Category: Canada

Nova Scotia issued calls for bids for frontier territory, noting energy companies may be taking the long view in a weak crude oil market. Map courtesy: Canada-Nova Scotia Offshore Petroleum Board HALIFAX, Nova Scotia, April 30 (UPI) — A petroleum board for the province of Nova Scotia aims to bring explorers to frontier territory, touting geological prospects over short-term economics. The Canada-Nova Scotia Offshore Petroleum Board issued a call for bids for nine frontier prospects as part of an annual bidding round that’s just five years old. Nova Scotia’s government estimates there may be as much as 120 trillion cubic feet of natural gas and 8 billion barrels of oil offshore. At least two of the nine parcels up for grabs have proven oil and gas potential, though neither has yet been considered viable for commercial development. The call for bids comes as energy companies are spending less on […]

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Canada’s crude oil exports set a monthly record with an average of 3.11 million b/d in January, the country’s National Energy Board reported. The total was 12.8% higher than a year earlier and 80% higher than January 2010. Volumes exported to the Gulf Coast “increased significantly” in 2014, in part due to commissioning of several pipeline projects. NEB said the Gulf Coast holds significant long-term potential as a market for western Canadian crude oil, particularly heavy grades. Conventional oil production has seen “moderate growth” in recent years, but is expected to decline this year due to lower oil prices, NEB said. Increased demand for domestic crude in Canadian refineries since 2011 indicates that oil sands production is driving crude oil export increases ( OGJ Online, Mar. 31, 2015 ). Related Articles

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WASHINGTON— TransCanada Corp., the Canadian energy giant behind the Keystone XL pipeline, is asking the U.S. government to permit a new and different pipeline project. The Calgary, Alberta–based company filed an application with the State Department on Wednesday to receive a presidential permit that will let it construct a 200-mile pipeline across the U.S.-Canadian border, according to a company spokesman. The proposed $600-million Upland Pipeline Project, first reported by The Wall Street Journal in February , aims to transport up to 300,000 barrels a day of North Dakota crude to a connection in Saskatchewan. From there, approximately 70,000 barrels of that oil is expected to flow on TransCanada’s planned Energy East pipeline, which aims to ship up to 1.1 million barrels of oil a day nearly 3,000 miles across Canada to refineries and ports along the country’s East Coast. The rest of the capacity would feed other pipelines, although […]

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ENLARGE The Tl’azt’en First Nation, whose Tache Reserve is on Stuart Lake in British Columbia, is fighting Enbridge’s plan to build the Northern Gateway oil pipeline alongside their territory. Photo: ALISTAIR MACDONALD/THE WALL STREET JOURNAL TACHE RESERVE, British Columbia—A proposed 730-mile pipeline to ship Canadian oil to a West Coast port brings with it the promise of 4,000 or more jobs along a route that would run through impoverished indigenous communities. But Chief Justa Monk, who runs a reserve with an unemployment rate that hits 70%, wants none of them—and pledges to block the pipeline alongside the reserve’s territory. It is another hurdle in Canada’s quest to become an energy superpower, even as political struggles in Washington continue to delay a different, better-known Canadian pipeline — TransCanada Corp.’s Keystone XL, which would carry Canadian oil south across the U.S. to the Gulf Coast. Chief Monk’s Tl’azt’en Nation, which claims […]

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ENLARGE Brian Porter, chief executive officer of Bank of Nova Scotia, speaks during an interview in New York. Photo: Jin Lee/Bloomberg News OTTAWA—Canada’s ability to realize its potential as an “energy superpower” is at risk because of infrastructure gaps preventing oil and gas companies from properly accessing global markets, says a top executive at Bank of Nova Scotia . Scotiabank Chief Executive Brian Porter, in remarks prepared for the bank’s annual meeting in Ottawa, cautioned that stalled energy-infrastructure projects, such as pipelines, coupled with Canada’s overreliance on the United States as an export market, will have significant consequences for the country’s economy. Toronto-based Scotiabank is Canada’s third-largest bank by assets and is a lender to the energy industry. Even so, it is rare for a Canadian bank CEO to take such a strong stance on a public policy issue viewed as controversial by some. His remarks come as swooning […]

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Dow Jones Newswires By David George-Cosh TORONTO–The Canadian dollar fell for the second-straight day Wednesday after a sudden drop in the price of crude oil and a positive view on U.S. economic conditions from Federal Reserve officials made the U.S. dollar more attractive than its major currency peers. The U.S. dollar was most recently at C$1.2544, from C$1.2505 late Tuesday, according to data provider CQG. The release of the Federal Reserve’s March policy-making meeting minutes showed officials had an optimistic view on U.S. labor conditions, which will could warrant a policy rate increase as early as June. While the Fed minutes provided the U.S. dollar with some steam, the Canadian dollar was also hit by further weakness in crude oil prices. Oil fell 6.0%, to $50.70 a barrel on the New York Mercantile Exchange Wednesday, the biggest drop in two months, after U.S. crude-oil stockpiles increased to its highest […]

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