Canada’s oil sands producers are stuck in a rut.
Fort McMurray Mining News
The sale of the Suffield assets to to International Petroleum Corporation is expected to close before the end of the year.
A report by the Centre for International Governance Innovation argues the global push to reduce carbon emissions over the next three decades will reduce the size of future oil markets.
Another $30 million will go to help fund 12 projects that tackle methane emissions in the province.
News come as the Calgary-based firm is trying to win over investors upset by its $17.7-billion acquisition of oil sands and natural gas assets from ConocoPhillips Co.
Canada will need more pipelines built through to 2030 to transport an additional 1.3 million barrels per day of oil sands production to markets across North America and around the world, according to the Canadian Association of Petroleum Producers.
Transaction could become one of the country’s one of the biggest-ever equity sales.
The Lewis project would be located about 25 km northeast of Fort McMurray and could eventually produce up to 160,000 barrels a day.
Pipeline shipments would restart at approximately 50% of capacity in early May.
Suncor Energy, the largest partner in Syncrude, said it expects to meet its 2017 production targets despite a fire that shut down the Mildred Lake upgrader almost two weeks ago.
Once the deals close, there will be only three major companies — CNRL, Suncor and ExxonMobil majority-owned Imperial Oil Ltd. — dominating Canada's oil sands industry.
The adoption of a“partial upgrading” technology could bring in hundreds of millions of dollars into Alberta's economy, a new study claims.
Construction of the 50,000-barrel-a-day expansion will begin in the first half of 2017, the company said.
Canada’s largest oil and gas company expects production to rise by more than 13% next year and spending to fall by more than $1 billion.
Move will push up costs by Cdn$250 million ($187M).
If passed and enacted, the ruling will forbid oil sands producers from collectively emitting more than 100 megatonnes of greenhouse gases a year.
Director Fisher Stevens recently said he was "really horrified" by how the landscape looked in north-eastern Alberta.
The Conference Board of Canada also expects the oil industry’s losing streak to last three years, from the last quarter of 2014 through to the second quarter of 2017.
The proposed operations, worth about $3 billion in potential investments, could add up to 95,000 barrels of oil per day to current output.
The country’s economy shrank 1.6% in the April-to-June period, the largest quarterly decline in seven years.
Imperial, Canada’s No.2 integrated oil producer and refiner, posted a surprise $181-million loss in its second quarter.
The 42%-growth to 3.4 million barrels per day by 2025 will come from the expansion of existing facilities rather than new projects, IHS says.
The company aims to replant forests along old access roads and seismic lines in an area covering 3,900 square kilometres — more than 10 times what it accomplished through its early-stage work.
About 118 staff members have been moved to nearby Wabasca by bus and helicopter as a precaution.
Situation has forced some companies to abandon plans laid last week to restart production.