Oil & Gas
Husky shareholders back friendly takeover
Cenovus deal worth $3.8 billion in shares
Canadian Natural to boost oil, gas output 5% on higher $3.2B budget
Increased drilling program a result of no curtailment and a current improved outlook for commodity prices in 2021.
Future value of Trans Mountain rests on Liberals’ climate plans: PBO
Paying for the pipeline’s expansion is estimated to cost $12.6 billion.
How to cut global emissions, boost the economy
Exporting LNG to displace coal is a powerful way to lead in helping to reduce global emissions.
Baytex Energy sets lower capital budget for 2021
Spending of between $225 million and $275 million next year.
Imperial Oil to lay off 200 workers following cost cutting analysis
Also reduced the number of contractors it employs by about 450 since the start of the year.
May be no need for Trans Mountain expansion: Canada Energy Regulator
Under an evolving scenario, Line 3 alone is enough added capacity to handle an 15% increase before peaking in 2039.
Imperial Oil to end Syncrude services contract as Suncor takes over
Switching operatorship a sign the oil sands mining industry has evolved from a high-cost and risky, to more proven and predictable.
Fossil fuels declining, but still big in Canada’s energy use by 2050: report
Even with many more policies to curb emissions, oil and gas would still make up nearly two-thirds of energy sources.
Suncor agrees to begin operating Syncrude by end of next year
Agreement required from Imperial Oil Resources, CNOOC Oil Sands Canada and Sinopec Oil Sands Partnership.
Public could be on the hook for costs of decommissioning NL offshore
…but how much of it will be borne by taxpayers is not public information.
Drilling forecast calls for 14% rebound in 2021 from depths of 2020
The Canadian Association of Oilwell Drilling Contractors expects 3,771 wells to be drilled next year.
Natural Law Energy inks deal with TC Energy to invest in Keystone XL
Indigenous group represents four First Nations in Alberta and one in Saskatchewan.
Methane emissions from oilpatch twice as high as thought: survey
Could complicate regulatory attempts to nearly halve releases over the next five years.
Biden win bad news for Keystone XL, but new relationship with Canada
Better aligned with Canada’s federal stance on climate change, could make Canadian companies more competitive with their US peers.
Tourmaline Oil buys two privately held oil and gas firms for $526M
Expects its production at the end of 2020 to be about 400,000 boe/d with the successful completion of the two acquisitions.
Husky Energy reports $7B loss in Q3, hit by impairment charges
Related to lower long-term commodity price assumptions and reduced capital investment.
Inquiry into Alberta oil and gas critics extended to Jan. 31
Looking at foreign interests bankrolling campaigns against fossil fuel development.
Cenovus targets up to 25% workforce reductions with Husky takeover
8,600 employees and contractors currently working at the two companies.
Suncor relocating its PetroCanada HQ to Calgary from Ontario
Shift to remain competitive by integrating the downstream business with the rest of the company.
Inquiry into oil and gas foes to deliver report next year: Kenney
Government contends foreign interests have been working to undermine the industry for years.
Biden calls for ‘transition’ from oil, GOP sees opening
Campaign’s climate plan calls for the US to have net-zero greenhouse gas emissions by 2050.
Colorado group appeals to Canadians over CPP-owned energy firm
Boulder residents ask fro an end to investments in Crestone Peak Resources, accused of polluting their air and water.
Oil output still down after restoring some COVID cutbacks: CER
Supply slipped by as much as 972,000 barrels per day by mid-May, about 700,000 bpd brought back online by early October.
Alberta cuts deal on municipal oilpatch levies; not unpaid property taxes
Industry will get a three-year break on property taxes for new wells, pipelines and new equipment.
Oil price stall, global uncertainty prompt caution from energy companies
Analyst says drawdowns are constructive, but the market remains reliant on drastic production cuts from OPEC+ to restore balance.
Suncor Energy will cut 10% to 15% of its workforce over next 18 months
Cuts are to be made across the entire organization; will also affect Suncor’s contracted workers.
TC Energy makes $2B offer to take over US pipeline partnership
Buyout of the partnership it doesn’t already own will require the pipeline company to issue as many as 35.2 million shares.
Shell plan to cut up to 9,000 jobs could result in 100s in Canada
Between 294 and 378 fewer jobs is the energy company’s cuts are proportionate.
Ottawa pitches in $320M to help NL offshore oil sector
The province is creating an oil and gas sector recovery task force.
Initiative aims to bring more women into chemical, oil and gas sector
Quebec’s chemical, petrochemical, refining and gas industry adopts tools to favour recruiting and integration.
BC disburses first half of federal funds to reclaim dormant oil and gas wells
There are about 7,000 dormant wells in B.C. and 770 orphan wells