A new rule taking effect in 2020 aimed at reducing pollution by cutting the sulfur content of maritime fuel will make sulfur-heavy oil sands crude less desirable.
Cenovus Energy Mining News
Its acquisition of oil sands assets last year from ConocoPhillips has propelled the company into the highest ranks of Canadian oil production.
Oil and gas producer Cenovus Energy Inc expects Canada’s railways to be able to carry more oil in the second half of this year.
Company lost $69 million in its latest quarter as it more than doubled its production compared with a year ago.
Pourbaix replaces Brian Ferguson, who announced his retirement earlier this year following Cenovus’ $17.7 billion acquisition of oil sands and natural gas assets from ConocoPhillips.
A hard cap on oilsands emissions was the product of secret negotiations between four top oilsands companies and four environmental organizations.
And oil prices keep falling — they have kicked off the week in the red, with U.S. prices trading below $48 a barrel.
As of Wednesday night, there were 63 fires burning in the area and 13 were considered to be out of control.
Current operational costs for producers have reached $37 to $40 per barrel. Benchmark U.S. crude, meanwhile, is trading at around $50 a barrel.
Company generates nearly $1 billion in cash flow.
Canexus will start with 50,000 barrels per day, then 100,000 next year.