Canadian

Burlington Resources Inc., with 90% of its oil and natural gas assets in North America, increased its fourth quarter production forecast on Monday, attributing the jump to higher-than-anticipated gas production in Canada. The Houston independent also retained some assets marked for sale longer than expected, which will improve the bottom line, it said.

North American exploration and production spending in 2003 will be more focused, shifting mostly toward Canadian and deep-shelf Gulf of Mexico (GOM) natural gas plays where there are “significant” opportunities to replenish U.S. gas supplies, according to a report by RBC Capital Markets analysts.

A whale of a natural-gas drilling target — estimated at up to 43.4 Tcf — is closer to coming into the sights of Canadian producers under a new energy policy announced Nov. 25 by the British Columbia government. B.C. Energy Minister Richard Neufeld served notice that the province is serious about attempting to lift a 30-year-old ban against drilling offshore of Canada’s West Coast.

A whale of a natural-gas drilling target — estimated at up to 43.4 Tcf — is closer to coming into the sights of Canadian producers under a new energy policy announced Nov. 25 by the British Columbia government. B.C. Energy Minister Richard Neufeld served notice that the province is serious about attempting to lift a 30-year-old ban against drilling offshore of Canada’s West Coast.

North American natural gas exploration and production (E&P) hasn’t lost its luster for many U.S.- and Canadian-based independents, but for the moment anyway, the exploitation prospects are running parallel or second to producing a strong balance sheet.

North American natural gas exploration and production (E&P) hasn’t lost its luster for many U.S.- and Canadian-based independents, but for the moment anyway, the exploitation prospects are running parallel or second to producing a strong balance sheet. At the RBC Capital Markets 2002 North American Energy Conference in Houston on Wednesday, producers painted in detail what’s ahead for drilling and production, but they also were as specific in explaining their companies’ credit and debt picture.

BC Gas Inc. announced it has received approval in the form of an Advance Ruling Certificate from the Canadian Competition Bureau for its previously announced acquisition of Centra Gas British Columbia Inc. and Centra Gas Whistler Inc. from Westcoast Energy Inc.

Calgary-based Canadian Superior Energy Inc. kicked off a major gas drilling initiative designed to bring in supply from several newly established areas of northwestern and west-central Alberta and northeastern British Columbia. Company President Greg Noval said drilling will begin later this week on 25 wells in the Ladyfern, Chinchaga and Pine Creek areas of Alberta. Further drilling in Alberta will also take place in the Giroux Lake, Windfall, Boundary Lake and Bison Lake areas. In northeastern British Columbia, high-impact exploration is also planned for the Umbach, Altares and Parkland areas, where the company has acquired acreage over the last several months. “The new drilling program is targeting reserve based accumulations of Cretaceous, Jurassic and Devonian natural gas and it is geared toward providing the company with substantial new production volumes at attractive prices, given the recent significant drop in rig utilization and oil field service cost in Western Canada,” Noval said. The multi-well drilling program in Western Canada will complement the company’s strategy of developing large holdings offshore Nova Scotia.

Canada’s Ambassador to the United States, Michael Kergin, urged Congress Wednesday to reject the Alaska pipeline route restrictions that were approved last week by the Energy Conference Committee as part of the energy bill (see Daily GPI, Sept. 13). Speaking at RBC Financial Group’s Distinguished Speakers Series at the Metropolitan Club in Washington, DC, the ambassador also expressed Canada’s opposition to proposed subsidies for Alaskan gas production. A vote on the subsidies and other tax-related provisions has been delayed by the committee.