Natural gas production held near all-time highs through the first quarter in Canada, even as prices slumped following a mild winter that left supplies in storage at robust levels. That’s because producers are looking beyond near-term weakness and toward an anticipated jump in export demand, according to analysts. LNG Canada is slated to begin operations…
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Pieridae Seeks to Transfer Goldboro LNG Approvals to Irish Buyer
Pieridae Energy Ltd. could be looking to sell its abandoned Goldboro LNG project in Nova Scotia to an Irish energy firm, according to a recently published regulatory filing. Calgary-based Pieridae asked Nova Scotia’s utility and review board for permission to transfer its approvals for the potentially 1.3 Bcf/d export project to Simply Blue Group, a…
Drought Seen Impacting Western Canada’s Natural Gas, Oil Operations
Canadian oil and natural gas operators are working to manage water use as western provinces face increasingly dry conditions after a mild winter. Exploration and production (E&P) companies achieved record natural gas production last winter, according to the latest data from the Canada Energy Regulator. Total marketed natural gas production during December was more than…
Cedar LNG Eyes Summer FID After Landing Tolling Deal with Arc Resources
Pembina Pipeline Corp. and its project partners in the Cedar LNG export project in British Columbia (BC) disclosed that they have given a notice to proceed to their contractors and are working on the final financial arrangements after securing binding offtake agreements for the project. Arc Resources Ltd., one of Canada’s largest natural gas producers,…
Tourmaline Cutting WCSB ‘24 Natural Gas Production Amid Low Prices, Remains ‘Super Constructive’ on ‘25
Tourmaline Oil Corp., the largest natural gas producer in Canada, is reducing 2024 natural gas production in the Western Canadian Sedimentary Basin (WCSB) by about 100 MMcf/d from previous guidance, or 4% essentially eliminating any gas growth in 2024, “and we definitely think that’s the right thing to do,” CEO Mike Rose said. Tourmaline is…
Crescent Point Limiting AECO Exposure, Hedging Natural Gas Volumes Amid Portfolio Retool
Canadian independent Crescent Point Energy Corp. is moving its natural gas exposure away from the AECO price point. The company has reduced its AECO exposure to about 20% of production, management said in its fourth quarter earnings call. AECO often trades at a discount to more lucrative markets such as the U.S. Midwest and Gulf…
Canada Natural Gas, Oil Sector Forecast to Spend Slightly More in ‘24, with ‘Sense of Caution’
Upstream natural gas and oil explorers in Canada are expected to increase their capital spending over 2023, but not by much, according to a top industry group. The Canadian Association of Petroleum Producers (CAPP) issued its latest survey of capital expenditures (capex) for the upstream sector in Canadian dollars (C$1.00/US74 cents). Capex is forecast at…
Canadian Natural Delivers Record Natural Gas Output, with LNG Canada Ramp in Sight
Calgary-based Canadian Natural Resources Ltd. achieved record natural gas production during 2023, up 3% year/year and 5% higher during the final three months of the year. Besides breaking gas production records, with an average 2.23 MMcf/d in 4Q2023 and 2.15 Bcf/d for the year, the explorer also topped previous oil output records. During a conference…
TC Highlights ‘Good Interest’ for Asset Sales, Record Pipeline Volumes of U.S. Natural Gas
TC Energy Corp. management said it could exceed its goal of more than $2 billion in asset sales in 2024 to focus on natural gas and related segments. “For 2024, there should be no surprise that our strategic priorities will look very similar to 2023,” CEO François Poirier said on a conference call to discuss…
Stout Pacific Storage, Steady Canadian Imports Restrain Western Natural Gas Prices
Mostly benign winter weather, robust U.S. production and ample imports of Canadian supply put Pacific region natural gas storage levels far above historical norms early in 2024, keeping prices in check. The U.S. Energy Information Administration (EIA) most recently printed a national storage withdrawal of 75 Bcf for the week ended Feb. 2. It paled…