Secretary of State Hillary Clinton and her Canadian counterpart John Baird held their first bilateral meeting in Washington.
Oil Sands Mining News
Strong deep basin activity drove a hike in second quarter production for Paramount Resources Ltd., which reported Wednesday that average sales volumes increased 30 per cent in the period. The Calgary-based intermediate producer’s acquisition of ProspEx Resources Ltd. on May 31, along with new wells, meant a growth of 56 per cent in its sales volumes for the Kaybob division of the company.
The Globe & Mail reports Canaccord Financial's purchase of a stake in Asian brokerage firm BGF Equities gives it something it needs to ensure a chance at a role on one of the big transactions of later this year – a license to deal in Hong Kong. The license could come just in time. One of the biggest transactions on the horizon is the planned Hong Kong Stock Exchange initial public offering of Sunshine Oil Sands, which could reach $1 billion.
International Law Office writes the oil sands developed slowly for many decades, outside of public scrutiny; however, international attention is now focused not only on their great promise, but also on their challenges.
John Broadhurst sizes up the sludge flowing out of a pipe into one of Suncor Energy Inc.’s tailings ponds and nods in approval.
Apparently the big news out of Suncor Energy Inc.’s Thursday conference call, where it announced its second quarter results, is that it is taking a $514 million writedown on its Libyan oil assets.
Madagascar has given French oil major Total a one-year extension of an exploration licence for the Bemolanga block shared with Madagascar Oil and expanded it to include conventional oil, a senior official told Reuters on Thursday. Madagascar Oil and Total announced earlier this month that it is scuttling plans to develop a 1.2bn barrel oil sand deposit on the island after three years of extensive work. The Bemolanga bitumen deposit was first drilled in the late 1800s and would have cost upwards of $8bn to bring into operation.
Diversified miner Teck Resources doubled its quarterly profit on higher copper and coal prices, the company announced on Thursday. Teck said it brought in $756 million in profits in the second quarter of 2011, a 90 percent increase from the same period in 2010, or $1.12 a share compared to 59 cents per share in Q2 2010. President and CEO Don Lindsay attributed the doubling of profits to higher prices for coal and copper — the company's chief commodities — along with a US$2 billion rights offering in July that cashed up the company to the tune of $3.4 billion. Photo of Teck's Elkview operation in southeastern British Columbia, by Teck Resources Limited.
Reuters reports high crude prices have dented global oil demand in the second quarter according to oil majors BP, Shell and ConocoPhillips, in a trend likely to be repeated in the second half of the year if prices stay high. Brent oil prices spiked to $127 a barrel in April, close to the all-time high of $147. However, the price oil sands exporters receive weakened further against the global benchmark on Thursday with West Texas Intermediate fetching $97 as the first of 60 million barrels from the Strategic Petroleum Reserve reach markets.
Swan Hills Synfuels secures $285 million grant from Province of Alberta to build carbon capture and storage project
The Province of Alberta and Swan Hills Synfuels are advancing a clean gas for clean power project that will dramatically reduce emissions by capturing and sequestering over 1.3 million tonnes per year of CO2. The province has executed a letter of intent with Swan Hills Synfuels to provide a $285 million grant in support of this carbon capture and storage project.
We’re setting up to capitalize on reversal of the recent trends, i.e. energies, metals and indices just to name a few. Crude oil as of this post will close down just over $2/barrel below the trend line that has held since the June lows.
Premium pricing for its upgraded oilsands crude boosted second-quarter net income for Canadian Oil Sands Ltd. in spite of lower production, it reported Tuesday.
Canadian Oil Sands Corp., which holds the largest stake in the massive Syncrude oilsands mine north of Fort McMurray, Alta., said Tuesday its second-quarter profits rose on the back of strong oil prices. Net income for the three months ended June 30 was $346 million, or 71 cents per share _ missing the average analyst estimate of 73 cents per share, according to Thomson Reuters.
Reuters reports US lawmakers approved legislation late on Tuesday setting a November 1 deadline for the Obama administration to decide the fate of a proposed $7 billion pipeline to transport Canadian oil sands crude to refineries on the Gulf coast and ease the glut in the Midwest hub. The price oil sands producers can charge for exports to the US is falling further behind the international benchmark because of the lack of pipelines and hedge funds have started to bet that the spread could go as high as $50/barrel leaving Alberta producers $75 million out of pocket per day.
Although there have been numerous economic reports to derail oil (NYSE:USO), the black gold continues to hold firm. Last week, investors were reminded that the employment picture remains weak, as initial claims came in at 418k.
Cenovus generated cash flow of $939 million or $1.24 per share diluted in the second quarter of 2011. Refining operating cash flow was $322 million during the quarter mainly due to improved refined product prices and higher throughput.
At the once-feared commodity trading arms of Goldman Sachs and Morgan Stanley, the pressure to do better in the second half of this year has never been more intense.
BHP Billiton has received approval from the US competition regulator for its $US15.1 billion ($A14 billion) takeover of shale gas company Petrohawk Energy.
As the State Department weighs approving an oil pipeline stretching from Canada to Texas, experts are divided on whether the Keystone XL project would worsen global warming.
Averaging $96 so far this summer, crude oil certainly doesn’t feel cheap. Nevertheless, its technicals are looking increasingly bullish. After recently bouncing out of a major correction, oil appears to be embarking on a new […]
A proposed oil pipeline running from Alberta to the B.C. coast gets a critical look by National Geographic, a media company that has a potential reach of 280-million people each month. The article, Pipeline Through Paradise, looks at the coastline and the potential for mis-haps. The Enbridge Northern Gateway Pipelines Project is a proposed $5.5-billion pipeline running 657 kilometres from Bruderheim, Alberta to Kitimat, located on the central coast of British Columbia. The oil would then be sent overseas on tanker traffic.
Oil sands are also commonly referred to as tar sands. According to The Tyee [www.thetyee.ca] the term tar sands was more widely used than oil sands to describe Alberta's bitumen fields until the 1960s, when the provincial government made it a formal policy to call it oil sands.
Oil Technical Analysis for the Week of July 25, 2011 Light Sweet Crude The week has been bullish for this contract, but we still see the $100 area act as a massive barrier. However, on the daily charts it is clear that every dip becomes more and
Iran's Opec governor Mohammad Ali Khatibi says country is the second-largest oil producer in Opec (File Photo) Iran retains its position as the second-largest producer in Opec despite the group's report that Nigeria has now obtained the rank, one of the
The U.S. State Department said Friday it expects to issue a final environmental assessment next month on TransCanada Corp's (TRP.TO) proposed $7 billion pipeline that would deliver crude from Canada's oil sands to refineries to Texas. The pipeline has been opposed by many lawmakers and environmentalists for greenhouse gas emissions associated with oil sands production and because the line would run across one of the world's largest aquifers.