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…

Suncor Energy’s capital program for 2019 could hit $5.6B

Plan represents a flat capital spend compared to 2018 and a year-over-year production increase of about 10%

Suncor Energy’s capital program for 2019 could hit $5.6BCalgary-based Suncor Energy says its capital program for 2019 will be between $4.9 billion and $5.6 billion. And its average upstream production will be 780,000 to 820,000 barrels of oil equivalent per day (boe/d). The company said the midpoints of these ranges represent a flat capital spend compared to 2018 and a year-over-year production increase…

U.S. imports of Canadian heavy crude oil continues to grow

U.S. is by far the world’s largest refining market for heavy oil, processing more than half of all that type of crude globally in 2018

U.S. imports of Canadian heavy crude oil continues to growA new report released on Tuesday by IHS Markit says imports of Canadian heavy crude are an increasingly important source of supply to the United States, the world’s largest refining market for such crudes. The report, Looking North: A U.S. Perspective on Canadian Heavy Oil, said U.S. imports of Canadian heavy crudes will approach 2.8…

Cenovus plans capital spending of $1.2B to $1.4B in 2019

Cites efficiency improvements at oil sands operations and reduced development plans for the Deep Basin

Cenovus plans capital spending of $1.2B to $1.4B in 2019Calgary-based Cenovus Energy Inc. announced on Tuesday it plans to invest between $1.2 billion and $1.4 billion in 2019, with the majority of the budget going to sustain base production at its Foster Creek and Christina Lake oil sands operations. The company also plans to complete construction of the Christina Lake phase G expansion, it…

What’s going on with oil prices in Alberta?

Industry expert Richard Masson explains how supply and demand balance dramatically impacts oil pricing

What’s going on with oil prices in Alberta?Trying to understand the critical situation Alberta faces with current oil prices is daunting for most people, especially if they’re not directly involved with the oilpatch. So Calgary’s Business decided to make some sense out of this confusing scenario and sought the expertise of one of the country’s top experts in the field to explain…

Imperial Oil developing $2.6-billion Alberta oil sands project

Project will include the first major commercial application of technology to lower greenhouse gas emissions and water use

Imperial Oil developing $2.6-billion Alberta oil sands projectImperial Oil says it’s proceeding with the development of its $2.6-billion Aspen oil sands project, about 45 kilometres northeast of Fort McMurray. The company said the project, which is expected to produce about 75,000 barrels of bitumen per day, will include the first major commercial application of next-generation oil sands recovery technology. The technology is…

Greenhouse gas emissions from Canadian oil sands production falling

IHS Markit report says that over the last eight years, emissions fell 21% and it predicts further future improvements

Greenhouse gas emissions from Canadian oil sands production fallingThe level of greenhouse gas emissions from Canadian oil sands production is falling. A new report by research firm IHS Markit says the emissions intensity of upstream Canadian oil sands production will continue to decline in coming years, falling to 30 per cent below 2009 levels by 2030. “The Canadian oil sands have a demonstrated…

Unlimited cheap natural gas is a win for everyone

Even climate extremists should embrace natural gas, since it’s slowly replacing coal and oil, and cutting carbon emissions

Unlimited cheap natural gas is a win for everyoneThe shale revolution, technology unleashing vast new oil and natural gas production, is delivering lower energy costs to countries, industries and consumers. Without revolutionary hydraulic fracturing (fracking) and horizontal drilling, Canadians’ heating bills would be twice what they are now. Gasoline prices – soaring now due it is half as deleterious as oil. And if…

Notice a drop in your standard of living? Blame pipeline delays

Opening up new oil markets will increase investment, drive up the economy and boost the loonie and our standard of living

Notice a drop in your standard of living? Blame pipeline delaysCanada’s standard of living is suffering because of the seemingly perpetual pipeline controversy and related delays. It’s not merely the delay in construction that’s causing problems. It’s also delays in expanding our oil exports to the world and being ambivalent to foreign investment.  Canada’s problem results, in part, from the damaging effects to the Canadian…

Why build a pipeline if we prohibit oil tanker traffic?

The federal government's Bill C-48 would indefinitely ban most oil tankers loading or unloading anywhere on the B.C. north coast

Why build a pipeline if we prohibit oil tanker traffic?While the Trans Mountain pipeline saga grabs headlines across the country, Bill C-48, which indefinitely bans most oil tankers loading or unloading anywhere on British Columbia’s north coast, recently had its third reading in Parliament. The bill, which must still pass through the Senate, erects yet another barrier to exporting Canadian oil to markets in…