An annual review of the budget for oil-rich Alberta found total revenue came in lower than budgeted, though the provincial finance minister was upbeat. The decline in crude oil prices Continue Reading
A Canadian high court dealt another blow Thursday to Enbridge Inc.’s proposed Northern Gateway pipeline after it overturned a 2014 government order granting the company permission to build a corridor Continue Reading
Canada’s oil sands production will grow by 42 percent to 3.4 million barrels per day by 2025, most of which will come from the expansion of existing facilities rather than Continue Reading
TransCanada Corp is formally requesting arbitration over U.S. President Barack Obama’s rejection of the Keystone XL pipeline, seeking $15 billion in damages, the company said in legal papers dated Friday. Continue Reading
Canadian oil output is forecast to decline this year for the first time since 2009 after a wildfire in northern Alberta curtailed more than one million barrels a day for Continue Reading
Canada can play a major role on the global oil market provided the right infrastructure is in place, the Canadian Association of Petroleum Producers said. “Canada has an important role Continue Reading
Even with the addition of exports of liquefied natural gas, exports from Canada are expected to drop off substantially in the years ahead, a regulator said. Canada relies heavily on Continue Reading
Penn West Petroleum Ltd. shares surged the most in more than two decades after Teine Energy Ltd. agreed to buy oil-producing properties for C$975 million ($762 million) in cash. Penn Continue Reading
The International Monetary Fund said on Monday that Canada is coping well with lower oil prices and weaker growth, but needs to pursue a fiscal and monetary policy mix that Continue Reading
Harbir Chhina helped develop the game-changing steam technology that allowed companies to tap the world’s third-largest reserves in Canada’s oil sands. It was a moonshot that paid off. Now the Continue Reading
At first, Nielle and Howard Hawkwood, who have ranched in Alberta’s foothills for 40 years, couldn’t believe the ”in-your-face industrialization” that accompanied the horizontal drilling and fracking of tight oil Continue Reading
A new wildfire has prompted Canadian oil producers Cenovus Energy Inc. and Canadian Natural Resources Ltd. to shut production just as output was being restored in other parts of Alberta Continue Reading
Alberta Pipeline Canadian energy regulators handed a win to Alberta’s oil sands producers last week, recommending approval for a major oil pipeline expansion to the Pacific Coast. Canada’s National Energy Continue Reading
Alberta Wildfires A massive wildfire raging through the northern part of Alberta has swelled in size and surged north of Fort McMurray, destroying an evacuated oil sands camp on Tuesday Continue Reading
The highest oil price in six months is offering hope to the beleaguered energy industry, but it may be coming too late for some of Canada’s most indebted companies. On Continue Reading
Even as the situation becomes less severe, it may be the third quarter of 2016 before Canadian oil sands operations return to normal, a government report shows. Fires in the Continue Reading
Oversize transport trailers typically barrel dangerously along Highway 63 as they deliver heavy loads of equipment and even prefabricated metal buildings to the multibillion-dollar oil sands projects that dominate this Continue Reading
A bad start to the year for Canadian natural gas producers is getting worse after wildfires in northern Alberta knocked out oil-sands operations that represent a key source of demand. Continue Reading
Oil producers and refiners braced on Monday for a prolonged shutdown and possible supply constraints from Canada’s vast oil sands region as a destructive wildfire raged for a second week. Continue Reading
As the Keystone XL saga made clear, Alberta has had trouble getting its oil and gas to markets outside of the province. That trouble continues for Canada’s oil industry. The Continue Reading
Canadian pipeline operator Enbridge Inc. ENB 0.49 % said it had asked the country’s energy regulator for a three-year extension on the deadline to begin construction of its proposed Northern Continue Reading
After declaring a loss for the first quarter, Canadian energy company Encana said it is working to cut overall costs by more than $400 million. Encana reported its revenue for Continue Reading
Encana Corp. on Tuesday reported a bigger-than-expected quarterly loss and a 79% slump in cash flow as sharply lower oil and gas prices continued to hurt the energy producer’s results. Continue Reading
Alberta’s largest-ever evacuation from a wildfire has forced tens of thousands people to flee Fort McMurray and prompted Suncor Energy Inc. to reduce output in Canada’s main oil-sands region. Oil Continue Reading
Following a string of recent deals, oil field services company Schlumberger announced it agreed to acquire a Calgary-based drilling and services company. For an undisclosed sum, Schlumberger said it entered Continue Reading
At some point – hopefully sooner than most think – the price of crude oil and natural gas will rise to levels reflecting full replacement cost, including the cost of Continue Reading
Canada’s oil production may see a small increase this year as new projects come online, but the good news stops there for the industry that has seen a 62 percent Continue Reading
CIBC World Markets Corp. Deputy Chief Economist Benjamin Tal suggests there’s another unfamiliar force Canadians ought to embrace: lower oil prices. For Alberta, the nation’s energy producing heartland, oil’s move Continue Reading
The Canadian unit of one of China’s largest oil and gas companies is on track to start operations at a new 35,000-barrel-per-day oil-sands plant later this year despite crude prices Continue Reading
Canada exported 3.2 million barrels of crude per day to the United States last year, the Energy Information Agency reported , a 10 percent annual increase and an all-time record Continue Reading
It should come as no surprise that the oil price crash has hit Canada particularly hard. Much of the Canadian economy’s strength in the last few years was built around Continue Reading
Lower-for-longer market forecasts mean megaprojects on hold The era of megaprojects in Canada’s oil sands is probably over as crude is seen staying lower for longer, some of the biggest Continue Reading
Alberta’s leading oil sands producers are currently working on ways to reduce the sustaining capital for their projects in order to maintain global competitiveness and also attract investment, executives said Continue Reading
An energy group in Canada said it estimated the two-year spending trends in the oil and gas sector were at their lowest level in more than 60 years. The Canadian Continue Reading
Spending in Canada’s oil and natural gas sector has fallen by a record C$50bn (US$38bn) over the past two years, according to an industry group representing oil and gas producers Continue Reading
Canada’s oil and gas companies will slash investments by 35 percent in 2016, a record two-year decline that underscores a need for new pipelines, the industry’s main advocacy group says. Continue Reading
In Calgary, March home sales volume tumbled 11% from the same period last year. The housing market in Calgary, capital of Canada’s struggling energy sector, has been hit so hard Continue Reading
New pipelines built in an environmentally sound way and with the blessing of Canada’s aboriginal communities are crucial to economic growth, the country’s resources minister says. Canadian Resources Minister Jim Continue Reading
TransCanada said Monday that… TransCanada Corp. said Monday that it had shut down its Keystone oil pipeline due to a possible leak in South Dakota. Workers found signs of oil Continue Reading
After almost two years of sinking oil prices and at least 40,000 job cuts, Canada’s petroleum industry still isn’t finished tackling its bloated operations. The next round of layoffs has Continue Reading
After almost two years of sinking oil prices and at least 40,000 job cuts, Canada’s petroleum industry still isn’t finished tackling its bloated operations. The next round of layoffs has Continue Reading
The provincial government of Alberta said it was freezing salaries for the next two years in an effort to address lingering economic pressures. The government said it was freezing salaries Continue Reading
Canadian companies Suncor and Canadian Oil Sands Ltd. announced their merger was completed under the terms of a hostile offer launched last year. Both companies announced the end of the Continue Reading
Northwest Canada’s remote Liard Basin is the world’s ninth largest shale gas resource, according to a new assessment released by Canadian regulators on Wednesday, although it may take years to Continue Reading
Canadian crude exports to the US Gulf Coast more than doubled in 2015 while non-US exports tumbled, according to the latest data from Canada’s National Energy Board. Bolstered by new Continue Reading
US gas drillers, battered by the lowest prices in 17 years, find another release valve for their output: Canada. (Bloomberg) — U.S. gas drillers battered by the lowest prices in Continue Reading
The Canadian unit of Exxon Mobil Corp. said Tuesday it has agreed to sell its remaining company-owned retail gas stations in Canada to five fuel distributors. Imperial Oil Ltd. said Continue Reading
A Canadian subsidiary of China National Offshore Oil Corp. said it was reducing its headcount as the industry works through a weakened oil economy. Subsidiary Nexen Energy said payrolls would Continue Reading
Canada Note: Other includes condensate, natural gas liquids, and refinery processing gain. Despite lower crude oil prices, EIA expects Canadian oil production to continue increasing through 2017. Canadian oil sands Continue Reading
Enbridge Inc. is looking for ways to reduce its dependence on oil-sands growth as a prolonged crude price collapse casts doubts over the future of projects in Western Canada. The Continue Reading
