WorldOil Trump lets Keystone line ship more oil as expansion plans stall The Trump administration will allow the existing Keystone pipeline to carry more oil-sands crude into the Midwest and U.S. Gulf Coast while the conduit’s decade-old expansion project faces renewed legal hurdles. Total writes down $7 billion of Canadian oil sands assets in decarbonization push Total announced an $8.1 billion writedown after the push to curb carbon emissions and the coronavirus pandemic challenged assumptions about the long-term viability of some oil and gas assets. About $7 billion applies to Canadian oil sands, which are costlier and more carbon intensive than conventional fields. Cenovus leverages tax credits for record oil-sands output The market for production credits formed at the start of last year, when Alberta ordered its largest oil producers to curtail production to alleviate a glut caused by too much oil flowing into too few pipelines. 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. Canadian oil sands’ slow return leaves key pipelines with room to spare While companies such as Husky Energy Inc. and Cenovus Energy Inc. are restoring roughly 20% of the million barrels a day of production that was taken off earlier in the year, some companies are still shutting down equipment for maintenance. 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. Canadian banks’ exposure to oil surges as credit lines are tapped Canadian banks’ exposure to oil and gas loans has surged to a record as energy firms tapped credit lines to combat plunging oil prices. Enbridge cuts jobs, defers capex spend as falling demand limits oil flows Enbridge Inc., North America’s largest pipeline operator, is cutting jobs, lowering executive pay and deferring some capital spending as measures to fight the Covid-19 virus reduce oil flows on its system and slow down construction. Canadian heavy crude surges on output cuts, new storage options Canadian heavy crude surged to its strongest price versus futures since at least 2008 as producers curtailed output and Enbridge Inc. agreed to open part of its pipeline system for storage.