Cenovus, the Calgary-based oil sands major, will continue to sell conventional oil and gas assets in Canada in order to help drive down its net debt to at least C$10 billion ($US8.03 billion) by the end of the 2021 financial year, with a longer-term target of C$8 billion. The company will retain offshore fields it […]
The announcement this week by U.S. oil major ExxonMobil that it has discovered more oil off the coast of Guyana further enhances the outlook analysts have had for the new oil producing country. Additional volumes being discovered at the prolific Stabroek Block cements the expectation that more FPSOs will be commissioned to produce the hydrocarbons […]
Ottawa struck a $5.2-billion deal with Newfoundland and Labrador to help complete construction of the debt-plagued Muskrat Falls hydroelectric project, a tentative agreement that would keep electricity rates from almost doubling while alleviating pressure on a province in the midst of a deep fiscal crisis. Muskrat Falls, which started with great optimism in 2013 on […]
U.S. oil major ExxonMobil has made another oil discovery at the prolific Stabroek offshore block in Guyana. This adds to around nine billion barrels of oil equivalent discovered over the past few years and paves way for future development. The discovery was made at Whiptail-1 well at the 6.6 million acres (26,800 square kilometers) offshore […]
Private equity firm Cresta Fund Management has agreed to buy a controlling stake in idled Canadian 135,000-barrel-per-day (bpd) Come-by-Chance refinery, a fund representative said on Monday, with the aim of converting it to renewable fuels production. The refinery, owned by North Atlantic Refining Ltd (NARL), has been idled for more than a year. Several refiners […]
Calgary-based Pieridae Energy, which has been the driving force behind a challenging liquefied natural gas project in eastern Canada for the past decade, could be sold or merged. The company’s stock, listed in Toronto, was trading at C$0.34 (US$0.27) at close of play on Friday, close to its all-time low and a world away from […]
The Canadian province of Newfoundland & Labrador (NL) has the potential by 2050 to develop a hydrogen industry worth C$11 billion (US$8.7 billion) annually that would support 140,000 jobs, based on abundant hydropower, wind and hydrocarbon resources. The province could emerge as a major regional supplier and exporter of green hydrogen once its huge Muskrat […]
The companies that were successful in the recently concluded Suriname bid round are now to submit their exploration work programme the head of state oil company, Staatsolie Maatschappij Suriname N.V. told OilNOW. Chevron Exploration Suriname Limited and a consortium consisting of TotalEnergies and Qatar Petroleum had submitted the most favourable bids for shallow offshore blocks. Chevron [&he
OSLO – The activity level on the Norwegian continental shelf (NCS) has been high in the first six months of the year – despite the Covid situation. Eight discoveries have been made, production remains high, and many new development projects are on the drawing board. During the first six months (as of 30 June), a […]
Oil and gas company Aker BP has made a minor gas discovery south of the Korpfjell gas discovery in the Barents Sea, the Norwegian Petroleum Directorate (NPD) said. NPD said on Tuesday the Aker BP concluded the drilling of wildcat well 7234/6-1 in production license 858, where the company is the operator with a 40 […]
