansion of its oil
sands operations as looks to increase profits.

Suncor, which late on Tuesday reported a
better-than-expected 28 percent jump in second-quarter profit,
will no longer commit to an ambitious growth program that would
see production nearly double by the beginning of the next
decade.

Jul 24, 2012

Canada’s national chief says developments need native approval

CALGARY, Alberta, July 24 (Reuters) – The head of Canada’s
national aboriginal lobby made a forceful call on Tuesday that
the country’s natives be included as key players in decisions on
the development of natural resources on their lands, as well as
sharing in the revenues.

Shawn Atleo, who was re-elected last week as national chief
of the Assembly of First Nations, said in an interview that the
Canadian government and the companies looking to exploit natural
resources on First Nations territories must move to include
aboriginal groups in the development process and get their
consent before mines, pipelines or other projects go ahead.

Jul 23, 2012

Sinopec pays $1.5 billion for Talisman North Sea Stake

CALGARY, Alberta (Reuters) – Talisman Energy Inc (TLM.TO: Quote, Profile, Research, Stock Buzz) said on Monday that Sinopec Corp (600028.SS: Quote, Profile, Research, Stock Buzz), China’s top refiner, had agreed to buy a 49 percent stake in its North Sea operations for $1.5 billion as the Canadian company looks to strengthen a balance sheet battered by weak natural gas prices.

Talisman, Canada’s No. 6 oil and gas exploration company, will form a joint venture with Sinopec to operate the assets, which produced 89,000 barrels per day of oil and 43 million cubic feet per day of natural gas in the first quarter of 2012.

Jul 20, 2012

Enbridge pledges new Northern Gateway safety measures

CALGARY, Alberta, July 20 (Reuters) – Enbridge Inc
moved to assuage critics of its controversial C$5.5 billion
($5.4 billion) Northern Gateway pipeline plan on Friday by
adding safety measures that will increase the project’s cost by
as much as C$500 million.

The measures include: increasing the thickness of the
pipeline’s walls; adding thicker pipe at water crossings;
increasing the number of shut-off valves; and installing leak
detection systems, the company said.

Jun 16, 2012

Republicans fear uncertain scope of Keystone study

WASHINGTON/CALGARY, Alberta, June 15 (Reuters) – The scope
of a planned environmental review of the Keystone XL oil
pipeline from Canada could go beyond a small disputed portion in
Nebraska and threatens to delay the project further, its
Republican backers in Congress said on Friday.

The State Department asked on Friday for public comments by
the end of July to help determine the scope of an environmental
review ordered earlier this year for the controversial pipeline.
The review is designed to supplement a “final” environmental
impact report issued last August.

    • 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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