Oilsands

A target of 1Q2024 has been set for starting overseas crude oil exports on the nearly completed Trans Mountain Pipeline expansion (TMX). By almost tripling capacity to 890,000 b/d on the 704-mile route across Alberta and British Columbia, the project would foster increased natural gas consumption as the fuel for growing bitumen production in the…

Increased production prices and strong retail fuel demand nearly doubled the quarterly earnings for Canadian oilsands heavyweight Suncor Energy Inc.  The Calgary producer tapped the northern Alberta oilsands for average production of 665,200 b/d, or 90% of 2022 production. That was up from 644,200 b/d in 2021. The company, which reports in Canadian dollars (C$1.00/US…

The Canadian oilsands stand out as a champion survivor capable of enduring even the global demand shrinkage sought by fossil fuel critics, according to a research paper circulated by the C.D. Howe Institute. Author G. Kent Fellows, a University of Calgary economics professor, is predicting the Alberta industry will show endurance in the paper, titled…

A start on additions to oil production offshore Newfoundland topped the 2023 growth agenda prompting a 50% budget increase for 2023 by Calgary-based Cenovus Energy Inc. Spending would jump to C$600-700 million ($450-525 million) in 2023 to begin work on a new platform and drilling, dubbed West White Rose, 180 miles east of Newfoundland’s capital,…

Canadian provincial governments have moved to shield customers in four major regions from increased costs associated with federal greenhouse gas (GHG) reduction policies that had previously fallen between the cracks. The moves by Alberta, Ontario. Nova Scotia and Quebec tackle a gap left by the carbon tax, a cornerstone of Canada’s GHG reduction policy. The…

Suncor Energy Inc. plans to sell its wind and solar portfolio for C$730 million ($547 million) to a subsidiary of Calgary-based Atco Industries Inc. Suncor CEO Kris Smith said the transaction with Canadian Utilities Ltd. (CUL) “streamlines our portfolio” to focus on oilsands, refining, hydrogen, renewable fuel, and carbon capture and storage (CCS). CUL Vice…

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…

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…

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…