While the oil industry should expect a wild ride this year of price volatility driven by supply uncertainty, consistently higher prices will be needed to attract the investment needed to meet global oil demand, says a senior energy analyst.
A decision on whether to proceed with the front end engineering design (FEED) stage for a new $3.8 billion-$4.2 billion petrochemical plant to be built in Sturgeon County, northeast of Edmonton, will be made in 30 days — but executives with one of the partners in the project seem confident the plant will be built.
Although it has just launched a project to more than double crude oil storage capacity at its Edmonton Terminal, the chief executive of Gibson Energy Inc. said the company is already contemplating further expansion.
Northeast British Columbia Montney producer Painted Pony Petroleum Ltd. is hoping that by drilling wells faster it will be able to offset higher service costs, an investment conference heard this week.
Enbridge Inc. has entered into a merger agreement through a wholly-owned subsidiary, whereby it will take private Midcoast Energy Partners LP (MEP) by acquiring all of the outstanding publicly-held common units of MEP.
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