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Suncor reports loss as production falls by almost one-fifth
July 23, 2020
Source: CBC

Suncor reports loss as production falls by almost one-fifth

Suncor Energy Inc. has reported a second-quarter net loss of $614 million after it cut back on production to deal with sharply reduced crude prices amid lower global energy demand. Suncor's total production was 18.5% less than the 803,900 boe/d in the prior-year quarter, as it took measures including shutting down one of the two production trains at its Fort Hills oilsands mine in northern Alberta.

ConocoPhillips buys Canadian land from Kelt in $375 million deal
July 23, 2020
Source: Reuters

ConocoPhillips buys Canadian land from Kelt in $375 million deal

U.S. oil major ConocoPhillips said on Wednesday that it agreed to buy land from Kelt Exploration Ltd in Canada’s Montney shale oil play, in a $375 million deal. The deal allows ConocoPhillips to extend its existing position at an attractive cost. It comes three years after Houston-based ConocoPhillips sold much of its Canadian assets to Cenovus Energy, part of a multi-year withdrawal of foreign producers from Canada.

Hibernia Oil Platform Shuts Output after Leak
July 21, 2020
Source: Reuters

Hibernia Oil Platform Shuts Output after Leak

The Hibernia oil platform in Canada was shut after a leakage of drilling and production fluids. Hibernia sits roughly 315 km (200 miles) east of St. John’s, Newfoundland and Labrador. The sheen was observed 2.5 kilometres (1.55 miles) from the 220,000-barrel-per-day platform and all personnel are safe, adding that the Canada-Newfoundland and Labrador Offshore Petroleum Board has been notified.

Trans Mountain pipeline shut down after oil spill at B.C. pump station
June 15, 2020
Source: Reuters

Trans Mountain pipeline shut down after oil spill at B.C. pump station

The Canadian government-owned Trans Mountain pipeline has been shut down since early Saturday following an oil spill at a pump station in British Columbia. The pipeline crew are responding to a release at its Sumas Pump Station in Abbotsford, British Columbia, after an alarm was received early in the morning, Trans Mountain Corp said in a statement. The spill has been contained and cleanup is underway, the company said.

Canadian energy firms cut $2.5 billion in spends over low oil prices
March 17, 2020
Source: World Oil

Canadian energy firms cut $2.5 billion in spends over low oil prices

As the coronavirus pandemic and low oil prices continue to strangle the market, Canadian oil and gas firms are looking to cut over C$2.4 billion to C$3.5 billion ($1.7 billion-$2.5 billion) from financial budgets for 2020. The latest in the line of producers releasing capital spending cuts include Crescent Point Energy Corp., NuVista Energy Ltd., Vermilion Energy Inc. and Enerplus Corp. Husky Energy is planning to cut C$1 billion in expenditure.

TGS announces completion of carbon capture storage assessment study in Canada
March 3, 2020
Source: World Oil

TGS announces completion of carbon capture storage assessment study in Canada

TGS has completed its study of carbon capture storage in Canada for a major oil and gas company. This study helped TGS understand the latest geological carbon storage locations onshore and offshore. Its collaboration with Canadian Discovery Limited (CDL) provided with world-class basin evaluation expertise, subsurface data library, and geological knowledge. The activity was carried out throughout British Columbia and led to the creation of framework for carbon storage assessment.

Shawcor secures coating services contract from Subsea 7
Feb. 25, 2020
Source: Global Newswire

Shawcor secures coating services contract from Subsea 7

Canadian Oilifled firm, Shawcor Ltd has entered into a contract with Subsea 7 through its pipe coating division, to deliver thermal insulation coating services for the Woodside Sangomar Offshore Project in Senegal. The contract, valued at CAD$30-$50 million, will see Shawcor providing the required services from its Orkanger, Norway facility. The work will commence in the first quarter of 2021 and slated for execution in 2Q2021.

Layoff trend continues as Husky Energy drops staff
Oct. 23, 2019
Source: Reuters

Layoff trend continues as Husky Energy drops staff

As Canada’s energy sector struggles with sluggish growth, the layoff trend continues with the latest layoffs coming from Husky Energy. The firm laid off a number of employees yesterday, spokeswoman for Husky said. The sackings come a day right after the federal election in Canada, where Prime Minister Trudeau failed to secure an outright majority of seats. Concerns of further delay in the Trans Mountain pipeline expansion are now worrying the industry.

SNC-Lavalin lands contract for Shell’s QGC asset
Oct. 9, 2019
Source: World Oil

SNC-Lavalin lands contract for Shell’s QGC asset

Canadian EPC major, SNC-Lavalin has secured a contract from Shell Australia for the provision of operations and maintenance workforce for the QGC upstream asset. The three-year-long contract will see SNC-Lavalin providing approximately 300 personnel to continue the existing operation and maintenance program for Shell. The QGC asset comprises of 24 field compression stations, six central gas processing plants (CPP), five sales stations and one power station.

Oceaneering awarded decommissioning support contract
Oct. 1, 2019
Source: OE Digital

Oceaneering awarded decommissioning support contract

Subsea engineering giant, Oceaneering International has secured a contract to support a decommissioning project in Canada. The scope of the contract includes internal cutting, external cutting, and local soil displacement. The award is first in the line of decommissioning contracts for Oceaneering in Canada. Work is slated for commencement in 2Q2020.

Pembina to acquire Kinder Morgan’s oil assets
Aug. 22, 2019
Source: Reuters

Pembina to acquire Kinder Morgan’s oil assets

Calgary-based Pembina Corp. has agreed to buy Kinder Morgan Canada and the U.S. division of the Cochin Pipeline system in a $3.27 billion deal. Pembina will acquire Kinder Morgan Canada in an all-stock deal, valuing the Canadian assets of the pipeline giant at about C$15.02 per share. This represented a premium of 36.8% to stock’s Tuesday close.

Enacana reports profit in its Q2 report
Aug. 1, 2019

Enacana reports profit in its Q2 report

Canadian oil and gas producer Encana Corp has reported profit in its quarterly report. The net income of the company rose to $336 million in the second quarter compared to the loss of $151 million in the corresponding quarter last year. Encana's profit increased with the boost in production this year. Total rise in production was about 11% to 591,800 barrels of oil equivalent per day (boe/d) in the quarter.

MEG Energy registers higher profits in second quarter
July 31, 2019
Source: Reuters

MEG Energy registers higher profits in second quarter

Canadian oil sands producer, MEG Energy Corp’s quarterly profits trumped estimates on Tuesday, climbing on the back of ramped up production and higher prices. MEG Energy saw a 36.4% jump in the production of low-grade bitumen crude, to 97,288 barrels per day (bpd) in the second quarter. Net loss for the firm narrowed to C$64 million from C$179 million in the previous year.

Profits for Suncor Energy almost triples in 2Q
July 25, 2019
Source: Reuters

Profits for Suncor Energy almost triples in 2Q

Canadian oil & gas firm, Suncor Energy’s profits jumped nearly three times in the second quarter of 2019. Climbing on the back of a deferred income tax gain of C$1.12 billion, net profit for Suncor rose to C$2.7 billion from C$972 million from a year earlier. Suncor’s total production buoyed up to 803,900 boepd, from 661,770 boepd in 2Q2018.

Canada signs its first binding supply agreement with China
July 19, 2019

Canada signs its first binding supply agreement with China

Canada has signed its first binding supply agreement with China. A small-scale Canadian liquefied natural gas (LNG) plant, FortisBC has joined hands with Top Speed Energy Corp and will supply 53,000 tonnes from its Tilbury facility for two years. Though this deal is small, the nation expects much larger deals with operators of bigger new terminals.

Kinder Morgan register profits in second quarter, but miss estimates
July 18, 2019
Source: Reuters

Kinder Morgan register profits in second quarter, but miss estimates

Canadian energy infrastructure firm, Kinder Morgan recorded a net profit for the second quarter, climbing on the back of better incomes from natural gas pipelines and fewer impairment charges. The pipeline giant, however, missed Wall Street estimates in the earnings released yesterday. Kinder Morgan’s share traded lower nearly 2% at $20.21 in the after-hours.

Cougar Mechanical Thruster saves C$130k for drilling major
July 4, 2019

Cougar Mechanical Thruster saves C$130k for drilling major

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A major drilling operator has reportedly saved C$130k and avoided multiple trips per section by using CougarTM Mechanical Thruster in a production field of Alberta. The operator was drilling a 311 intermediate hole, and was forced to spend an average time of two days per section. Designed and manufactured by Canada's leading drilling solutions provider, Cougar Drilling Solutions, the Mechanical Thruster reduces the severity of shock and vibration downhole.

UK Government approves CNR's decommissioning plan
July 2, 2019
Source: Energy Voice

UK Government approves CNR's decommissioning plan

In March 2017, the Canadian firm CNR International submitted its draft programme for Ninian Northern, which has now received approval from the UK Government. The topside can be withdrawn early next year and the jacket can be removed by 2023, said CNR in its final version. The Ninian platform is located in the UK North Sea and was installed in 1978.

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