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Editor's note: This story first appeared in the Sept. 25, 2005, issue of Petroleum News. All Devon Canada needs now is an Arctic freeze-up to spud the first exploratory well since 1989 in the Canadian Beaufort Sea, in hopes of extending gas supplies for a Mackenzie Valley pipeline. It embarks on the high-stakes gamble armed with 3-D seismic data that was not available to explorers before the region was consigned to the deep-freeze after logging 26 significant discovery licenses from 41 shallow and 50 deepwater wells. "We have seen formations...
Unless there is a sudden change in weather patterns, persistent drought conditions pose a big challenge for the natural gas sector in Western Canada says a report by Deloitte Canada. The report, made public in early April, says the potential water shortage is a key risk facing gas producers in 2024. It says some of the most extreme drought conditions are currently in the gas-dependent regions of northeastern British Columbia and northwestern Alberta where water use is critical to the development of gas that underpins the LNG facilities expected...
For the umpteenth time Alberta is hoping to utilize nuclear power -- a target that Premier Danielle Smith says is still about a decade away despite frequent moves by government and industry in the direction of deploying the province's first small modular reactor, SMR. "Our industry is anticipating it will take until 2035 to be able to get the first nuclear reactor rolled out in Alberta, but I hope we can do it a lot faster than that," Smith told reporters at an SMFR Summit in Calgary in early March. Smith's government is allocating C$600,000 to...
Less than a year after striking a deal to expand its rail network investment in North Amerca by U$9 billion, North America's largest crude and gas shipping company has tossed another C$500 million into the pot by bolstering its continental transportation system. In targeting aggressive plans to offer increased volumes on its oil pipeline network by 200,000 barrels per day over the next five years, Enbridge said it expects to offer capacity to handle climbing production from the Western Canada Sedimentary Basin. "As has happened in the past, as...
The number crunching for Canada's Trans Mountain pipeline expansion, TMX, is now in full swing with the new pipeline connection of 890,000 barrels per day from the Alberta oil sands to Vancouver's tanker terminal expected to generate C$40 billion in royalties and taxes over two decades, more than covering the C$31 billion price tag of the expansion project. So far, so good for Alberta. Although the TMX owner -- the Canadian government -- has yet to set an in-service date for TMX, the company has served notice to producers to start moving crude...
Trans Canada Energy, Canada's second-largest oil and natural gas carrier, has demonstrated its steadfast commitment to complete C$3 billion of asset sales this year by unloading its Portland Natural Gas Transmission system for US$ 1.14 billion. In taking a big step towards its 2024 goals of trimming its balance sheet, Calgary-based TC Energy announced March 4 its sale of Portland Natural Gas is a "unique opportunity to support our capital commitments and deleverage priorities while continuing to meet the needs of the communities PNGTS serves."...
Now that the Trans Mountain expansion system is within weeks of startup, attention among Canadian oil producers is fast turning to a new age of production comfort along with what is next on the Canadian pipeline agenda. And regardless of demand for access to pipelines in excess of scheduled space, there is still likely to be a shortage of capacity, as producers set new output records. Kevin Birn, a vice president with S&P Global Commodity Insights, said that as supply builds "in very short order Western Canada will probably be north of the 90%...
The Canadian LNG sector, led by previously hesitant Alberta Premier Danielle Smith, is buoyed by President Joe Biden's move to pause approvals of new LNG export terminals, seeing this as a "second chance" for Canada to overtake the U.S. global dominance of the export business. "I hope Canada doesn't blow the opportunity to accelerate some of the projects" that have been left at the starting gate after a decade in which the United States has transformed itself into the global LNG powerhouse, Smith told reporters. She was speaking at a news...
TC Energy has disclosed it is holding talks with First Nations groups in Alberta and British Columbia about a potential deal to acquire a stake in the company's natural gas pipeline network, NGTL. Meetings started before Christmas and are expected to continue in Edmonton said Nillo Edwards, executive director of the B.C.-based First Nations Major Projects Coalition that works with Indigenous communities that are interested in equity positions in major projects that cross traditional territories. Edwards said the prospect of deals should...
Citing persistent economic headwinds, Canadian pipeline giant Enbridge says it will cut 60 jobs in February less than five months after it became North America's largest natural gas utility by acquiring three U.S. utilities for US$9.4 billion. Enbridge said in a statement that "cost reduction measures are necessary to maintain our financial strength, be more cost competitive and enable us to weather near-term challenges. While we delivered a strong financial performance in 2023, cost reduction measures are necessary." Enbridge said its...
One of oldest oil and gas office towers in downtown Calgary is a gaining a new tenant, with Canadian Natural Resources moving into the Shell Canada Center in 2025 and 2026. Built in 1977, the high rise has total space of more than 640,000 square feet and will be entirely occupied by CNR. Shell vacated the 32-storey landmark last year. The shuffle will temporarily take two large chunks of office space off the market said Mason Lam, senior vice-president at Jones Lang LaSalle Inc., a Calgary-based real estate services firm. Lam said the moves...
Alberta oil producers, exporters, pipeline owners and the Alberta government have all grown hungry and edgy as they have waited for the C$30 billion expansion of the TransMountain pipeline to reach the start-line. Their years of negotiating peaks and valleys are almost over as the TMXL's final stretch of 2.3 kilometers nears completion, and the new pipeline becomes ready to be filled with 4.5 million barrels of crude. According to some sources, TMXL is less than two months from starting deliveries of 900,000 barrels per day of Alberta crude to...
Chevron is stepping up the streamlining of its Canadian assets by putting its natural gas business in northern Albertas Duvernay natural gas play up for sale in a deal it expects will generate C$1.2 billion. The assets, which yield about 40,000 barrels per day of oil and gas from almost 1,000 square kilometers in the Duvernay fields, could fetch US$900 million according to Houston-based firm Energy Advisors Group. The transaction is part of Chevrons plans to offer for sale at least US$10 billion in assets over the next 4 years after a...
Growing interest in the prolific Montney natural gas basin of northern British Columbia and Alberta is expected to power a lively year of mergers and acquisitions. However, Tom Pavic, president of Calgary-based Sayer Energy Advisors, which tracked C$16.2 billion of M&A deal-making among oil and gas companies last year, cautioned that the stability that has entered the oil market over the past year could curb buying and selling this year. "You will certainly see some deals being done," he told the Calgary Herald. "But there is definitely less...
Emerging from the wreckage of more than 20 LNG projects once proposed for the British Columbia coast is a survivor that holds serious promise. Ksi Lisims is a unique limited partnership comprising a self-governing modern treaty nation ideally located on the British Columbia coast with direct access to Pacific Rim markets, Rockies LNG Partners that collectively produces about 20% of Canada's natural gas and Texas-based Western LNG that is engaged in the development of North American export facilities and has a management team experienced in the...
Suddenly faced with a possible two-year delay in completion of the massive expansion of the Trans Mountain pipeline from the Alberta oil sands to the British Columbia coast to open the door to a possible 600,000 barrels per day of exports to Pacific Rim markets, Alberta crude producers and the provincial government are on edge. "There's no other way to describe the prospect of a delay in TMX other than 'preposterous,'" said Tristan Goodman, head of the Explorers and Producers Association of Canada. "We are still hopeful that it won't work out...
Shunned for years by the world's environmental elites, Canda has decided the time has come to assert its role as a nuclear power by promoting its homegrown reactor technology. Taking the stage at the World Nuclear Exhibition in late November, an event called the sector's Super Bowl, Canada was joined by Ontario Power Generation, OPG, the world's largest owner and operator of Candu reactors, announcing it had entered discussions with Electricite de France to explore the possibility of building a European model of the Candu known as the EPR. The...
After years of foot-dragging, the Canadian government is expected to finally deliver over the next month on its promise of investment tax credits for carbon capture and sequestration projects, unleashing an array of projects carrying price tags in the range of multi-billion dollars. But the impending shift to carbon capture and underground storage, CCUS, as a major advance by oil and gas producers to achieve decarbonizing of their operations clashes with a warning from the International Energy Agency against banking on CCUS technology to end...
For the first time in many years, drilling rigs have been crossing the border between Montana and Alberta, drawn by a flurry of oilfield activity and a return to profitability in Canadian oil fields. "The fact that we're seeing a relocation of rigs to Canada is a positive signal of confidence for the Canadian market," Mark Scholz, president of the Canadian Association of Energy, CAER, told the Calgary Herald. The bullish outlook comes five years after an exodus of rigs to the U.S. when the Canadian oil patch was enduring a prolonged slump...
A fresh announcement that pipeline giant TC Energy plans to sell C$5 billion in North American assets has stirred speculation that Indigenous communities could scoop up ownership stakes in a major acquisition of the company's pipeline assets. The Calgary-based company said it intends to sell individual assets or minority stakes in unspecified assets as it seeks to generate capital to fund growth opportunities. It's not known which assets TC Energy would groom for sale but analysts have speculated that the list could include 50% of a 280-mile...
Consolidation of Canada's natural gas sector continued apace with two more deals of significance in the first half of November despite a stern forecast of shrinking global gas demand over the next six years. TransAlta, the most powerful gas utility in the province of Alberta, added to the rapid transformation and turmoil sweeping across the electricity industry with a C$658 million acquisition of Calgary-based Heartland Generation. That deal was followed by Crecent Point Energy inking a blockbuster purchase of Hammerhead Energy for C$1.86...
Enbridge, North America's largest gas pipeline operation, is accelerating its move into the renewable energy sector by adding seven gas facilities in Texas and Arkansas to its fold. In a US$1.2 billion purchase, the Calgary-based company has signed a deal to acquire the existing facilities of Texas-based Morrow Resources to become one of the largest transporters of renewable gas, RNG, by volume in North America, with production focused on non-fossil-based energy created from organic waste. It came only a month after Enbridge said it expects to...
Tourmaline Oil has bolstered its natural gas holdings in Canada as it sets its sights on overtaking the U.S. companies as North Americas leading exporters of LNG. At a time when consolidation of Canadas natural gas sector is advancing in anticipation of a rising appetite among LNG producers, Tourmaline, Canadas largest natural gas producer, is spending C$1.45 billion to acquire Bonavista Energy for C$725 million in cash and an equal amount in shares, one of the largest deals in Tourmalines 15-year history. But Canada lags far behind the U.S....
The long-held plan by Calgary-based Pieridae Energy to export 10 million metric tons a year of LNG from Nova Scotia to Europe has been abandoned. Pieridaes CEO Alfred Sorensen confirmed to the Globe and Mail that his company is no longer interested in transporting gas from Western Canada to Pieridaes LNG site in Atlantic Canada because of the multi-billion dollar estimated cost of upgrading the TCP Energy pipeline across Ontario and Quebec. For now it looks like the millions of dollars spent making arrangements for transporting gas from...
The Supreme Court of Canada has delivered a victory to the petroleum industry by overturning a federal law commonly referred to in Alberta as the "No More Pipelines Act." The verdict challenged a recent federal government environmental assessment law giving the federal government absolute control over natural resource projects and their related facilities. The court decided that the law was largely unconstitutional. The 5-2 court decision was celebrated in Alberta where Premier Danielle Smith estimated that the law had scuttled projects valued...
