WorldOil Canada’s oil majors feel the pain as energy stocks take a beating “The recent near-death experience for some heavy oil producers is a good reminder that investors should focus on companies with strong balance sheets, ample liquidity, robust cost structures, and low sustaining capital requirements,” BMO Capital Markets analyst Randy Ollenberger said in a report. Canadian crude prices rise following diluent pipeline shutdown Heavy Canadian crude rose after a spill led to the shutdown of a pipeline that supplies diluent to two major oil-sands sites in Alberta. Siemens Energy and Kineticor advance Canada’s decarbonization efforts Siemens Energy has been selected to provide its highly efficient gas turbine technology and long-term services to the planned 900 MW Cascade Power Plant in Alberta, Canada. The project supports the decarbonization of Alberta's power supply by switching from coal to natural gas. Alberta’s oil-based wealth fund misses a $433 billion opportunity In 1976, Alberta’s government established a special fund to save some of its oil and gas revenue for leaner times when prices dropped or resources ran dry. For decades, royalties poured into Alberta’s coffers, with the gusher accelerating in the boom of the early 2000s as the province developed its vast oil-sands reserves, the world’s third-largest oil resource. But successive governments failed to stick to the savings plan. O’Regan says Canada working with U.S. to advance pipeline plans Canada’s Natural Resources Minister Seamus O’Regan said he’s in talks with the U.S. Secretary of Energy Dan Brouillette about finding a path to move ahead with oil pipeline projects, the Globe and Mail reported. Canada restarts 200,000+ barrels of shut-in oil sands production At least 20% of shut-in Canadian production is being restored, just months after the price crash forced producers in Alberta’s oil sands to slash up to 1 million barrels a day of output. U.S. pipeline challenges “pretty disturbing” for oil producers in Canada Crude from Canada's oil sands is almost entirely shipped through U.S. pipelines to refineries in the Midwest and Gulf Coast. The lack of enough shipping capacity has been the dominant problem facing the industry for the past several years. ConocoPhillips to restore curtailed production as oil prices rise The company will bring back output in Alaska and other states next month, with Canadian production coming back in the third quarter. “Given ongoing variability and uncertainty in the outlook for production curtailments, the company will continue to suspend forward-looking guidance and sensitivities,” Conoco said in a statement Tuesday. Kenney pushes to diversify Alberta’s oil-dependent economy Alberta Premier Jason Kenney is using the Covid-19 pandemic to accelerate efforts to diversify his oil-dependent economy, a change of emphasis for a leader who once pledged to return the Canadian province to fiscal discipline. Canada’s oil transport shortage solved by new pipelines, reduced demand The pandemic-induced oil crash prompted Canadian companies to cut about 1 million barrels of daily crude output, freeing up space on the country’s previously congested pipelines. With that production likely slow to return and as many as three new conduits slated to be built in the next three years, the industry may have years of cheap, plentiful shipping capacity ahead.