Canada

Natural Gas Glut, Keystone XL Cancellation Seen Weighing on Alberta Finances

Natural Gas Glut, Keystone XL Cancellation Seen Weighing on Alberta Finances

After losing nearly C$1.3 billion ($975 million) on the aborted Keystone XL (KXL) oil export pipeline project, Alberta, Canada’s top fossil fuel-producing province, also stands braced for more lean years on oversupplied North American natural gas markets. The toll taken by the Covid-19 pandemic, energy commodity surpluses and a bad bet on the U.S. presidential…

February 26, 2021
Canadian E&P Merger to Create Montney Shale Natural Gas, Condensate Goliath

Canadian E&P Merger to Create Montney Shale Natural Gas, Condensate Goliath

Canada’s Arc Resources Ltd. and Seven Generations Energy Ltd. (7G) have agreed to merge, a combination that would create one of the top natural gas operators in the country, with output centered in the Montney Shale. Combined production this year is estimated at 340,000 boe/d-plus, including 1.2 Bcf/d of gas and 138,000 b/d of condensate.…

February 19, 2021
TC Energy Shuts Down Keystone Open Season Following Biden’s Keystone XL Cancellation

TC Energy Shuts Down Keystone Open Season Following Biden’s Keystone XL Cancellation

An 80,000 b/d offering of delivery service on an 11-year-old Canadian pipeline to the United States has been discarded as a casualty of President Biden’s decision to stop the proposed Keystone XL addition to the oil trade network. TC Energy Corp. said the offer was canceled because the project’s cancellation means no spare capacity would…

February 17, 2021
Arc Resources, 7G Combination to Create Montney Natural Gas, Condensate Giant

Arc Resources, 7G Combination to Create Montney Natural Gas, Condensate Giant

Canada’s Arc Resources Ltd. and Seven Generations Energy Ltd. (7G) agreed to merge on Wednesday, a combination that would create one of the top natural gas operators in the country, with output centered in the Montney Shale. Combined production this year is estimated at 340,000 boe/d-plus, including 1.2 Bcf/d of gas and 138,000 b/d of…

February 11, 2021
Tale of Two Neighbors During Covid as U.S. Natural Gas Exports Grow, Canada’s Shrink

Tale of Two Neighbors During Covid as U.S. Natural Gas Exports Grow, Canada’s Shrink

Covid-19 shrank Canadian natural gas exports while American sales abroad grew despite the pandemic by reaching multiple international markets in the first nine months of 2020, according to the latest trade scorecard by the U.S. Department of Energy (DOE). U.S. exports increased by 12.4% to a new high, almost double the Canadian volumes. Canadian exports…

February 2, 2021
Alberta Premier Promises to Explore ‘All Legal Avenues’ if Keystone XL Canceled by Biden Administration

Alberta Premier Promises to Explore ‘All Legal Avenues’ if Keystone XL Canceled by Biden Administration

Canadian leaders are vowing to rescue TC Energy Corp.’s Keystone XL (KXL) — or sue for damages — from a plan for incoming President Biden to cancel the U.S. presidential permit for the $8 billion oil export pipeline project. KXL stands out as an 830,000 b/d growth enabler for Canada’s top natural gas user, Alberta…

January 19, 2021
U.S. Adds One Natural Gas Rig as Drilling Total Surges on Oil Gains

U.S. Adds One Natural Gas Rig as Drilling Total Surges on Oil Gains

The U.S. natural gas rig count rose one unit to 84 for the period ending Friday (Jan. 8), while gains in the oil patch saw the overall domestic drilling tally surge higher, according to the latest weekly numbers published Friday by oilfield services provider Baker Hughes Co. (BKR). In the United States, drillers added eight…

January 8, 2021
TC Testing Interest to Expand Oil Capacity on Keystone XL

TC Testing Interest to Expand Oil Capacity on Keystone XL

TC Energy Corp. is gauging support to add up to 80,000 b/d of new oil capacity to the 11-year-old Keystone XL pipeline that moves supply from Alberta to U.S. markets. The open season, running until Feb. 19, is testing interest and gathering shipper bids. Agreements would be completed within 60 days after a March 26…

January 7, 2021
Alberta-Focused Obsidian Targeting More Wells for Oily Cardium Prospect

Alberta-Focused Obsidian Targeting More Wells for Oily Cardium Prospect

Calgary-based Obsidian Energy Ltd. said Tuesday it is setting aside C$35 million ($27 million) in capital expenditures (capex) for a drilling program and C$5 million ($4 million) in decommissioning expenditures for the first half of 2021. The exploration and production company plans to drill up to eight wells at the Cardium development in Willesden Green…

January 6, 2021
Uncertainty Clouds Future of Canada’s NGTL System

Uncertainty Clouds Future of Canada’s NGTL System

The Canadian natural gas industry faces “a high degree of uncertainty,” according to TC Energy Corp.’s supply collection grid in Alberta and British Columbia (BC), Nova Gas Transmission Ltd. (NGTL). Political and economic risks jeopardize up to C$3 billion ($2.3 billion) of additions that the pipeline network would build if the industry fulfilled its potential,…

December 24, 2020
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