Post Tagged with: "CAPP"

Canadian Senate Committee Nixes Oil Tanker Moratorium Act that would Prevent Energy Exports from B.C.

Canadian Senate Committee Nixes Oil Tanker Moratorium Act that would Prevent Energy Exports from B.C.

The Senate Standing Committee on Transportation last night voted to defeat Bill C-48, the Oil Tanker Moratorium Act. “Bill C-48 would do virtually nothing to address legitimate marine safety concerns of local communities regarding thousands of cruise ships, fueling and other types of vessels that traverse Northern British Columbia waters on an annual basis; it contains no measure to improve emergency marine response capacity,” the Canadian Association of Petroleum Producers said in a news release. “Bill C-48 cannot, under international law, ban any vessel from passage in Canadian waters. This almost exclusively targets Canada’s energy sector and would block the possibility of export of Canadian petroleum products to international markets,” CAPP said. “Lack of market access currently costs Canadian producers between $10.8 billion and $15.6 billion annually,” CAPP said. CAPP President and CEO Tim MCMillan said, “The Government of Canada asked the Senate to review the proposed tanker moratorium and make recommendations[Read More…]

Canada Missed Out on Three ‘Nation-Building’ Energy Projects in 2017

Canada Missed Out on Three ‘Nation-Building’ Energy Projects in 2017

Three major energy infrastructure projects have been cancelled in Canada in recent months. These were pipelines and related export facilities that would have taken Canada’s oil and natural gas into new markets and allowed Canadian producers additional revenue opportunities and a chance to grow their own production. The projects would have cemented Canada’s long-term energy viability, by transporting energy both for its internal use and for export. Most recently, TransCanada Corporation announced it will no longer be proceeding with its proposed Energy East Pipeline and Eastern Mainline projects. Tim McMillan, president and CEO of the Canadian Association of Petroleum Producers (CAPP) discusses the decision by TransCanada to cancel Energy East and that decision’s impact on Canada. “Canada only gets so many opportunities to build these nation-building projects and this one is now done,” McMillan said in a recent interview. “Today, Eastern Canada is importing about 70 per cent of their oil …[Read More…]

Canadian Oil and Gas Spending Expected to Drop 62% by the End of 2016

Canadian Oil and Gas Spending Expected to Drop 62% by the End of 2016

Canadian Association of Petroleum Producers forecasts a $50 billion drop in spending The dramatic fall in oil prices has been felt around the world, particularly in major oil producing countries like Canada, where the benchmark WCS crude oil sells at a significant discount to global benchmark Brent crude. Because producing from Canadian assets has become increasingly uneconomical, operators are cutting capital spending in the country by more than 50% in 2016 when compared to 2014 levels, according to a forecast from the Canadian Association of Petroleum Producers. CAPP expects Canadian oil and gas spending to amount to $31 billion in 2016, down 62% from the $81 billion spent in the sector in 2014. It is the largest two-year drop since CAPP began tracking the data in 1947. The sharp decline in spending as well as a 3,500 decline in wells forecasted for the year, has CAPP ringing alarm bells and[Read More…]

Source: Energybc.ca

CAPP Annual Forecast: Canadian Production to Grow by 43% by 2030

Oil sands remain the primary driver of Canadian production The Canadian Association of Petroleum Producers (CAPP) released its annual Crude Oil Forecast, Markets and Transportation report for 2015, projecting Canadian crude oil production to grow 43% to 5.3 MMBOPD by 2030. CAPP expects most of this increased production to come from the Canadian oil sands. According to the 2015 report, Canadian oil sands production will grow to 4 MMBOPD by 2030, representing 75% of Canadian crude output. Conventional crude production in Western Canada, including condensate, will reach 1.3 MMBOPD, while offshore production in Eastern Canada will for 91 MBOPD. In light of the increased production, CAPP’s 2015 report put special emphasis on building the means to transport Canadian crude oil to markets around the world. “We have the energy the world needs – our challenge is getting it there,” said Greg Stringham, CAPP’s vice president, oil sands and markets. “Connecting[Read More…]

June 12, 2015 - 4:39 pm Canada, Oil and Gas 360 Articles, Oil Sands, Popular