Sources say that Canada could drop its oil emission cap as part of a new climate plan
Three sources familiar with the discussions said that the Canadian government was in talks with Alberta and energy companies about removing a federal cap for emissions in the oil and gas industry if both the province and the industry reduced their carbon footprints in other ways. Sources who weren't authorized to publicly discuss the discussions said that the government of Prime Minister Mark Carney has discussed the removal of the cap with the oil companies, and Canada's leading oil producing province, if they made other environmental concessions. Canada's emission cap has yet to be implemented by legislation.
Sources say that Canada could drop its oil emission cap as part of a new climate plan
Three sources familiar with the discussions said that the Canadian government was in talks with Alberta and energy companies about removing a federal cap on the emissions of the oil and gas industry if they reduced their carbon footprints in other ways. Three sources who weren't authorized to publicly discuss the talks said that the government of Prime Minister Mark Carney has discussed the removal of the cap with the oil companies and Canada’s top oil producing province if both parties make other concessions on the environment. The legislation to implement Canada's emission cap is still pending.
Sources say that Canada could drop its oil emission cap as part a new climate plan
Three sources familiar with the discussions said that the Canadian government was in talks with Alberta and energy companies about removing a federal cap on the emissions of the oil and gas industry if they reduced their carbon footprints in other ways. Three sources who weren't authorized to publicly discuss the talks said that the government of Prime Minister Mark Carney has discussed removing a federal cap on emissions from Canada's oil and gas sector with energy companies and Alberta if the industry and province reduce their carbon footprint in other ways. The Canadian emissions cap is not yet implemented by legislation.
CANADA-CRUDE-Discount on Western Canada Select narrows
On Tuesday, the discount between West Texas Intermediate and Western Canada Select futures (the North American benchmark) narrowed. WCS for Hardisty, Alberta delivery in October settled at $11.20 per barrel below the U.S. benchmark WTI according to brokerage CalRock. This compares with a $11.40 discount on Monday. * The discount on WCS was narrowest since late July. Discounts widened in August due in part to the shutdown of BP's 440,000-barrel-per-day refinery in Whiting, Indiana, which had been affected by flooding after a severe thunderstorm. This refinery is usually the largest buyer of Canadian crude.
Enbridge Sees Demand for More Pipeline Capacity from Canada to US Gulf
Canadian pipeline operator Enbridge said on Friday its recent commercial process to gauge oil shippers' interest in an expansion of its Flanagan South pipeline was oversubscribed, indicating strong demand for additional oil transport capacity from Canada to the U.S. Gulf Coast.The success of the Flanagan South open season — an industry term for the binding process pipeline companies use to notify shippers of available capacity and solicit bids — brings Enbridge closer to formally sanctioning its proposed expansion of its Mainline network, CEO Greg Ebel said on a conference call.He said Enbridge plans to make a final investment decision on the first phase of the project…
Cenovus Energy Lowers 2025 Production Forecast
Canadian oil and gas producer Cenovus Energy lowered the upper end of its full-year upstream production forecast on Thursday, citing the impact from a temporary shut-in of its Rush Lake facilities.The company said it responded to a steam release from a casing failure in an injection well in early May, and as a result, the Rush Lake facilities in west-central Saskatchewan have been temporarily shut-in.Cenovus forecast 2025 upstream production to be between 805,000 barrels of oil equivalent per day and 825,000 boepd, compared with 805,000 to 845,000 boepd projected previously.For the second quarter, its total upstream production was 765,900 boepd, down from 800,800 boepd a year
TC Energy increases its core profit forecast for the full year on natural gas and electricity demand
TC Energy, a Canadian pipeline operator, raised its core earnings forecast for the full year adjusted on Thursday due to increased demand for natural gas and electricity and its North America operations. TC Energy announced in May that it expects a surge in capital projects to be announced later this year or in the following years, due to coal-to gas conversions and growth in data centers driving natural gas demand across North America. The company's quarterly total revenue rose by 12%, to C$3.74billion ($2.70billion), largely due to higher core earnings adjusted from natural gas pipelines in Mexico, Canada and the United States.
Sources say Shell-led LNG Canada is facing problems when it ramps up its production.
Shell-led LNG Canada has been experiencing technical difficulties as it ramps production up at its liquefied gas plant in Kitimat. One LNG tanker was diverted away from the facility recently without superchilled fuel, according to data provided by LSEG and four sources. The facility is the first major LNG-export facility on the West Coast of North America and Canada, and provides direct access to Asia, which is the largest LNG market in the world. When fully operational, the facility will convert approximately 2 billion cubic feet per day of gas (bcfd). Market participants hope that this will increase Canadian natural gas prices.
Canada's New LNG Exports Have Yet to Lift Gas Prices
Last month's start-up of LNG Canada, the country's first large-scale liquefied natural gas export facility, has failed to lift Western Canadian natural gas prices as quickly as some market participants and observers expected, due to a persistent supply glut and the gradual pace of the facility's ramp-up.Shell-led Canada shipped its first cargo of 70,000 metric tons from the country's Pacific coast on June 30, to South Korea.The export facility, located in northern British Columbia, is anticipated to bring 2.1 billion cubic feet per day (bcfd) of new gas demand to Western Canada…
Alberta has eliminated the gas flaring limit in 2024.
Calculations show that energy producers in Alberta, Canada’s largest oil producing province, exceeded the self-imposed provincial limit for annual gas flaring by 2024, for the second consecutive year. Alberta's energy regulator announced late last week that it would be ending the flaring limit. The regulator, who quietly posted a bulletin to its website, is the first one to report this change. The regulator confirmed Monday that the limit had been removed and stated it was in response to the direction of the provincial government. Canada is the world's number one oil producer. Canada, the world's No.
Keyera acquires Plains' Canadian Natural Gas Liquids business for $3.77 Billion
Keyera Corp announced on Tuesday that it had agreed to purchase substantially all of Plains Canada's Canadian natural gas liquids businesses for C$5,15 billion ($3,77 billion) cash. The Canadian-based pipeline operator stated that the purchase expands Keyera’s position by bringing a natural gas liquids (NGL) corridor from Western Canada to Eastern Canada under Canadian ownership and brings key NGL infrastructure. Keyera, a Canadian energy infrastructure company, and AltaGas, a Canadian-based firm that processes liquefied gaseous petroleum, entered into long-term contracts in February. The announcement comes as U.S.
Shell CEO: Local price index makes LNG Canada attractive
Shell's LNG Canada is attractive to buyers because it uses a Canadian Alberta Energy Company price index, which is lower in comparison with the Henry Hub price for the U.S. The company's CEO said this on Tuesday. Shell CEO Wael Sawan told the Energy Asia Conference that the AECO indexation is what makes LNG Canada so attractive in the modern world. He added that the AECO gas will be available at lower prices. He said: "The differential between AECO, Henry Hub and the proximity of Asia makes this a very attractive project. According to SNL Financial, the AECO Storage Hub's price was 96.6 Canadian cents per million British Thermal Units on Monday.
Canadian Natural Resources restarts its oil sands operations as the wildfire threat decreases
Canadian Natural Resources restarted the Jackfish 1 oil-sands project in northern Alberta, after determining that wildfires were safe to a distance. The largest oil producer in the country said that its operations at the site would ramp up over the coming days and aim to reach full production of 36,500 barrels a day by Friday. Canadian Natural evacuated all non-essential employees from the Jackfish 1 facility and halted production on Saturday as a precaution due to wildfires south of Fort McMurray. Wildfires out of control have caused several companies to shut down their operations in Canada's largest oil-producing province.
Canadian oil sands companies evacuate workers because of wildfire threat
MEG Energy, a Canadian oil sands firm, said that it had evacuated non-essential workers from its Christina Lake facility in northern Alberta because of wildfires burning there. The company has said that it will not reduce its oil production on the site. It is located 150 km (93 miles south) of Fort McMurray, the hub for oil sands. The wildfires in Canada's oil producing province of Alberta affected several companies' operations this week. Cenovus said that it would reduce the number of non-essential workers at its Foster Creek plant as a precaution because wildfires are raging near Chipewyan Lake.
Alberta wildfire disrupts oil production and forces evacuations
Wildfires in Alberta, Canada forced the temporary shut-down of oil and gas production. Residents of a small community were also forced to evacuate. Alberta Wildfire estimates that the blaze is 1,600 hectares and is burning uncontrollably about 7 km north-northeast of Swan Hills, in the northern part. Oil-and-gas producer Aspenleaf Energy, which has wells in the area, evacuated its local field staff and temporarily halted operations, shutting in approximately 4,000 barrels-of-oil-equivalent per day of production. In an interview, CEO Bryan Gould stated that the fire occurred about 10 kilometers from Aspenleaf facilities on Monday evening.
Canadian oil and Gas CEOs avoid rash decisions during the price crash
On Tuesday, CEOs of Canadian producers of oil and gas said they were trying to avoid taking sudden decisions as the global oil price hovers around four-year lows. Doug Bartole said that his Calgary-based company, InPlay Oil, does not expect to reduce production or capital expenditures in the near future, despite recent oil price drops due to tariffs. Don't take any rash decision. Bartole stated in an interview that it was best to take a long-term view and wait for the outcome. He said this could change, however, if the price of oil continues to fall. Bartole stated, "I believe $50 oil would make a difference in the world a little more. "We are able to withdraw capital easily.
Whitecap Resources and Veren combine to create a C$15 billion Canadian Energy giant
The companies announced on Monday that Canada's Whitecap Resources, an oil and gas company, will merge with Veren through a merger of equals including debt in order to create a C$15 Billion ($10.43 Billion) company. The combined company is the largest landholders in Alberta Montney & Duvernay, regions which have attracted significant investment over the past few years and hold some of Canada's biggest shale reserves. Energy deals have been a big deal in North America over the past two years. The sector will continue to focus on improving operational efficiency and consolidating its core growth areas in 2025.
Canada mentions potash and oil as a possible lever to use in the tariff dispute
Melanie Joly, Canada's Foreign Minister, told Toronto businesspeople on Wednesday that Canada may use its oil and gas exports to negotiate if U.S. import tariffs increase. Canada has announced that it will impose tariffs worth C$155 billion on U.S. imports, but so far has not indicated whether or not it would reduce the exports of important commodities to the United States. Canada exports approximately 90% of all its crude oil exports to the United States. "Of Course, there is oil and gas." "We haven't laid that out yet, guys. We kept it in our game and in our cards as cards we could play if the situation escalated, and the U.S. is aware of that," Joly stated.
The US natgas price is rising due to concerns about Canada tariffs
U.S. Natural Gas Futures rose 10% on Tuesday to a 26 month high, on record flows into liquefied gas export plants. There was also concern that Canadian gas exports could be affected by the tariffs placed on Canada and Mexico by U.S. president Donald Trump. Canada provides about 8% total U.S. demand for gas, including exports. Some of these return to Canada. The U.S. will consume approximately 90.2 billion cubic foot per day (bcfd), and export another 21.1 bcfd as LNG or via pipelines in 2024 to Mexico, Canada and other countries. The majority of U.S. gas exports are to Mexico. In order to meet this demand, the U.S.
The US natgas price is rising due to concerns about Canada tariffs
U.S. Natural Gas Futures rose 10% on Tuesday to a 26 month high, on record flows into liquefied gas export plants. There was also concern that Canadian gas exports could be affected by the tariffs placed on Canada and Mexico by U.S. president Donald Trump. Canada provides about 8% total U.S. demand for gas, including exports. Some of these return to Canada. The U.S. will consume approximately 90.2 billion cubic foot per day (bcfd), and export another 21.1 bcfd as LNG or via pipelines in 2024 to Mexico, Canada and other countries. The majority of U.S. gas exports are to Mexico. In order to meet this demand, the U.S.