Oilsands

Suncor Sees Oil Prices Jump Sharply, Commits 10% of Capital to GHG Initiatives

Suncor Sees Oil Prices Jump Sharply, Commits 10% of Capital to GHG Initiatives

Calgary-based Suncor Energy Inc. saw its earnings jump in the first half of the year, as oil demand rose and the pandemic receded, resulting in the North American retail unit standing out as the growth star. Maintenance turnaround projects, which limited production and sales by the refineries and oilsands operations during 2020 and early this…

July 30, 2021
Canadian Oilsands Player Meg Energy Back in Black on Stronger Prices, Gulf Coast Exports

Canadian Oilsands Player Meg Energy Back in Black on Stronger Prices, Gulf Coast Exports

Increased production, improved prices and strong exports to the United States turned Canadian oilsands specialist Meg Energy Corp. profitable in the first half of 2021, reversing deep losses inflicted a year ago by the Covid-19 pandemic. The Calgary firm’s bitumen production in northeastern Alberta grew to a first-half 2021 average of 91,326 b/d from 83,622…

July 26, 2021
Canada’s Oilsands Maintained Market Share Despite Pandemic

Canada’s Oilsands Maintained Market Share Despite Pandemic

Canada’s oilsands sector emerged with an increased global market share during the Covid-19 pandemic, according to the Alberta Department of Finance. The northern bitumen belt stood out by standing firm while other supplies shrank, data compiled from the Alberta Energy Regulator (AER) and the International Energy Agency (IEA) showed. Oilsands mines and underground extraction plants…

July 7, 2021

Canadian Oilsands Production Growth Expected — If Trans Mountain, Line 3 Proceed

Oilsands production in Canada is expected to grow despite the cancellation of the 830,000 b/d Keystone XL pipeline project because other export pipelines continue to advance toward completion, according to IHS Markit. IHS Markit on Wednesday pointed to 960,000 b/d of capacity under construction in Canada and the United States. These include the 590,000 b/d…

June 25, 2021
Oil Patch Lifts U.S. Rig Count Once Again as Natural Gas Activity Eases Lower

Oil Patch Lifts U.S. Rig Count Once Again as Natural Gas Activity Eases Lower

More rigs flocked to the oil patch during the week ended Friday (June 11), offsetting a small decrease in natural gas-directed drilling to lift the combined U.S. count five units to 461, according to the latest data published by Baker Hughes Co. (BKR). Oil-directed drilling increased by six units in the United States for the…

June 11, 2021
Canadian Oilsands Heavyweights Commit to ‘Lead on Climate Change’ in Net-Zero Plans Using CCUS

Canadian Oilsands Heavyweights Commit to ‘Lead on Climate Change’ in Net-Zero Plans Using CCUS

Oilsands developers made a collective vow on Wednesday to achieve net-zero greenhouse gas (GHG) emissions by 2050, without sacrificing thermal production that stands out as the top Canadian natural gas consumer. Five firms that control 90% of the 3 million b/d Alberta industry – Canadian Natural Resources Ltd., Cenovus Energy Inc., ExxonMobil’s Imperial Oil Ltd.,…

June 9, 2021

Suncor Vows to Sharply Reduce Carbon Emissions and Boost Oilsands Output

Oilsands specialist Suncor Energy Inc. committed Wednesday to cut 10 million tons (mt) or 34% of its 29 mt/year greenhouse gas emissions by 2030 as a step toward the Canadian government’s target of national net zero in 2050. The move coincides with investor enthusiasm for operators around the world to move toward net-zero emissions. It…

May 27, 2021
Imperial Posts Across-the-Board Gains, with Production Strongest in 30 Years

Imperial Posts Across-the-Board Gains, with Production Strongest in 30 Years

Calgary-based Imperial Oil Ltd. returned to profitability during the first three months of 2021, lifted by higher commodity prices and improved operations. President Brad Corson, who discussed the results during a conference call with his management team, attributed the first quarter gains to “decisive actions to weather the economic storm throughout 2020, including making fundamental…

May 3, 2021
Enbridge CEO Confident of Line 3 Completion in Minnesota by Year’s End

Enbridge CEO Confident of Line 3 Completion in Minnesota by Year’s End

Enbridge Inc. still expects to complete and begin service by the end of the year on the contested $2.6 billion leg of the Canadian oil export pipeline now under construction across 240 miles in Minnesota, CEO Al Monaco said Wednesday. “Work is on schedule” for Enbridge Line 3, Monaco said at a Scotiabank CAPP Energy…

April 8, 2021
Suncor Invests in Svante to Quash CO2, Build Out Blue Hydrogen

Suncor Invests in Svante to Quash CO2, Build Out Blue Hydrogen

Suncor Energy Inc., one of Canada’s largest oilsands independents, has agreed to join a group of oil and gas heavyweights to back Svante Inc. as it works to accelerate commercializing more carbon capture technologies. The latest $25 million infusion is designed to fund technology to reduce greenhouse gas (GHG) emissions in industrial applications and to…

March 29, 2021