Oil sands driving Canadian energy-related R&D

Fossil fuel technologies were the main driver of energy-related in-house R&D spending in 2017, accounting for almost half of the money spent

Oil sands driving Canadian energy-related R&DCanadian companies spent $1.5 billion on energy-related in-house research and development (R&D) in 2017, says Statistics Canada. That accounted for 8.3 per cent of the total in-house R&D expenditure in Canada, but was still down 4.6 per cent from 2016. Energy-related areas of technology include fossil fuels, renewable energy sources, nuclear fission and fusion, electric…

Canada not reaching full potential for crude oil production

An ongoing lack of pipeline capacity has restricted the growth of Canadian crude production: ATB

Canada not reaching full potential for crude oil productionUnlike in the U.S., Canada has not been able to reach its full potential when it comes to crude oil production, says ATB Financial’s economics and research team. In its daily economic update The Owl, the financial institution said the U.S. shale oil revolution made possible by horizontal drilling and hydraulic fracturing pushed U.S. field…

Cenovus reaches one billion barrels of oil sands production

Company says its two facilities have created thousands of jobs and contributed over $25 billion in capital spending to the Canadian economy

Cenovus reaches one billion barrels of oil sands productionCalgary-based Cenovus says it has reached a significant milestone with one billion barrels of cumulative production from its Foster Creek and Christina Lake oil sands facilities in northern Alberta. It said it’s the first company to produce one billion barrels of oil using steam-assisted gravity drainage (SAGD) technology. “This incredible achievement for Cenovus represents over…

Oil sands production to near four million barrels a day by 2030

IHS Markit report projects slower pace of investment and growth in Canadian projects

Oil sands production to near four million barrels a day by 2030Canadian oil sands productions is expected to reach nearly four million barrels a day by 2030, or almost one million barrels more than today, according to a new 10-year production forecast by IHS Markit. But the business information provider also says production is set to enter a period of slower annual growth. “Large-scale oil sands…

Alberta economy growing but still behind 2014 pace

ATB analysis shows province hasn't caught up to pre-recession activity

Alberta economy growing but still behind 2014 paceAlberta’s economy may have rebounded in the last two years from the depths of the recession but it’s still behind the pace of economic activity in 2014. The numbers were released on Friday by ATB Financial’s Economics and Research team in The Owl, a daily economic update by the financial institution. Statistics Canada recently reported…

Cost of building and operating oil sands projects down significantly

But ongoing constraints continue to weigh on timing of future investments, according to IHS Markit report

Cost of building and operating oil sands projects down significantlyThe cost of building and operating oil sands projects has fallen dramatically in recent years and total oil production is expected to rise by another one million barrels per day (mbd) by 2030, says a new report by IHS Markit. But the report Four Years of Change, released on Thursday, added that external factors such…

Imperial slams Alberta government intervention in oil industry

Slows development of its Aspen oil sands project

Imperial slams Alberta government intervention in oil industryCalgary-based energy giant Imperial announced Friday it has slowed the pace of development of its Aspen in situ oil sands project given market uncertainty stemming from Alberta government intervention and other industry competitiveness challenges. “This was a difficult choice in light of our final investment decision on Aspen announced last November,” said Rich Kruger, chairman,…

Cenovus suffers $2.9-billion net loss in 2018

‘We are well positioned to make material progress on our business plan:’ Alex Pourbaix, Cenovus president

Cenovus suffers $2.9-billion net loss in 2018Calgary-based Cenovus Energy reported on Wednesday a $2.9- billion net loss from continuing operations in 2018, including $1.3 billion in the third quarter. “In the fourth quarter, in some of the most difficult macro-economic conditions we’ve ever faced and while voluntarily managing our oil sands production lower, we remained relatively cash-flow neutral and continued to…

Report says oil prices expected to rise

Prices will improve because of increased demand from U.S. refineries, improving transportation capacity and mandatory productions cuts in Alberta

Report says oil prices expected to riseThe oilpatch in Alberta has had a tough go of it since oil prices collapsed in the latter part of 2014. But on Tuesday there was some good news from a new report released by Deloitte’s Resource and Advisory Group. It forecasts prices for Canadian heavy and light oil to improve somewhat in 2019 because…

Record fourth quarter production for Suncor Energy

Fort Hills development, Syncrude joint venture production key to results, says company

Record fourth quarter production for Suncor EnergySuncor Energy announced on Monday that it had a record-breaking fourth quarter of 2018 with total upstream production of 831,000 barrels of oil equivalent per day (boe/d), up 12 per cent from the third quarter.   The company said the record production “reflects the results of the significant investment developing Fort Hills, and Suncor’s ongoing…
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