Junior oil sands companies have been falling like dominoes lately, but that doesn’t mean the species is doomed, says the CEO of BlackPearl Resources Ltd., insisting his junior oilsands company will survive and thrive despite current low oil prices and unfavourable capital markets.
Korean-owned Harvest Operations Corp. has cut 105 jobs and will delay start-up of its 10,000-barrel-per-day BlackGold thermal oilsands project until benchmark New York oil prices improve to above $60 US per barrel.
Shell Canada told employees last week it will cut up to 10 per cent of 3,000 jobs at the Athabasca Oil Sands Project mining operations it manages north of Fort McMurray in an effort to improve efficiency.
Canada risks stranding its resource bounty unless it adds new pipeline capacity to the West Coast, eastern provinces and the U.S., says Natural Resources Minister Joe Oliver, who believes the issue will be one of the biggest items on his plate in 2013.
Growing North American light oil production is expected to cause crude from the Syncrude oilsands mine to fetch a discounted price, says Canadian Oil Sands Ltd., the largest partner in the massive development.
If Rick George was company builder at oilsands pioneer Suncor Energy Inc., Steve Williams has been the operator and is now executor of a growth plan put into place long before the official handing over of Suncor's reins Tuesday.
Production at Canada’s biggest oilsands projects, run by Suncor Energy Inc and Syncrude Canada Ltd, tumbled in March after unscheduled outages of major processing equipment, prompting investors to push the developers’ shares down.