Upstream Sector Leads O&A M&A in 2019
A latest research revealed that the upstream sector accounted for the bulk of mergers and acquisitions (M&A) in the global oil and gas industry in 2019, generating some high-value transactions during the process.According to GlobalData's theme report, ‘M&A in Oil and Gas – 2020’, the acquisition of Anadarko Petroleum by Occidental Petroleum in April 2019…
Cenovus Energy Sets Out to Slash Emissions
Canada's Cenovus Energy on Thursday unveiled plans to reduce per-barrel greenhouse gas emissions by 30% by the end of 2030, as the country's oil industry faces growing pressure from environmental activists.The Alberta-based integrated oil and gas company said it will spend an additional C$1.5 billion on businesses run by the country's indigenous communities.Opposition…
KCA Deutag Wins UK North Sea Contract Extension
Canadian Natural Resources International (CNRI) has awarded KCA Deutag a five-year extension to a drilling operations and maintenance services contract.The UK-based international oil and gas services company said that multi-million pound contract is for the provision of drilling operations and maintenance services on CNRI’s three platforms - Ninian South…
Canadian Natural Resources eyes Rail Contracts
Canadian Natural Resources, the country's biggest oil and gas producer, is looking at taking on the Alberta provincial government's contracts to move crude by rail, a senior company executive said on Thursday.Shipping more crude by rail is seen as critical for Canadian oil producers due to congested pipelines that forced Alberta to order mandatory oil curtailments…
Natural Gas Liquid Market to Cross 14 mbl/day by 2025
Global Natural Gas Liquid Market is poised to cross 14 million barrels per day by 2025, said a study.Japan natural gas liquid market is projected to surpass an annual consumption of 0.2 mbl/day said the latest study by Global Market Insights.Accelerating funding’s toward chemical industry along with the manufacturing of high value-added petrochemicals will augment the industry growth.In addition…
Seismic Shoot Offshore South Africa Begins
Africa Energy Corp., an oil and gas company with exploration assets offshore South Africa and Namibia, has announced the start of a new 3D marine seismic acquisition programme over the Paddavissie Fairway on Block 11B/12B offshore South Africa.The Brulpadda discovery is located on Block 11B/12B in the Outeniqua Basin 175 kilometers off the southern coast of South Africa.
US Judge Halts Keystone XL Oil Pipeline
A U.S. judge in Montana has halted construction of the Keystone XL pipeline designed to carry heavy crude oil from Canada to the United States, drawing a sharp rebuke on Friday from President Donald Trump.The ruling of a U.S. Court in Montana late on Thursday dealt a major setback to TransCanada Corp, whose stock dropped 2 percent in Toronto. Shares of companies…
MEG Energy Expects to Produce More Oil in 2018
Canadian oil sands producer MEG Energy Corp said on Friday it expects higher production in 2018, compared to its 2017 forecast. The company expects to produce 85,000 to 88,000 barrels per day (bpd) next year, compared to its 2017 forecast of 80,000 to 82,000 bpd. MEG Energy expects capital expenses of C$510 million ($396.02 million) next year, the majority of which will be used to drill new oil wells.
Shell Sells Out of Woodside Petroleum for $2.7 Bln
Royal Dutch Shell on Monday sold its entire stake in Australia's largest independent oil and gas company Woodside Petroleum Ltd for $2.7 billion as it pushes ahead with its vast disposal programme. Shell, which has been slowly divesting its Woodside holding, initially said its Shell Energy Holdings Australia Limited (SEHAL) unit had struck a deal with two investment banks to sell 71.6 million Woodside shares for A$31.10 ($23.79) apiece.
Cenovus Energy to Shed Pelican Lake Assets
Canada's Cenovus Energy Inc said on Tuesday it would sell its Pelican Lake heavy oil operations in Alberta for C$975 million ($786.92 million) and the oil company is also considering sale of other assets to reduce debt. Cenovus said the proceeds from the sale would be used to fund the acquisition of ConocoPhillips' assets, which it purchased for $13.3 billion in March.
Cenovus Facing Tough Market for Critical Asset Sales
Cenovus Energy Inc's efforts to sell C$5 billion ($3.8 billion) of energy assets, already facing a rocky road because weak oil prices are depressing the appetite for deals, has become complicated by the surprise departure of its chief executive officer, fund managers said. Brian Ferguson's announcement on Tuesday that he will step down as CEO in October is the latest sign of tumult within Canada's oil sands industry…
Innovators Toil to Revive Canada Oil Sands
In the boreal forests and on the remote prairies of Alberta, a handful of firms are running pilot projects they hope will end a two-decade drought in innovation and stem the exodus of top global energy firms from Canada's oil sands. They are searching for a breakthrough that will cut the cost of pumping the tar-like oil from the country's vast underground…
Suncor Evaluates Potential Oil-sand Deals as Majors Exit
Suncor Energy, Canada's largest energy producer, is still evaluating opportunities for oil sands acquisitions in northern Alberta as foreign oil majors exit the high-cost region, Chief Executive Steve Williams said on Thursday. However, the company has a high bar in terms of return on investments and did not feel any pressure to agree on another oil sands deal, Williams said.
Alberta Crude Oil Leak Came from Inter Pipeline System
A crude oil leak in central Alberta's Strathcona County on Friday afternoon came from Inter Pipeline Ltd's Cold Lake regional pipeline system, the company said in a statement on Monday. Calgary-based Inter Pipeline has isolated a segment of the pipeline near its Strathcona Terminal in Edmonton for repairs, and said it is working with regulators to investigate the cause of the incident.
Chevron Exploring Sale of Canadian Oil Sands Stake
Chevron Corp, the second-largest U.S.-based oil producer, is exploring the sale of its 20 percent stake in Canada's Athabasca Oil Sands project, which could fetch about $2.5 billion, according to people familiar with the situation. The company has discussed with investment banks the prospect of selling the stake in the western Canadian oil sands project, a source said.
Waterous Targets Canadian, U.S. Energy Assets
Private equity firm Waterous Energy Fund is seeking investment opportunities in the Canadian oil and gas sector as valuations turn attractive after a prolonged slump in the oil price, making a contrarian bet as global players pull back, its top executive said. Calgary-based Waterous Energy, which invests C$100 million to C$400 million ($75 million to $300 million) per deal in energy assets…
Majors Exiting Oil Sands Acting in Own Interest -Trudeau
Canadian Prime Minister Justin Trudeau on Friday dismissed a recent string of major oil companies selling their holdings in the heavy oil sands of Western Canada and moving investments to shale fields. Royal Dutch Shell and Marathon Oil this week disclosed sales of operations that largely removed both firms from the carbon-heavy oil reserves. Shell is selling its interests to Canadian Natural Resources.
Shell Divests Oil Sands Interests in Canada
Royal Dutch Shell plc has announced the signing of two agreements by Shell Canada Energy, Shell Canada Limited and Shell Canada Resources (“Shell”) — which are detailed in this announcement — that will see Shell sell all of its in-situ and undeveloped oil sands interests in Canada and reduce its share in the Athabasca Oil Sands Project (AOSP) from 60 percent to 10 percent.
Strike at CNR's Ivory Coast oil and gas fields extended
Workers have extended a strike indefinitely at Canadian Natural Resources' (CNR) Baobab and Espoir oil and gas fields in Ivory Coast, the SISPOO oil workers union said on Saturday. A 72-hour strike was called early on Wednesday over the firing of workers and was extended on Friday after the parties failed to reach an agreement. "As no solution is in sight…
Trump Signs Orders Advancing Keystone, Dakota Pipelines
U.S. President Donald Trump signed orders on Tuesday smoothing the path for the controversial Keystone XL and Dakota Access oil pipelines, rolling back key Obama administration environmental actions in favor of expanding energy infrastructure. While oil producers in Canada and North Dakota are expected to benefit from a quicker route for crude oil to U.S.