Going Green Could Crush Canada’s Oil Industry
As Prime Minister Trudeau reveals his ‘net-zero’ plan for 2050, it is clear that Canada is still very much reliant on its oil industry. The new bill requires Canada to Continue Reading
Canada’s Oil And Gas Sector Sees Record Job Losses
A total of 37 percent of oil and gas companies in Canada resorted to permanent layoffs due to the pandemic-driven oil price and oil demand slump, a recent survey of Continue Reading
Quebec to ban sale of new gasoline-powered cars as of 2035
The Canadian province of Quebec said on Monday it will ban the sale of new gasoline-powered passenger cars as of 2035, joining California and others in announcing moves to shift Continue Reading
From Billions To Millions: Canada Offshore Oil Disappointment
The Canada-Newfoundland and Labrador Offshore Petroleum Board (C-NLOPB) announced disappointing results this week from its call for bids on offshore oil parcels, according to a press release. Of the 17 Continue Reading
Canadian Oil Companies Raise Production
Canadian oil producers have plans to start ramping up production after the Alberta government said it would remove oil production limits at the end of the year. “We’re going to Continue Reading
‘Zombie’ Oil Wells in Canada Are a Climate Threat
William Romaniuk stopped his tractor at the edge of his field and sniffed. A breeze came off the North Saskatchewan River, rippling across rows of ripe wheat, but a caustic Continue Reading
Alberta Ends OPEC-Style Curbs as Covid-Led Oil Sands Retreat
Alberta’s two-year experiment with OPEC-style crude production curbs is coming to an end after a Covid-driven collapse in demand led the Canadian province’s battered oil-sands industry to idle more output Continue Reading
Western Canada Oil Production Rebounds As U.S. Oil Stagnates
Most of Western Canada’s oil production has been restored, according to the Canada Energy Regulator, but U.S. oil producers haven’t had as much luck. Both countries had to curtail oil Continue Reading
Canada Government Invests In Mini Nuclear Reactors
The federal Canadian government has allocated US$15.11 million (C$20 million) for investments in mini nuclear power plants as part of efforts to reduce the country’s carbon footprint. The money will Continue Reading
Canada’s Suncor Energy to cut up to 15% of jobs as pandemic crushes oil demand
Suncor Energy, Canada’s second-biggest oil company, said on Friday it would cut its workforce by up to 15% over the next year and a half, as pandemic travel restrictions crushed Continue Reading
Alberta Eyes Oil Route After Trump OKs Alaska Rail Link
U.S. President Donald Trump’s decision to approve a rail link between Canada and Alaska could open up an export route to Asia for Alberta’s struggling oil sands producers. The presidential permit, Continue Reading
Do Canadian Oil Drillers Still Have Some Potential?
This company presents a good opportunity for investors with a minimum of risk, with exceptions as noted. Enerplus, (NYSE:ERF) is a Canadian driller with a good balance sheet and cash Continue Reading
The $22 Billion Railway Bringing Hope To Canada’s Oil Province
U.S. President Donald Trump is set to approve a $22-billion freight railway project that will run between Alberta and Alaska to transport a variety of commodities such as oil, ore, Continue Reading
Canada Job Losses In Resource Sector Hit All-Time High
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 Wave Of Consolidations Hit Canada’s Oil Patch
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
Pessimism Over Economic Recovery Grows In Canada’s Oil Province
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
Canada Bets Big On Hydrogen To Boost Oil Production, Cut Emissions
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
Canadian Oil Prices Rise On Pipeline Shutdown
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 Unit Shuts Oil Sands Mine After Pipeline Spill
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 Set To Build $23 Million Rare Earth Plant
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
Canadian Oil And Gas Spending Plummets 54%
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
Oil Sands Producer Eyes Hydrogen Exports
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 Has To Cut Oil Production Emissions To Attract Investors
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
Alberta Missed Its Chance To Mint A Province Of Oil Millionaires
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
IHS Markit: small long-term change for Canadian oil sands despite COVID-19 Shock & largest annual production decline in 2020
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
LNG Industry Could Bring 100,000 Jobs To Canada
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
Canada’s TransMountain Pipeline Faces Another Major Setback
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
Canadian Crude Production Falls To 2016 Lows
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
Canada’s Oil Patch Is Bringing Production Back Online
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
Pipeline Setbacks in U.S. Rattle Oil-Sands Producers in Canada
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
Huge Debt Payments Come At Worst Time Possible For Canadian Drillers
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
Oil-Sands Explorers Restore Some 20% of Shut-in Crude Production
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
Record debts come due for Canadian oil patch after five years of crisis
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
Alberta Extends Investigation Into Foreign Anti-Oil Funding
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
The Oil Price Collapse Has Crushed Canada’s Crude Production
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 Canada’s Natural Gas Drop As Prices Jump
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
Canadian Banks Hit Hard By Low Oil Prices
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 developing national hydrogen strategy; US taking different approach
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
Will Canadian Oil See Any Federal Help?
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 developing national hydrogen strategy; US taking different approach
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 Remains Biggest Energy Supplier To The U.S.
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
Canadian Crude Exports Drop 55% Following Oil Price Crash
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
Suncor: Energy Transition Will Destroy Oil Demand
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
Study Shows New Offshore Canada Oil Presence
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 Cuts 1 Million Bpd In Oil Production
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
China Is Buying Up Canadian Crude Again
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
Flooding Prompts Evacuation At Heart Of Canada’s Oil Sands
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
Canada’s Oil Firms Set To Curtail Output By At Least 1 Million Bpd
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
Canadian Drillers May Shut-In More Than 1.3 Million Bpd In Second Quarter
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
$0 Oil Forces Canada To Shut Down Crude Production
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