Noia CEO says companies ‘are really worried about survival’ as pandemic ravages oilpatch The federal natural resources minister says Ottawa is focusing on incentives based on exploration to help the Newfoundland offshore oil industry as it deals with the crippling fallout of COVID-19. “Exploration is key,” Seamus O’Regan told CBC News. “We recognize that.”
Federal and provincial officials holding conversations with operator to support project Canadian integrated Suncor Energy on Tuesday downplayed media reports that the Terra Nova oilfield off the eastern Canadian province of Newfoundland and Labrador would remain shut-in through 2022. “I want to be clear that no decisions have been made to shutdown production operations on […]
Premier Dwight Ball says ‘offshore industry has undergone tremendous challenges’ Premier Dwight Ball says the Terra Nova oilfield has been “extremely important” for Newfoundland and Labrador, amid reports that Suncor is shutting down production there until 2022. Ball was responding to a question from the business news website Allnewfoundlandlabrador.com, which broke the new
TORONTO/WINNIPEG (Reuters) – Canada’s oil patch has endured five years of existential threats that have pruned weaker companies, but now its strongest firms are trying to navigate the coronavirus pandemic, which has set off the worst crisis in the oil industry in 40 years. Economic shutdowns have ground travel to a halt, cutting fuel demand […]
Canada’s oilpatch is not dead, Prime Minister Justin Trudeau said Thursday, as political pressure mounted on the government not to provide any further bailouts to the struggling sector. Trudeau was speaking a day after Green parliamentary leader Elizabeth May and Bloc Quebecois Leader Yves-Francois Blanchet both said post-COVID-19 economic investments should focus not on the […]
Irving Oil Ltd.’s venture to use tankers to ship Western Canadian crude from B.C., through the Panama Canal, and up to its New Brunswick refinery is a return to the purpose of the failed Energy East pipeline project, former premier and Canadian ambassador Frank McKenna says. “It’s a spectacular thing,” said Mr. McKenna, an early […]
Canadian liquefaction player gets deadline extensions for commercial deliveries, FIDs Canadian liquefaction player Pieridae Energy is getting more time to deliver volumes to German customer Uniper from the planned Goldboro LNG export project in Nova Scotia, which has been delayed amid weak demand driven by the Covid-19 pandemic. The company said Tuesday it had negotiated […]
Irving’s circuitous route is seen as a novel way to get around regulatory logjams in Canada that have stalled a number of pipelines CALGARY – After failing to secure Western Canadian oil via the scrapped West-to-East Energy East pipeline back in 2017, Irving Oil Ltd.’s finally been able to get federal approval for a new […]
The provincial government is looking to spur offshore exploration even though global oil markets have collapsed. Premier Dwight Ball says exploration is the key in being competitive on an international scale. The province has what he calls tremendous reserves in the offshore, and if you are able to find it, it will provide economic benefits […]
The Petroleum Services Association of Canada has revised its 2020 Canadian drilling forecast to an almost 50-year record low of 3,100 oil and gas wells, a level not seen since 2,900 wells were drilled in 1972. PSAC interim CEO Elizabeth Aquin says more than $7 billion of capital investment in the energy sector has been […]
