A target of 1Q2024 has been set for starting overseas crude oil exports on the nearly completed Trans Mountain Pipeline expansion (TMX). By almost tripling capacity to 890,000 b/d on the 704-mile route across Alberta and British Columbia, the project would foster increased natural gas consumption as the fuel for growing bitumen production in the…
Alberta
Articles from Alberta
Potential Production Response Propels Natural Gas Forwards Higher
With a sharp decline in upstream activity foreshadowing a potential curtailment in domestic production, and with summer cooling demand just around the corner, natural gas forwards rallied during the May 11-17 trading period, NGI’s Forward Look data show. Week/week fixed price gains of 20 cents or more were widespread throughout the Lower 48; benchmark Henry…
Traders Snap Natural Gas Futures, Cash Price Win Streaks Amid Expectations For ‘Massive’ Storage Builds
Natural gas futures on Wednesday finished in the red for the first time in four sessions as traders braced for several robust storage injections amid mild weather and soft export demand. The June Nymex gas futures contract settled at $2.365/MMBtu, down 1.1 cents day/day. July slid 2.5 cents to $2.509. At A Glance: Front month…
Alberta E&Ps Shut In Natural Gas, Oil Production as Wildfires Force Evacuations
An estimated 150,000 boe/d of natural gas and oil production was offline and thousands of residents had been evacuated early Monday as Western and Central Alberta dealt with more than 100 wildfires, with as many as 30 considered out of control. “We note that there has yet to be reports of significant damage to infrastructure,…
Natural Gas Futures Climb Early as Weather Models Add Demand; Supply Down Amid Alberta Wildfires
Riding momentum from late last week, natural gas futures advanced in early trading Monday amid reports of declining production and modest weather-driven demand gains. The June Nymex contract was up 6.9 cents to $2.206/MMBtu at around 8:50 a.m. ET. On Friday, the front month rallied to finish in positive territory after probing as low as…
Alberta’s Conservatives Adopt Net-Zero GHG Goals, Cite Natural Gas as Global Pathway
Facing a provincial election by late May, the United Conservative Party (UCP) government of Alberta has formally adopted the Liberal Canadian administration’s goal to reach net-zero greenhouse gas (GHG) emissions by 2050. The 66-page Alberta Emissions Reduction and Energy Development Plan was endorsed by UCP Premier Danielle Smith. The UCP accepted the carbon reduction target…
Crescent Point Building Montney Portfolio with Spartan Delta Deal
Crescent Point Energy Corp. has agreed to acquire a package of liquids-rich assets in the Montney Shale of Alberta in an all-cash deal with Spartan Delta Corp. valued at C$1.7 billion ($1.2 billion). Spartan said the agreement would reward its stockholders with a payment of C$9.50 ($7.12)/share. “Over the past five years, we have fundamentally…
Alberta’s Peyto Exploration Touts Limited Exposure to AECO Natural Gas Prices
Alberta Deep Basin pure-play Peyto Exploration & Development Corp. has all but eliminated its exposure to expected weak pricing at the AECO natural gas hub for the upcoming summer, CEO Jean-Paul Lachance said. Lachance hosted a conference call on Thursday (March 9) to discuss the gas-weighted producer’s fourth quarter and full-year 2022 results. Lachance noted…
Crescent Point Bolts On More Gassy Kaybob Duvernay Assets
A 102 square-mile spread of west-central Alberta drilling prospects fetched C$375 million ($281 million) in an all-cash purchase by Crescent Point Energy Corp. from Paramount Resources Ltd. The package, in the Kaybob Duvernay area, produces natural gas and natural gas liquids (NGL) at a rate of 4,000 boe/d. About one-half of the well flows are…
Cenovus Gives Positive Outlook for 2023 with Jump in Offshore, Oilsands Production
A start on additions to oil production offshore Newfoundland topped the 2023 growth agenda prompting a 50% budget increase for 2023 by Calgary-based Cenovus Energy Inc. Spending would jump to C$600-700 million ($450-525 million) in 2023 to begin work on a new platform and drilling, dubbed West White Rose, 180 miles east of Newfoundland’s capital,…