Goals

The financial crisis has slammed into the energy sector and forced the industry to reconsider some of its long-term goals and restructure some of its operations, a BP Canada Energy Co. executive told a Toronto audience Thursday.

“Operational momentum” that began to build toward the end of 2007 should enable BP plc to not only meet but exceed the production goals that it promised to deliver through 2020, the company’s CEO said Thursday.

“Operational momentum” that began to build toward the end of 2007 should enable BP plc to not only meet but exceed the production goals that it promised to deliver through 2020, the company’s CEO said Thursday.

Laying out its goals for next year, Nexen last Tuesday said its capital expenditure budget for 2008 would only be two-thirds of its 2007 budget of C$3.6 billion. The independent Calgary-based global energy company also told analysts and investors that development of a deepwater prospect in the Gulf of Mexico (GOM) could be put off until 2009 due to a shortage of rigs.

Laying out its goals for next year, Nexen late Tuesday said its capital expenditure budget for 2008 would only be two-thirds of its 2007 budget of C$3.6 billion. The independent Calgary-based global energy company said in 2008 it plans to invest C$2.4 billion in value adding projects, grow net production by between 8% and 10% and generate C$2.9 billion in cash flow in 2008, which would be a decline from the company’s 2007 expected cash flow of approximately C$3.4 billion.

Funding for gas industry research and development (R&D) is roughly half of what it was in 2003 and is focused on “near-term developments” rather than “longer-term industry goals,” such as those pursued by the electric power and water industries, according to a study released by the American Gas Foundation (AGF).

Funding for gas industry research and development (R&D) is roughly half of what it was in 2003 and is focused on “near-term developments” rather than “longer-term industry goals,” such as those pursued by the electric power and water industries, according to a study released by the American Gas Foundation (AGF).

Echoing what many states in the West are establishing as energy and environmental goals, British Columbia Wednesday unveiled a provincial energy plan seeking zero greenhouse gas (GHG) emissions and acquiring at least half of incremental power supplies through conservation programs. “BC Energy Plan: A Vision for Clean Energy Leadership” is designed to make the westernmost Canadian province a leader in developing clean energy.

Echoing what many states in the West are establishing as energy and environmental goals, British Columbia Wednesday unveiled a provincial energy plan seeking zero greenhouse gas (GHG) emissions and acquiring at least half of incremental power supplies through conservation programs. “BC Energy Plan: A Vision for Clean Energy Leadership” is designed to make the westernmost Canadian province a leader in developing clean energy.