Shippers who have locked in liquids-rich natural gas volumes on the full-to-the-brim Alliance pipeline are currently benefitting, fetching stronger U.S.-based pricing at Chicago City Gate, stronger price realizations for liquids, all the while avoiding the price pinch and glut at AECO.
The percentage of crude bitumen sent for upgrading over the next decade is expected to decline to 37.6 per cent of total raw bitumen production from 44.6 per cent in 2015 as new oilsands mines will not have upgrading capabilities, says the Alberta Energy Regulator (AER) in a new report.
Alberta has remaining established reserves of 165 billion bbls of crude bitumen with an ultimate potential (recoverable) of 315 billion bbls, says the Alberta Energy Regulator (AER) in its 2015 annual reserves report.
The wildfires in Alberta near oilsands operations led to low consumption of natural gas, which is used in oilsands operations, and all-time lows in Canadian natural gas prices. Reports estimated consumption of natural gas in Alberta fell by close to 25 per cent. While Canadian spot prices rose in the early days of the fires last week, these declines in consumption pushed prices to record lows.
Encana Corporation’s Montney growth plan requires additional compression and gas processing field infrastructure in order to compete with other top North American gas plays, because current capacity is full in British Columbia, as is the capacity in much of Alberta where the company has Montney interests.
Sayer Energy Advisors has been engaged to assist Vista Resources Harmattan Inc. (“Vista” or the “Company”) in divesting its 24.2345% working interest in the Harmattan East Viking Unit No. 1 (the “Unit”), as well as its working interests of between 25% and 90% in three non-Unit oil wells and one non-Unit natural gas well (“Harmattan East” or the “Property”).
These are indeed challenging times, though anyone involved in the energy industry for more than a decade has encountered at least one downturn. The industry itself has changed significantly since 2014 and is facing unprecedented uncertainty. Throughout this article we examine some of the factors that make up this current down cycle, as well as some of the courses of action available for companies on both the producer and services side of the equation. While the challenges facing the industry are significant, there are still reasons to be optimistic.
The forest fire continues to be a safe distance from Horizon Oil Sands with no threat to the health and safety of Canadian Natural Resources Limited’s staff or infrastructure, the company said in an update.
The development of a United Kingdom shale gas industry was today favourably positioned as an “effective low-carbon bridge” amid broader goals to reduce the nation’s reliance upon coal and secure alternative future power supplies.
To further support its work in encouraging mineral, coal, and oil and gas exploration investment in British Columbia through the collection and distribution of publicly available geoscience data, the B.C. government will provide $5 million in funding to Geoscience BC.
TransCanada Corporation announced that the waiting period under the Hart-Scott-Rodino Anti-Trust Improvements Act applicable to TransCanada's proposed acquisition of Columbia Pipeline Group Inc. was terminated early by the United States Federal Trade Commission on May 17.
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