CS - Encana delivers significant blow in mid-earnings season - November 2019The Canadian industry was shaken up on Oct. 31, when Encana announced it will redomicile in the US early next year and change its name to Ovintiv (PG.1). This was a sober backdrop to the ongoing earnings season, which has seen some of Canada’s top producers coming in with mixed results. While Suncor Energy’s profits were down 43% YOY, production was slightly up because of higher Syncrude output and the ramp-up of Fort Hills and Hebron production (PG.8). Canadian Natural Resources Ltd., buoyed...
Nov 13, 2019
CS - Alberta grants approval for Syncrude’s Mildred Lake project - July 2019The Alberta Energy Regulator granted Syncrude Canada Ltd. approval for an
extension project at its Mildred Lake facility in the Athabasca oil sands, 40 km north
of Fort McMurray. The extension is intended to sustain bitumen levels for another 14
years after the current Mildred Lake mine pit is depleted. The project includes
two open-pit mining areas in and adjacent to existing Mildred Lake operations
with 735 MMbbl of recoverable bitumen. Extension development will begin
before YE19 and...
Jul 31, 2019
CS - Sinopec shops Duvernay assets in Buck Lake area of Alberta - July 2019China’s Sinopec is marketing Duvernay shale assets within the Buck Lake area of
Alberta. The assets consist of Sinopec’s 100% WI in 24,320 acres of Crown Duvernay
rights and one producing horizontal Duvernay well. The acreage is directly offset to
the east by recent Duvernay
drilling activity by a JV of
Kiwetinohk Resources Corp.
and Journey Energy (PG.3), Baytex Energy and Resourceful Petroleum Canada
Ltd. To the southeast, Repsol and Paramount Resources have been drilling horizontal
Duvernay...
Jul 31, 2019
IEA report shows bottlenecks remain as oil output growsCanada’s growing oil production is putting the prices of the country’s heavy crude under pressure, the International Energy Agency reported. Preliminary data for August shows Canada’s output hit a record high near 5.3 MMbbl/d, higher than the IEA’s own estimates despite the closure of one of the country’s large upgraders.The country’s synthetic oil output rose by 120,000 bbl/d from July to 11.14 MMbbl/d. Raw bitumen production rose 95,000 bbl/d to 2.0 MMbbl/d, an all-time high. “The...
Oct 17, 2018
CNOOC’s Nexen shops properties across CanadaChina’s Nexen is shopping 10 properties in Alberta, Saskatchewan and the Northwest Territories with combined production of 1,217 boe/d from the Basal Quartz, Elkton, Mannville, Sparky, Belly River, Wabamun and other formations. The largest position is in the Crossfield area on the northeast edge of Calgary, where recent net production averaged 7.3 MMcf/d from the Basal Quartz/Ellerslie and Viking formations. Crossfield output also includes 1.0 MMcf/d from coalbed methane wells. The Alberta...
Jul 25, 2018
Nexen to boost oil sands production at Long LakeNexen Energy plans to expand oil sands production at its troubled Long Lake oil sands facility 40 km south of Fort McMurray by 26,000 bbl/d. The $400 million expansion will add three steam-driven well pads that will send additional bitumen to its existing facilities. Site preparation has already begun with first oil slated for late 2020. Long Lake first began production in 2008. The company said the project has already received approval from the Alberta Energy Regulator and that it...
Jul 12, 2018
CNOOC's Nexen marketsproperties across CanadaChina’s Nexen is marketing 10 properties in Alberta, Saskatchewan and the Northwest Territories. Combined production of 1,217 boe/d is from the Basal Quartz, Elkton, Mannville, Sparky, Belly River, Wabamun and other formations. The largest position is in the Crossfield area on the northeast edge of Calgary, where recent net production averaged 7.3 MMcf/d primarily from the Basal Quartz/Ellerslie and Viking formations. Crossfield output also includes 1.0 MMcf/d from coalbed methane wells....
Jul 03, 2018
Suncor acquires Murphy’s Syncrude stake for $937 million - 2 Years AgoOne of the first major multinational scaledowns from the oil sands occurred in April 2016, with US-based Murphy Oil’s $937 million sale of its 5.0% sake in Suncor Energy. That deal followed Suncor’s $6.6 billion acquisition of Canadian Oil Sands Ltd. in January of that year by which it acquired its initial operated 37% WI in Syncrude. Murphy retains operations in Western Canada (Kaybob Duvernay, Montney) and offshore Eastern Canada. Syncrude has been beset by reliability challenges in...
May 02, 2018
Suncor’s $6.7B COS acquisition was largest deal in early 2016There was $6.76 billion across 17 upstream deals in the first two months of 2016. The largest of these deals by far was Suncor Energy’s $6.6 billion acquisition of Canadian Oil Sands announced Jan. 18. The deal saw Canada’s largest oil sands producer acquire a 36.74% WI in Syncrude Canada Ltd. in Fort McMurray and a total of 251,948 acres from eight leases.Also that February, one of the most active buyers of 2015 struck again, with Tourmaline Oil acquiring assets in Alberta’s Deep Basin...
Feb 28, 2018
Suncor acquires Fenja stake from Faroe for $54.5 millionCanada’s Suncor Energy struck a US$54.5 million (C$68 million) deal to acquire a 17.5% WI in the VNG Norge-operated Fenja development in the Norwegian Sea from Faroe Petroleum. Suncor concurrently announced a larger US$730 million (C$920 million) deal on its home turf by which it acquires additional interest in its operated Syncrude Canada JV in Alberta from Japan’s JXTG Holdings subsidiary Mocal Energy. Statoil described the Fenja field as a strategic fit within its offshore portfolio as it...
Feb 21, 2018
People & Companies - November 20, 2017Birchcliff Energy shareholders named
Debbie Gerlach to the board of directors.
Gerlach is a chartered accountant and was
a partner of Deloitte LLP for more than
21 years until September 2017. She worked
with many public oil and gas companies
over a 35-year career with Deloitte. SunCor named Mark Little, president
of the company’s upstream organization,
as its chief operating officer, responsible
for all operations and corporate services.
Little joined Suncor in 2008 and held
various...
Nov 20, 2017
"Canadian Acquirer" People & Companies - November 06, 2017As it prepares for its Hong
Kong IPO, TSX-listed Changfeng
Energy named Long Cao to replace
Yan Zhao as CFO. Cao participated in
Changfeng’s TSX IPO process from
2006 to 2008 and is currently the CFO of
Changfeng’s Chinese subsidiary Sanya
Changfeng Offshore Natural Gas
Distribution Co. Ltd. Perpetual Energy named Ryan
Shay to its board. He most recently
served as managing director, head
of investment banking for
Cormark Securities until he
retired in June 2016. Before
transitioning to...
Nov 06, 2017
Two more major oil sands exits may be imminentChevron and BP could soon become the latest multinational oil companies to shake-off oil sands assets, giving Canada’s domestic companies further opportunities to consolidate their ownership of the country’s oil and gas powerhouse region. The rumored divestments come a month after Shell and Marathon Oil agreed to sell oil sands assets to Canadian Natural Resources Ltd. in two deals worth US$13 billion, both involving stakes in the Athabasca Oil Sands Project. Another major deal would be the...
Apr 26, 2017
CS - News Briefs - March 10, 2020Advantagewon Oil Corp. said it has completed work on its second Canadian well and encountered oil again. The former producing well had a historic production rate of 20-30 bo/d. The company is in the process of tying in the well and expects to report flow rates in mid-March. In February, Advantagewon sold all of its Texas assets to focus solely on Canada. The Impact Assessment Agency of Canada is seeking public comments until April 4 on Australian natural resources conglomerate...
Mar 11, 2020
CS - News Briefs - December 11,2019Australia-based Calima Energy Ltd. received approval from the British Columbia Oil and Gas Commission to construct a production facility at its Montney pad location. The facilities will include tankage, electrical generation metering and a control center. The approval is for the existing two liquids-rich wells, but its modular design will allow expansion to accommodate up to 20 wells at the pad site. The company also applied for an egress pipeline to transport production to the Tommy Lakes...
Dec 11, 2019