Oil Sands ///

Keystone pipeline springs leak as extension decision nears

Days before Nebraska regulators are set to rule on TransCanada Corp.’s XL extension to its Keystone pipeline, the existing conduit has sprung a major leak.

TransCanada's hurry up-and-wait Keystone XL status outweighs result

The company is awaiting a key approval from regulators in Nebraska on whether the long-delayed Keystone XL oil pipeline can proceed. That would be one of the last dominos to fall in an almost decade-long push to build a pipeline to bring more crude from Canada’s oil sands to U.S. Gulf Coast refineries. In the meantime, the company posted third-quarter results that met analysts’ estimates, and said it placed two smaller conduits into service.

Oil-sands buyout spree paying off as acquisitions boost output

The acquisition spree that returned much of Alberta’s oil sands to Canadian hands is so far working out as the buyers projected, with results at Canadian Natural Resources Ltd. and Cenovus Energy Inc. beating expectations on the back of higher output and lower costs.

Keystone champion named CEO at oil-sands giant Cenovus

Alex Pourbaix, a driving force behind TransCanada Corp.’s Keystone XL pipeline, has been named CEO at Cenovus Energy Inc., taking the reins as the company seeks to rebuild investor confidence following its $13.3-billion oil-sands buy earlier this year.

ESAI Energy foresees the end of oil sands mega projects

ESAI Energy forecasts growth from the Canadian oil sands will be a substantial 250,000 bpd in 2018, but as producers face challenges associated with relatively high costs in a recovering oil price environment, oil sands projects in the next few years will be leaner and smaller.

Cenovus closes in on paying off Conoco deal with asset sale

Cenovus Energy Inc. agreed to sell its Palliser crude field to Schlumberger Ltd. and Torxen Energy for C$1.3 billion ($1.04 billion), advancing efforts to pay down debt from its oil-sands mega deal earlier this year.

Canadian oil's high-priced run set to end as supply surges

Canadian oil-sands producers enjoying the strongest market for heavy crude since 2008 will soon face a renewed glut.

Cheap option to the oil sands emerges as hot play in Canada

Just 125 mi southwest of the Fort McMurray oil-sands hub in northern Alberta, investors are rushing to secure rights to land that produces crude at much lower costs than the massive operations the region’s known for. That’s because beneath the area’s characteristic oil-rich soil, which requires expensive extraction and refining techniques, there’s crude trapped between layers of rock that can be pumped with conventional gear.

Shale drillers, oil sands producers need crude above $50/bbl for boom to last

Shale drillers and oil sands producers have posted some healthy profits so far this year, but it’ll take oil consistently above $50/bbl for their investments to pay off in the long run.

Cenovus sells to Lundin empire to help pay off ConocoPhillips deal

Cenovus Energy Inc. is selling oil and gas assets in Southern Alberta to the Swedish-Canadian Lundin family’s commodities empire, the latest effort to pay the tab on its takeover of ConocoPhillips’ oil-sands operations.

Canada continues its fight for recovery during arduous times

Robert Curran, Contributing Editor

Amid increasing political uncertainty and a stagnant unemployment rate, Canadian operators are still fighting to regain E&P stability and drive pipeline projects forward.

Oil sands seen helping shale counter OPEC efforts to rebalance market

OPEC producers are finding that shale oil drillers aren’t their only adversaries in their battle to drain a three-year crude glut.

Rebirth of Canadian oil sands from fire stymied by slump

In the heart of Canada’s biggest oil province, life is slowly returning to normal in Fort McMurray, Alberta. After a fire last year destroyed entire neighborhoods in the town and halted about 1 MMbbl of daily production, green leaves are beginning to bud on charred trees and new construction is replacing homes that were burned to the ground.

Study shows Quebec’s economy benefits from Canadian oil sands

Economic analysis shows that Canada’s oil sands generate significant economic benefits for Quebecers, including 16,200 jobs, $1.25 billion in GDP and $215 million in government revenues, according to an independent study prepared by AppEco.

Growth in Canadian oil sands projects drives need for more pipelines to 2030: CAPP

Canada will need more pipelines built through to 2030 to transport an additional 1.3 MMbpd of oil sands production to markets across North America and around the world, the Canadian Association of Petroleum Producers (CAPP) announced today in its 2017 Crude Oil Forecast, Markets and Transportation report.

Shell completes divestment of oil sands interests in Canada

Royal Dutch Shell plc has announced the completion of two previously announced agreements by Shell Canada Energy, Shell Canada Limited and Shell Canada Resources that will see Shell sell all its in-situ and undeveloped oil sands interests in Canada and reduce its share in the Athabasca Oil Sands Project (AOSP) from 60% to 1

Kinder Morgan commits to pipe linking Canadian crude to Asian markets

Kinder Morgan Inc. has committed to expanding a pipeline that will allow Canadian crude to be exported to Asia, a controversial C$7.4 billion ($5.5 billion) project that’s set to face revitalized opposition amid political upheaval in the nation’s Pacific Coast province.

Cenovus acquires assets from ConocoPhillips in western Canada

Cenovus Energy Inc. has closed its previously announced purchase of assets in western Canada from ConocoPhillips after receiving all necessary regulatory approvals for the transaction.

PSAC raises Canadian drilling forecast by more than 2,500 wells for 2017

The Petroleum Services Association of Canada (PSAC), in its second update to the 2017 Canadian Drilling Activity Forecast, announced its revision of the forecasted number of wells drilled (rig released) across Canada for 2017 to 6,680 wells.

Alberta's McCuaig-Boyd sees glass half-full in oil-sands deals

The $20 billion of oil-sands assets that Canadian producers bought from foreign companies in a recent spate of deals shows they’re doubling down on their operations and the region’s resources, Alberta Energy Minister Marg McCuaig-Boyd said.