RSSCategory: Oil & Gas

Cenovus braces for low oil prices, takes $700M out of 2015 budget

January 28, 2015 | By | Reply More
Cenovus braces for low oil prices, takes $700M out of 2015 budget

Cenovus conventional drilling, longer-term oilsands projects see most cuts Oilsands giant Cenovus Energy Inc. (TSX:CVE) is bracing for a prolonged stretch of low oil prices, announcing Wednesday it’s taking $700 million out of its 2015 budget, released just a month and a half ago. The Calgary-based company said its budget for this year now sits […]

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BP Gulf of Mexico spill: BP official says uncertain if BP entities would help pay penalty

January 27, 2015 | By | Reply More
BP Gulf of Mexico spill: BP official says uncertain if BP entities would help pay penalty

11 killed, oil spewed for 87 days in BP Gulf of Mexico spill An executive for the BP subsidiary that faces billions of dollars in possible fines for the 2010 BP Gulf of Mexico spill testified Tuesday that it is uncertain whether other BP entities would step in to help pay a steep penalty. The day’s […]

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PSAC drilling forecast downgraded almost 25 per cent

January 27, 2015 | By | Reply More
PSAC drilling forecast downgraded almost 25 per cent

PSAC drilling forecast revised from October estimates The Petroleum Services Association of Canada has downgraded its drilling forecast for the year by almost 25 per cent due to slumping oil prices. The association has revised the forecast it released in October and now expects 7,650 wells to be drilled in 2015. Nearly 4,200 wells are […]

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Oil price collapse drains ISIL, Iraq war chests, conference told

January 22, 2015 | By | Reply More
Oil price collapse drains ISIL, Iraq war chests, conference told

Oil price collapse, airstrikes targeting refineries help fight against ISIL The shocking decline in oil prices is not only hitting federal and provincial treasuries in Canada and elsewhere, it’s also sapping the war chests of both the Islamic State of Iraq and the Levant and the Iraqi government. Defence Minister Rob Nicholson says the impact […]

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Premier Prentice gloomy about quick rebound in oil prices

January 22, 2015 | By | Reply More
Premier Prentice gloomy about quick rebound in oil prices

Dropping flat tax system one possible way to combat low revenues from plummeting oil prices Alberta Premier Jim Prentice says there’s no chance that the province can “ride things out” while waiting for a rebound in oil prices. Prentice says a full discussion must be held with Albertans to find a way to deal with a decline […]

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CAPP: Drop in oilpatch investment by one-third compared to 2014

January 21, 2015 | By | Reply More
CAPP: Drop in oilpatch investment by one-third compared to 2014

CAPP says Western Canada will produce more oil this year than in 2014 The Canadian Association of Petroleum Producers is expecting oilpatch investment to drop by a third, or $23 billion, this year compared with 2014, while output is seen growing at a slower clip than previously predicted. The oil and gas industry group normally […]

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Christy Clark wants Trans Mountain spill response details

January 21, 2015 | By | Reply More
Christy Clark wants Trans Mountain spill response details

Kinder Morgan raised concerns about publicly disclosing all Trans Mountain spill-response information Oil pipeline builder Kinder Morgan says it is more than willing to share its entire spill-response plan directly with the British Columbia government as it seeks approval for a proposed $5.4-billion pipeline-expansion project. While the energy giant raised concerns over disclosing personal, security or […]

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Low oil prices to cut $4.3B from federal revenues: report

January 20, 2015 | By | Reply More
Low oil prices to cut $4.3B from federal revenues: report

Oil prices mean provincial tax revenues will drop $5.2B The sharp collapse of world oil prices will cut the Canadian government’s income by $4.3 billion this year and deliver a nearly $10-billion blow to the provinces, says a new report Tuesday by the Conference Board of Canada. The study predicts the slide in crude prices […]

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Keystone XL pipeline: TransCanada buying Nebraska land

January 20, 2015 | By | Reply More
Keystone XL pipeline: TransCanada buying Nebraska land

Keystone XL to carry 800,000 barrels of crude oil a day TransCanada (TSX:TRP) is moving to acquire the remaining land in Nebraska needed to build its controversial Keystone XL pipeline after the state’s high court earlier this month removed a major legal barrier for the planned route. Officials of the Calgary-based company said Tuesday they’ve […]

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Oil prices: Beyond Fort McMurray, oilpatch country feels the pinch

January 19, 2015 | By | Reply More
Oil prices: Beyond Fort McMurray, oilpatch country feels the pinch

Low oil prices could mean job losses, but may allow towns to catch up on infrastructure projects If low oil prices stick around much longer, the operations manager at Lac La Biche Transport Ltd. says he may have to lay off workers. Kevin Warawa says business is down by about a quarter compared with the same […]

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