Job losses in the Canadian natural resources sector hit an all-time high in the second quarter, at 43,000, new statistical data has revealed, highlighting the grave impact the pandemic has Continue Reading
A vicious one-two-three punch that started with a gloomy long-term future outlook due to rampant fossil fuel divestments, climate change policies, and decarbonization as well as shorter-term—but severe—shocks from the Continue Reading
The majority of people in Canada’s oil-producing province of Alberta saw their economic fortunes worsened after the pandemic and the oil price crash, compared to a national average of 35 Continue Reading
The federal government of Canada and the provincial government of Alberta are each drafting hydrogen strategies to reduce emissions, which, in the case of Alberta, would allow it to cut Continue Reading
The Canadian heavy oil benchmark rose on Wednesday after a pipeline carrying diluent necessary for oil sands production was shut down following a leak over the weekend, affecting production at Continue Reading
ExxonMobil’s Imperial Oil shut down its oil-sands mine after a spill from a pipeline that supplies diluent to the operation. (Bloomberg) — Exxon Mobil Corp.’s Imperial Oil shut down its Continue Reading
Canada will have rare earth processing plant in operation by the end of 2022 as the province of Saskatchewan has committed C$31 million (about $24m) to build the facility , Continue Reading
Canada’s capital spending on its oil and gas industry fell by more than half in the second quarter as the pandemic-inspired low prices continue to burden oil and gas producers Continue Reading
The idea of producing cleaner-burning hydrogen to rid the world of fossil fuels is gaining traction in the unlikeliest of places: Alberta, home of the infamously dirty oil sands. Better known Continue Reading
Canada must slash the greenhouse gas emissions from its oil production in order to lure companies back to investing in increasing oil and gas production and expanding projects, Natural Resources Continue Reading
Back in 2014, every citizen in oil-rich Norway became a theoretical millionaire after the country’s oil fund – the world’s largest sovereign wealth fund – crossed the $1 trillion mark. Continue Reading
Canadian oil sands production is expected to decline by nearly 175,000 barrels per day (b/d) in 2020 as a result of COVID-19—the largest annual decline on record. However, the longer-term Continue Reading
A new report by the Conference Board of Canada , and funded by the Canadian LNG Alliance, determined that a 56-million-tonnes-per-year LNG industry in British Columbia would generate nearly 100,000 Continue Reading
A major insurance company dropped coverage for the Trans Mountain expansion project, an oil pipeline seen as vital to the growth of Canada’s oil sands. Under pressure from environmental groups Continue Reading
Due to the price and demand crash in the second quarter, Canada’s oil production slumped to 4.4 million barrels per day (bpd) in May – the lowest output since the Continue Reading
Encouraged by higher oil prices, Canadian oil companies are bringing back some of the crude oil production they had curtailed, the top executives of some of the largest firms said Continue Reading
This week’s escalation of American pipeline setbacks is heightening concerns among Canadian oil producers who export almost all of their crude to the U.S. Alex Pourbaix, the chief executive officer of Cenovus Continue Reading
The collapse in oil prices has significantly deteriorated Canada’s oil companies’ finances and has made repaying their debt more challenging. Over the past decade, Canadian firms have borrowed money to Continue Reading
At least 20% of shut-in Canadian production is being restored, just months after the price crash forced producers in Alberta’s oil sands to slash up to 1 million barrels a day Continue Reading
Six years ago, Canadian oilfield services firm Calfrac Well Services ( CFW.TO ) commanded a C$2.1 billion ($1.55 billion)market value and was poised for U.S. expansion. But by last month, Continue Reading
The Alberta government has extended until October an investigation into whether foreign groups are funding anti-oil protests in Canada, the Canadian Press reports , citing Energy Minister Sonya Savage. According Continue Reading
More than 1 million barrels per day (bpd) of curtailed crude oil production in Canada and lower demand in the pandemic have resulted in a rare occurrence in Canada’s pipeline Continue Reading
U.S. imports of natural gas from Alberta to the western United States have dropped in recent months due to higher natural gas spot prices at the Alberta trading hub than Continue Reading
Canada’s government has been perhaps surprisingly ready to help the country’s ailing oil industry. Interest-only loans , backstopping loans that troubled companies can’t pay have been among the steps taken Continue Reading
Canada is preparing a national hydrogen strategy, making it the first country in North America to develop a plan to use the gas to reduce its reliance on fossil fuels Continue Reading
Crushed by plunging oil prices and demand in the coronavirus pandemic, Canadian oil firms slashed budgets, dividends, and production to save their finances through one of the worst crises in Continue Reading
Canada is preparing a national hydrogen strategy, making it the first country in North America to develop a plan to use the gas to reduce its reliance on fossil fuels Continue Reading
Canada is the top energy trade partner of the United States and was the largest source of American energy imports last year, the U.S. Energy Information Administration (EIA) said on Continue Reading
The oil price and demand crash in April resulted in Canada’s energy exports plunging by the most on record, with crude oil exports plummeting by 55.1 percent, Statistics Canada said Continue Reading
Low-carbon technologies could disrupt global oil demand in the not-too-distant future the way COVID-19 crushed demand during the lockdowns worldwide, Mark Little, chief executive of one of Canada’s largest oil Continue Reading
A detailed evaluation of the Southern Grand Banks petroleum system offshore Atlantic Canada has identified a new oil presence, Applied Petroleum Technology reported. A detailed evaluation of the Southern Grand Continue Reading
Alberta has cut oil production by 1 million bpd so far, the province’s Energy Minister, Sonya Savage, has told OPEC, according to Reuters. “The Minister stated there is currently no Continue Reading
At least three tankers loaded with Canadian crude have headed to China since the start of the year, Bloomberg reports , citing shipping data. This is the latest sign of Continue Reading
The Regional Municipality of Wood Buffalo, which includes Fort McMurray – the hub of Alberta’s oil sands business – has issued a mandatory evacuation order for all of downtown Fort Continue Reading
As Canadian oil firms prepare to start reporting what would surely be bleak Q1 earnings and short-term outlooks, analysts expect that the companies will announce curtailments in production to the Continue Reading
In light of recent guidance revisions and the wider collapse in drilling and completion activity in Western Canada, Rystad Energy now expects total 2020 Canadian upstream spending to fall below Continue Reading
Canadian oil companies have begun shutting down steam-driven oil sands production projects as prices continue to fall, Reuters reports , noting the move could have dire long-term consequences for the Continue Reading
The collapse of global oil demand has impacted the price of Canadian Oil Sands to such a degree, the price of a barrel is now cheaper than a 12-pack of Continue Reading
Alberta Premier Jason Kenney said the crisis rocking the global oil industry could cause at least 25% unemployment in his province. The dual shocks of the Saudi-Russian oil price war and Continue Reading
Canada is in close contact with the United States about the oil price crash and its effect on the industry, Canada’s Deputy Prime Minister and Minister of Intergovernmental Affairs Chrystia Continue Reading
Over the last few weeks, the higher breakeven costs for oil and the lack of sufficient takeaway capacity has come back to haunt Canada’s oil patch. Two months ago, the Continue Reading
The last major oil-sands mine to start operating in northern Alberta could be Canada’s first big casualty of the Saudi-Russian price war and the Covid-19 pandemic. Teck Resources Ltd., one of Continue Reading
A Canadian company said Tuesday it plans to start construction of the disputed Keystone XL oil sands pipeline through the U.S. Midwest in April, after lining up customers and money Continue Reading
China National Offshore Oil Corporation (CNOOC) is postponing this year’s planned drilling campaign offshore Canada’s east coast because of the coronavirus pandemic, the Chinese state-held oil firm told CBC News Continue Reading
The Covid-19 virus and the ongoing oil price war have created such a large global supply surplus that Western Canada’s oil production will need to be cut from April by Continue Reading
The federal government of Canada is preparing a multibillion dollar financial aid package for the oil and gas industry and could announce it as soon as next week, the Globe Continue Reading
As if the market crash threating their jobs wasn’t stressful enough, workers in Canada’s oil-sands are bracing for the coronavirus to upend life in the remote camps where they’re lodged. One Continue Reading
While U.S. crude oil imports from OPEC and Mexico have slumped over the past decade and a half, crude imports from Canada have more than doubled due to the price Continue Reading
The United States and Canada closed their mutual border to “non-essential traffic” on Wednesday while President Donald Trump moved to speed up medical equipment production and said hospital ships would Continue Reading
In the oil price war between Saudi Arabia and Russia, the first big victim is likely to be Canada. Hit by unfettered supply from the world’s top two crude exporters and Continue Reading
