Canada

Source: Reuters

Suncor, Fort McKay First Nation partner on prospective oil sands development on Canadian reservation land

World Oil


(WO) – Fort McKay First Nation and Suncor signed a Memorandum of Understanding (MOU) on a prospective oil sands lease development opportunity on Fort McKay reserve lands in the Regional Municipality of Wood Buffalo and respectively Fort McKay …

Source: Reuters

Alberta’s ban on renewables could hurt C$11 bln in investments, says study

Yahoo Finance


OTTAWA – Canadian province Alberta’s ban on some renewable projects could hurt C$11.1 billion ($8.24 billion) in investments and stall up to 6.3 gigawatts (GW) of solar and wind power capacity, a study said on Monday.

The new …

Source: Reuters

Suncor signs oilsands lease development MOU with Fort McKay First Nation

Yahoo Finance


CALGARY — Suncor Energy Inc. says it has signed a memorandum of understanding with the Fort McKay First Nation on a prospective oilsands lease development opportunity on reserve lands.

The Calgary-based oilsands company says it is progressing early-stage …

Pine Cliff Energy Ltd: President’s message to shareholders

Pine Cliff Energy Ltd: President’s message to shareholders

Oil and Gas 360


I hope everyone is doing well. Pine Cliff has been busy integrating our acquisition of Certus Oil and Gas, which closed on December 13th. We are pleased to report that the performance of these assets thus …

Source: Canadian Natural Resources

Canadian Natural Resources lifts dividend after posting record production

Oil Price


Canadian Natural Resources (NYSE: CNQ) is raising its quarterly dividend as it posted consensus-beating earnings for Q4, driven by record-high oil and natural gas production last year.

Canadian Natural Resources, the biggest oil and gas producer …

Source: Reuters

Canada’s oil and gas firms to boost upstream capex to $30 billion in 2024

Oil Price


Canada’s oil and natural gas sector is set to boost upstream capital expenditures to around US$30 billion (C$40.6 billion) in 2024, up slightly from an estimated actual investment of US$28.8 billion (C$39 billion) for 2023, the Canadian Association …

Source: Reuters


Trans Mountain expansion may not give long-term price relief to Canada’s booming oil output

BOE Report


Canadian oil producers expect the discount on their crude to shrink significantly when the Trans Mountain pipeline expansion (TMX) starts this year, but the relief may be short-lived as surging supply looks set to exceed the country’s pipeline …

Source: Oil Price

Canadian oil and gas companies relinquish all Pacific Coast permits

Oil Price


Canada is celebrating a milestone as oil and gas companies have now voluntarily relinquished the last remaining permits for oil and gas exploration and development off its Pacific Coast.

Canada has a federal moratorium on all offshore oil …

Source: Oil Price

Canada looks to capitalize as U.S. pauses LNG export licenses

Oil Price


The Biden administration’s decision to pause approvals of new licenses to export liquefied natural gas (LNG) is making major waves both at home and internationally. While there is much hand-wringing about the economic implications of the deal for …

Source: Reuters

Trans Mountain Pipeline hits yet another delay

Oil Price


The Trans Mountain expansion project may be in for yet another delay as the company in charge of it reported encountering “technical issues” during construction.

In a statement, the company said that the issues “will result in …

Source: Reuters

US pause on LNG exports raises pressure on Canada, BC to do same

Nasdaq


WINNIPEG, Manitoba – U.S. President Joe Biden’s decision to pause expansion of American liquefied natural gas (LNG) exports has raised pressure from environmental groups on the British Columbia and Canadian governments to do the same, although following suit may …

January 29, 2024 - 12:30 pm Canada, Canada News, Closing Bell Story‎, Crude Oil News, Energy News, LNG
Source: Reuters

Chevron to sell Duvernay shale assets following major Hess acquisition

World Oil


(Bloomberg) – Chevron Corp. has begun marketing its Duvernay shale holdings in Alberta as the oil giant divests assets following its agreement to buy Hess Corp.

Chevron plans to shed all of its 70% stake in the Western …

Source: Reuters

Trans Mountain Pipeline faces two-year delay without route change

Oil Price


The Canada Energy Regulator is hearing arguments on Friday from Trans Mountain Corporation on why it should allow a change in the route and diameter of a small section of the pipeline. The company has warned that without …

Source: Reuters

Trans Mountain oil pipeline request heads to Friday regulatory hearing

Nasdaq


WINNIPEG, Manitoba – The Canada Energy Regulator (CER) will conduct a hearing on Friday about Trans Mountain Corp’s TMC.UL request for a change in construction to complete expansion of its oil pipeline from Alberta to British Columbia, according to …

Source: Reuters

Canadian dealmaking seen rebounding in 2024, led by energy, mining

Nasdaq


TORONTO- Canadian energy, power and mining companies are expected to lead a rebound in dealmaking this year helped by lower interest rates, following a slump in overall mergers and acquisitions in 2023 to the lowest since the outbreak of …

Source: Reuters

Canadian oil producers may wait for elections before cutting emissions

Oil Price


Several small-sized Canadian oil and gas producers prefer to wait and see if Prime Minister Justin Trudeau and his Liberals will survive the 2025 election instead of investing a lot of money and cutting production now to start …

Pine Cliff Energy Ltd. announces closing of Certus acquisition

Pine Cliff Energy Ltd. announces closing of Certus acquisition

Oil and Gas 360


Calgary, Alberta–(Newsfile Corp. – December 13, 2023) – Pine Cliff Energy Ltd. (TSX: PNE) (OTCQX: PIFYF) (“Pine Cliff” or the “Company”) is pleased to announce that it has completed the …

Source: Oil Price

Canadian oil & gas lashes out over ‘de facto production cuts’

Oil Price


Canadian Prime Minister Justin Trudeau’s announcement on Thursday that the fossil fuel industry will have to slash emissions by 35% to 38% below 2019 levels beginning in 2030 has led to an industry backlash warning that this policy …

Baytex announces 2024 budget and five-year outlook with continued focus on free cash flow generation and shareholder returns

Baytex announces 2024 budget and five-year outlook with continued focus on free cash flow generation and shareholder returns

Oil and Gas 360


Calgary, Alberta–(Newsfile Corp. – December 6, 2023) – Baytex Energy Corp. (TSX: BTE) (NYSE: BTE) (“Baytex”) announces that its Board of Directors has approved a budget for 2024 exploration and development expenditures …

Source: Reuters

FOCUS-Canada oil firms face losses as booming supply runs into Trans Mountain delays

Nasdaq


Canadian oil producers are bracing for further potential delays to the Trans Mountain pipeline expansion (TMX) that could cost them millions of dollars in lost revenues in coming months after they ramped up production ready to fill the expanded …

Source: Oil Price

Oil revenues send Alberta’s budget surplus soaring

Oil Price


Revenues from the oil industry have pushed Alberta’s projected budget surplus for this year to twice as high as initially expected, at $4.1 billion, or C$5.5 billion. In addition to revenue from oil royalties, the budget surplus for …

Baytex Energy sells Canadian oil assets for $113 million

Baytex Energy sells Canadian oil assets for $113 million

World Oil


(WO) – Baytex Energy Corp. has entered into a definitive agreement to sell some of its Viking assets located at Forgan and Plato in southwest Saskatchewan, effective October 1, 2023, for $153.8 million. Production from the assets is …

Source: Reuters

Crescent Point expands Canadian shale presence with $1.5 billion Hammerhead acquisition

Yahoo Finance


Source: Reuters

bp’s quarterly results bring “quiet” Canadian interim CEO into spotlight after Looney’s suprise resignation

World Oil


(Bloomberg) – Less than two months since Bernard Looney’s shock resignation, BP Plc is going into its first set of quarterly results without a permanent chief executive officer. In his place will stand Murray Auchincloss, the 53-year …

Source: World Oil

New Canadian “hot spot” draws oil drillers seeking cheaper, lower-emissions crude

World Oil


(Bloomberg) – A hot spot for Canadian oil drillers is emerging in a tiny corner of eastern Alberta, drawing companies including Canadian Natural Resources Ltd. and Baytex Energy Corp. in search of cheaper, lower-emissions heavy crude.

Oil drillers …

Suncor’s still committed to energy transition… and so much more

Suncor’s still committed to energy transition… and so much more

BOE Report


Most of us heard last month that a federal committee had invited Suncor CEO Rich Kruger to speak after his August 15th statements that Suncor should return to its oil production roots and focus on “the fundamentals” of …

ANALYSIS-Canada may struggle to recoup $26 billion cost of Trans Mountain pipeline

ANALYSIS-Canada may struggle to recoup $26 billion cost of Trans Mountain pipeline

Nasdaq


Canada faces an uphill battle to recoup the roughly C$35 billion ($25.74 billion) in taxpayers’ money it has sunk into the Trans Mountain oil pipeline, as uncertainty over shipping tolls and a limited pool of buyers cloud the asset’s …

Source: Reuters

Suncor Energy boosts oil sands production with $1.5 billion TotalEnergies Canada acquisition

World Oil


(WO) – Suncor Energy has agreed to purchase TotalEnergies EP Canada Ltd., which holds a 31.23% working interest in the Fort Hills oil sands mining project (Fort Hills) for $1.468 billion. The acquisition adds 61,000 bpd of net …

Source: Reuters

Canadian regulator approves route change request for Trans Mountain pipeline

BOE Report


The Canada Energy Regulator (CER) approved a route change request for the Trans Mountain oil pipeline expansion on Monday, clearing a major hurdle and avoiding months of delay for the Canadian government-owned project.

Trans Mountain Corp (TMC), the …

Source: Reuters

Canada’s Trans Mountain pipe expansion to disrupt oil flow to US, boost prices

Nasdaq


CALGARY – Canada’s Trans Mountain oil pipeline expansion (TMX), which will nearly triple the flow of crude from Alberta to Canada’s Pacific Coast beginning early next year, will shake up North America’s supply by diverting barrels now mainly delivered …