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
Alberta’s government could mandate further cuts to oil production if rising crude supplies and falling prices threaten the survival of drillers in the province. Crude-by-rail shipments are poised to collapse to Continue Reading
The North American energy sector is nearing a tipping point that will soon decide whether to build a series of oft-delayed and heatedly debated pipelines designed to move more Canadian Continue Reading
Teck Resources Ltd’s surprise decision to cancel a planned C$20.6 billion ($15.6 billion) oil sands mine in northern Alberta, citing uncertainty about Canada’s climate policy, underscores a global struggle to Continue Reading
Canadian police moved on Monday to clear an indigenous rail blockade in Ontario that has crippled freight and passenger rail traffic in most of eastern Canada for nearly three weeks. Continue Reading
Teck Resources has withdrawn its application for a regulatory review of the Frontier oil sands project, the company said in a news release . “Investors and customers are increasingly looking Continue Reading
Teck Resources’ withdrawal of its application for the major Frontier oil sands mine in Alberta exacerbates uncertainty for the Canadian upstream as the country’s political leaders clash over climate goals Continue Reading
As Canadian Prime Minister Justin Trudeau considers whether to approve Teck Resources’ Frontier oil sands project, roughly 20 others sit on the shelf as companies delay investment decisions hoping for Continue Reading
A small cluster of flags and windswept tents sits near railroad tracks east of Toronto, where protesters are preventing trains from passing through a key commercial corridor, threatening Canada’s already Continue Reading
With concerns growing over fuel shortages and layoffs, Prime Minister Justin Trudeau came under increasing pressure Tuesday to end a rail blockade by Indigenous protesters that has shut down the Continue Reading
A major Canadian rail company is shutting down trans-continental train services amid blockades protesting a pipeline in British Columbia. CN Rail says it will be forced to shut down its Continue Reading
Some of the world’s largest financial institutions have stopped putting their money behind oil production in the Canadian province of Alberta, home to one of the world’s most extensive, and Continue Reading
The Canadian police on Monday began moving against protesters who had set up transportation blockades around the country in sympathy with an Indigenous group’s campaign to halt construction of a Continue Reading
The fate of the latest oil sands mining project in Alberta may be decided by the estimates of carbon emission from the province’s oil and gas industry—and Alberta and the Continue Reading
The federal Canadian government is preparing a financial aid package for Alberta in case it decides against a controversial large-scale oil sands project, Reuters reports , citing sources close to Continue Reading
Enbridge, which wants to change the contract terms on the largest Canadian oil pipeline network, believes that Canadian producers who have opposed that change may want to stall a review Continue Reading
