From Reuters The amount of oil in storage in Alberta rose in February, monthly data shows, despite moves by the government of Canada’s largest crude-producing province to reduce inventories by imposing curtailments on production. The reason is a sharp decline in crude by rail shipments, analysts say. A significantly narrower discount on Canadian crude compared with U.S. barrels as a
From Bloomberg Drillers are moving ahead in a corner of Canada’s oil sands that saw a flurry of land grabs in recent years, unfazed by a glut of crude that depressed prices last year and the mandatory production cuts that followed. Cenovus Energy Inc. received regulatory approval in January to drill new wells in 35 sections of the Marten Hills region
From Bloomberg When prices for Canada’s heavy crude collapsed late last year, Alberta did something quite out of character. The traditionally conservative, free-market-loving province took a page out of OPEC’s handbook and ordered its largest oil producers to throttle back output by about 325,000 barrels a day, the equivalent of almost 9 percent of daily production. The move was an
From Reuters Alberta Premier Rachel Notley warned Canadian senators on Thursday that a slump in the country’s energy sector could deepen if the federal government passes proposed legislation to change how major projects like pipelines are assessed. Notley appeared before a Senate committee considering Bill C-69, aimed at revamping Canada’s major project environmental assessment process. Proponents say the bill will
Pembina Pipeline Corporation Announces Positive Final Investment Decision on an Integrated Petrochemical Facility
From Bloomberg Alberta is working to encourage construction of a C$2 billion ($1.5 billion) partial-upgrading facility that would turn more of the province’s sludgy bitumen into higher-value products. The facility, designed by Calgary-based Value Creation Inc., would be located near Edmonton and process 77,500 barrels of diluted bitumen a day into products like medium synthetic crude and ultra-low sulfur diesel. The
February cuts will be at same level as January Alberta is holding course on its production cut plan even though the program has already achieved one of its primary goals, based on a release today. The province’s production cut plan requires all major oil companies to cut output, starting January. The cuts are intended to fade away over time, with
From Bloomberg What’s worse: Too much oil, or too much gasoline? The government of Alberta, weighing the potential of a new refinery for the province, may be on its way to finding out. In 2018, surging crude production in the Canadian province ran into limited space on export pipelines, creating bottlenecks and sending the price of local oil to record
Calgary-Based Blackbird Energy Inc. (stock ticker: BBI) announced record financial and operational results for the quarter ended October 31, 2018. Highlights from the Q1 2019 Results: Petroleum and Natural Gas Sales $7.4 million ($46.31/boe) of petroleum and natural gas sales during the three months ended October 31, 2018. Represents a 186% increase from the comparative three months ended October
Alberta-based Blackbird Energy Inc. (stock ticker TSX-V: BBI) shareholders have approved the strategic combination of Blackbird and Pipestone Oil Corp. by a majority of over 99% of votes cast. Blackbird is focused on the condensate and liquids-rich Montney fairway at Pipestone/Elmworth, near Grande Prairie, Alberta. At a special meeting, its shareholders also approved the continuance of Blackbird from British Columbia
From Financial Post Pembina is looking to reduce its wholly owned Jordan Cove LNG project to between 40% and 60% CALGARY — Pembina Pipeline Corp. officially delayed an investment decision on a $3.5-billion petrochemical facility in Alberta on Monday, but analysts say they’d be shocked if the company didn’t eventually build the project. The Calgary-based pipeline company announced a $1.6-billion
From Bloomberg Alberta’s plan to boost crude prices through mandatory production cuts is working a little too well. Just over a week after Premier Rachel Notley announced that oil producers will be required to curtail output by 8.7 percent, the price of heavy Canadian crude has more than doubled, in some cases rendering Western Canadian Select too expensive to ship
