Oilsands

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…

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…

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…

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.,…

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…

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…

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…

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…

Texas and Montana are leading a multistate lawsuit against the Biden administration for revoking the Keystone XL (KXL) crude oil pipeline’s 2019 presidential permit, arguing the administration lacks unilateral authority to overturn energy policy set by Congress. Upon taking office Jan. 20, President Biden issued an executive order (EO) rescinding the approval granted by President…