Category: Canada

CALGARY, Alberta, March 5 (UPI) — Canadian energy company TransCanada submitted its project description for its Energy East oil pipeline, the nation’s energy regulator said. TransCanada submitted its project description to the National Energy Board for the so-called Energy East oil pipeline. It involves the construction of a new 930-mile segment and converting 1,800 miles of gas line for oil service, the company said. "Work on temporary construction-related infrastructure is anticipated to begin in first quarter 2016," the company said in a letter published Tuesday by the NEB. "The scheduled in-service date for the project is in fourth quarter 2018." The Energy East pipeline is designed to carry 1.1 million barrels of oil per day from Alberta and Saskatchewan to eastern Canadian refineries. Canadian Natural Resources Minister Joe Oliver said the project would help offset the estimated 700,000 bpd imported for eastern refineries from overseas markets. TransCanada said it […]

Click here to view full article at www.upi.com

Canada sent an average of more than 2.5 million barrels of oil per day to the United States in 2013, up 10 percent from the previous year, government data show. The National Energy Board published crude oil export figures for 2013 that showed nearly 70 percent of the oil went to the Petroleum Administration for Defense District II, the U.S. Midwest. Canadian Prime Minister Stephen Harper said he wants to add a layer of diversity to an export market that relies almost exclusively on the United States as its oil export designation. The NEB said about 82,880 bpd were sent to markets other than the United States last year, more than twice sent to non-U.S. markets. The board didn’t provide a breakdown of export destinations outside the United States. The Harper administration has expressed support for TransCanada’s Keystone XL pipeline, which would send […]

Click here to view full article at www.upi.com

Debates over Canadian oil pipelines are going to "look silly" compared with future U.S-Canadian discussions over water, the Canadian envoy to Washington said. Canadian Prime Minister Stephen Harper last year visited Washington make his case for the Keystone XL oil pipeline planned from Alberta oil fields. TransCanada’s planned pipeline has been the source of heated debate on both sides of the border, though Canadian Ambassador to the United States Gary Doer said future debates will be over fresh water. "I think five years from now we will be spending a lot of our time diplomatically and a lot of our work on dealing with water," he said in an interview with the Edmonton Journal, published Monday. Doer said the United States and Canada have claims to 20 percent of the fresh water in the world in the five Great Lakes and share borders […]

Click here to view full article at www.upi.com

Debates over Canadian oil pipelines are going to "look silly" compared with future U.S-Canadian discussions over water, the Canadian envoy to Washington said. Canadian Prime Minister Stephen Harper last year visited Washington make his case for the Keystone XL oil pipeline planned from Alberta oil fields. TransCanada’s planned pipeline has been the source of heated debate on both sides of the border, though Canadian Ambassador to the United States Gary Doer said future debates will be over fresh water. "I think five years from now we will be spending a lot of our time diplomatically and a lot of our work on dealing with water," he said in an interview with the Edmonton Journal, published Monday. Doer said the United States and Canada have claims to 20 percent of the fresh water in the world in the five Great Lakes and share borders […]

Click here to view full article at www.upi.com

The port of Hawkesbury, Nova Scotia , "could be an option" for the terminal point of a 1,864-mile oil pipeline planned by TransCanada, a provincial minister said. TransCanada last year said it was moving ahead with its Energy East pipeline designed to carry 1.1 million barrels of oil per day from Alberta and Saskatchewan to eastern Canadian refineries. Canadian Natural Resources Minister Joe Oliver said the project would help offset the estimated 700,000 bpd imported for eastern refineries from overseas markets. Nova Scotia Natural Resources Minister Andrew Younger told the Platts energy news website from Calgary his province made more sense as a terminal point than neighboring New Brunswick. "Port of Hawkesbury [in Nova Scotia] could be an option," he said in an interview published Monday. "It is the closest port in North America for exports to Asia, particularly India, and Europe." Canadian […]

Click here to view full article at www.upi.com

Quebec plans to partner with private sector interests in an oil exploration program on Anticosti Island in the Canadian province. "These agreements with private sector partners will create sustainable wealth and quality jobs if the presence of oil is confirmed," Premier Pauline Marois stated in a news release Thursday announcing two agreements. The first is a $100 million drilling program with Petrolia Inc., based in Quebec, and Nova Scotia ‘s Corridor Resources, as well as France’s Maurel & Prom, in which the province, through its government agency Resources Quebec, would invest $70 million in return for a 35 percent stake. Under the second preliminary agreement, with Junex, based in Quebec, the province "and an operator yet to be determined" would fund an exploration program of $90 million, with the province getting at least 40 percent of the joint venture. Each of the two […]

Click here to view full article at www.upi.com

Husky Energy Inc. said Wednesday it shipped Canada’s first-ever batch of oil to India as it and other Canadian producers seek to boost crude exports to more markets outside of the U.S. Calgary-based Husky exported one million barrels of crude to state-owned Indian Oil Corp. from its White Rose offshore oil field in eastern Canada late last year, a move the company described as a test run and a precursor to increased exports to refiners in India. "The sale to India did open up a potentially very large market for us," CEO Asim Ghosh said in a conference call. Husky, which is majority owned by Hong Kong tycoon Li Ka-shing, is one of Canada’s largest oil producers and has upstream operations off the coast of Labrador and Newfoundland and also in the oil sands of Alberta in Western Canada. The company produced 224,000 barrels a […]

Click here to view full article at online.wsj.com

State-controlled Indian Oil Corp. is close to acquiring a 10% stake in Malaysia’s Petroliam Nasional Bhd’s shale-gas assets and a liquefied-natural-gas project in the Canadian province of British Columbia for 1 billion Canadian dollars ($900 million), two senior Indian government officials said on Tuesday. The proposed deal with Petronas needs Indian cabinet approval, and the matter is scheduled to be discussed by ministers on Wednesday, the officials, who declined to be identified, told The Wall Street Journal. If the deal goes through, it would mark the entry of India’s largest fuel retailer into Canada’s energy sector. It would also give a boost to the company’s ambitions to expand in oil and gas exploration globally. It currently has investments in oil and gas blocks in Africa and the Middle East. Indian Oil is largely dependent upon imported crude oil and natural gas. India meets three-fourths of its energy needs […]

Click here to view full article at online.wsj.com

Talisman Energy Inc. posted a fourth-quarter loss of $1 billion after recording asset-impairment charges totaling more than $800 million, and said it would continue to shed assets to shore up its balance sheet. The Calgary, Alberta-based natural gas and oil producer said it plans to sell another $2 billion of noncore assets over the next 12 to 18 months, in addition to the more than $2 billion it has already raised from asset sales. Talisman has posted a string of disappointing financial results, hurt in part by an extended gas-price slump, and has been selling off noncore assets to help turn around its operations. "Our objective is to create sustainable value for our shareholders, and we will continue to position the company to achieve this by generating near-term steady cash flow from our best assets in our two core regions," Hal Kvisle, president and chief executive, said in a […]

Click here to view full article at online.wsj.com