Oilsands

Canada’s Oilsands E&Ps Eyeing Enhanced Returns, Decarbonization

Canada’s Oilsands E&Ps Eyeing Enhanced Returns, Decarbonization

Calgary-based Imperial Oil Ltd. plans to use proceeds from high oil prices it realized during 2Q2022 to return more cash to shareholders and reduce greenhouse gas (GHG) emissions; goals echoed by its Canadian peers. The management teams of Canadian Natural Resources Ltd. (CNRL), Cenovus Energy Inc., Imperial and Suncor Energy Inc. each held recent conference…

August 15, 2022
Lack of LNG Export Terminals Stumps Canadian Natural Gas Production, Says EIA

Lack of LNG Export Terminals Stumps Canadian Natural Gas Production, Says EIA

Driven by upstream activity tied to LNG export projects, production of natural gas liquids (NGL) in the gassy Montney Shale has seen a recent boost, according to the U.S. Energy Information Administration (EIA).  In its latest analysis of Canada’s energy commodities, EIA projected the country’s oil production to grow this year and into 2023.  Factors…

July 13, 2022
As BC LNG Gains Momentum, Alberta Forecasts Rising Oilsands Output

As BC LNG Gains Momentum, Alberta Forecasts Rising Oilsands Output

Oilsands plant additions are set to bump up Alberta production by 27% over the next 10 years, but natural gas production in the Canadian province is likely to be flat, according to government forecasts. The latest annual industry review by the Alberta Energy Regulator (AER) said oilsands output should increase to 4.7 million b/d as…

June 16, 2022
Meg Energy Keeps Shipping Contract for Unfinished Oilsands Pipe

Meg Energy Keeps Shipping Contract for Unfinished Oilsands Pipe

Alberta oilsands specialist Meg Energy Corp. reported that it has retained a 20,000 b/d oil shipping contract on the incomplete expansion of the Trans Mountain Pipeline. Management confirmed its plans for capacity on the Trans Mountain Expansion Project (TMX), whose estimated construction cost has ballooned 70%, while reporting fourth quarter and full-year 2021 earnings. TMX…

May 12, 2022
Meg Energy Keeps Shipping Contract for Unfinished Oilsands Pipe

Meg Energy Keeps Shipping Contract for Unfinished Oilsands Pipe

Alberta oilsands specialist Meg Energy Corp. reported that it has retained a 20,000 b/d oil shipping contract on the incomplete expansion of the Trans Mountain Pipeline. Management confirmed its plans for capacity on the Trans Mountain Expansion Project (TMX), whose estimated construction cost has ballooned 70%, while reporting fourth quarter and full-year 2021 earnings. TMX…

March 14, 2022
As Oilsands Production Drives Growth, Cenovus Eyes CCUS Opportunities

As Oilsands Production Drives Growth, Cenovus Eyes CCUS Opportunities

The first stage in the planned Alberta oilsands environmental cleanup is to be a carbon capture, utilization and storage (CCUS) network able to collect greenhouse gas (GHG) emissions from 20 operations, according to bitumen producer Cenovus Energy Inc. “Discussions are ongoing with the federal and provincial governments to ensure the necessary policy and financial support…

February 10, 2022
Suncor Benefits from Higher Oilsands Production, Stronger Oil Prices

Suncor Benefits from Higher Oilsands Production, Stronger Oil Prices

Refineries and service stations stood out as Suncor Energy Inc.’s 2021 profits champion, even with strong gains from oilsands production and higher commodity prices, the Calgary-based producer said.  Northern Alberta mining and extraction operations only took over the lead in Suncor ledgers as oil prices climbed in late 2021, according to the fourth quarter results.…

February 7, 2022
Imperial Reports Higher Oilsands Production and Pricing, with GHG Intensity Falling

Imperial Reports Higher Oilsands Production and Pricing, with GHG Intensity Falling

Rising oil prices, growing oilsands production and strong consumer demand propelled 2021 earnings by Imperial Oil Ltd. to a high that exceeded even its pre-pandemic performance in 2019. The recovery from the downturn in 2020 continued in the last three months of 2021, despite a severe, prolonged Western Canadian cold snap that disrupted operations and…

February 3, 2022
Imperial Sets 2030 Goal to Reduce GHG Intensity of Oilsands by 30%

Imperial Sets 2030 Goal to Reduce GHG Intensity of Oilsands by 30%

Imperial Oil Ltd., marching in step with 70% owner ExxonMobil, has announced a greenhouse gas (GHG) reduction target that extends and triples a previously declared goal for the conglomerate’s Canadian arm. The Calgary firm set a 2030 date for completing a 30% cut to the GHG intensity, or emissions volume per production unit, of its…

January 20, 2022
Oilsands Specialist Suncor Targeting 5% Production Growth in 2022

Oilsands Specialist Suncor Targeting 5% Production Growth in 2022

With a vow to focus on efficiency, Suncor Energy Inc. set 2022 performance targets of 5% production growth while cutting capital expenditures by 6%. The 2022 corporate budget aims for combined oil and natural gas output of 750,000-790,000 boe/d. Spending goes down by C$300 million ($240 million) to C$4.7 billion ($3.76 billion). “We enter 2022…

December 20, 2021
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