Cenovus and CNRL shut down operations as precautionary move
CBC News, May 23, 2015
Cenovus Energy and Canadian Natural Resources Limited have evacuated their facilities within the Cold Lake Air Weapons range, close to Alberta’s eastern border, due to an out-of-control forest fire in the area.
“Yesterday, CNRL evacuated their plant facilities in the Primrose area and then, last night at 11 o’clock, we advised Cenovus in Foster Creek that it would be a good precautionary move to evacuate their personnel as well,” said Leslie Lozinski, spokeswoman for the province’s environmental and resource ministry. Read the rest of this entry
Jeremy van Loon and Rebecca Penty, Bloomberg News/Financial Post, March 23, 2015
The collapse in the market for Canada’s heavy crude below $30 a barrel last week is hammering home a harsh reality for the nation’s oil-sands producers: There’s no one to save them this time.
Unlike previous market crashes that were relatively short- lived, the combination of persistent oversupplies and weakening demand are dealing a severe setback to what’s been one of the biggest growth stories in global energy markets. Oilsands companies such as Suncor Energy Inc. already have been rethinking major developments that can require more than $10 billion in investment. Now even existing projects are barely covering costs or in a losing position. Read the rest of this entry
Spectre of coming cutbacks sends a chill over city sometimes called Fort McMoney
By Terry Reith, CBC News, Jan 17, 2015
Fort McMurray, Alta., the city at the heart of the oilsands, is already seeing signs of a slowdown as the price of oil sinks.
The boom town has weathered many a bust, only to recover and continue its frenzied growth. But this time there are projections that the price drop could be deep and sustained. That’s bad news for the oilsands, where the cost of production is higher than for conventional oil. Read the rest of this entry
Republican-controlled U.S. Congress eager to flex muscles on energy file
By Pete Evans, CBC News, Jan 6, 2015
The White House says U.S. President Barack Obama would veto any legislation that tries to fast-track the Keystone XL project even as Republican lawmakers tabled a bill that would do just that in Washington today.
White House press secretary Josh Earnest said he does not expect Obama would sign any legislation that reaches his desk that would unilaterally approve the project, a 1,900-kilometre pipeline that would bring 800,000 barrels of Canadian crude oil to U.S. refineries every day. Read the rest of this entry