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.
Fort McMurray Mining News
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.
Forest fires in Northern Alberta have forced additional evacuations at several major operations.
Companies and authorities now discussing plans to resume production.
The worst wildfire in Alberta history is boosting Canadian crude prices as oil companies evacuate workers and shut in as much as 1 million barrels a day of output.
The fire is the latest blow to a community already hit by slumping oil prices that have forced producers to halt projects and lay off hundreds.
The blazes are not located near any major oil sands operations.
After report concluded the program was a “failed experiment.”
The Canadian oil giant lowered capital spending plan to between $6bn and $6.5bn from a November estimate of $6.7bn to $7.3bn.
After months of hostile rhetoric, the two Calgary-based companies have reached a takeover agreement.
The company is asking Suncor to disclose details of how shareholders reacted to its bid before last week’s deadline had to be extended until Jan. 27.
The takeover bid expires on Friday.