CALGARY – Rival plans to pipe Alberta crude east would safeguard jobs and encourage investment in Quebec’s struggling refinery sector, the president and chief executive of Suncor Energy Inc. said Tuesday.
Steve Williams said TransCanada Corp.’s proposed Energy East pipeline and Enbridge Inc.’s Line 9 reversal and expansion would improve the profitability of Suncor’s 137,000-barrel-per-day Montreal refinery, securing a “long-term” future for the plant in a region that has witnessed several closures.
Qatar may raise its exposure to Western Canadian natural gas as the gas giant targets North American assets to offset plateauing domestic natural gas production and participate in one of the world’s biggest oil and gas plays.
U.K.-based Centrica Plc and state-owned Qatar Petroleum International’s joint venture bought Suncor Energy Inc.’s conventional gas assets for $1-billion on Monday. The deal is the first of Centrica’s 60:40 agreement with the world’s largest natural gas producer to pursue international assets in 2011.
Suncor Energy Inc., Canada’s largest energy company by market value, will proceed with the $13.5 billion Fort Hills oil sands project as it seeks to increase production.
The venture with Total SA and Teck Resources Ltd. will begin producing crude in 2017, adding 180,000 barrels a day of output in northern Alberta, the company said yesterday in a statement. Calgary-based Suncor’s share of the costs will be $5.5 billion.
CALGARY – Canada’s largest oil company has added its voice to those playing down the importance of Keystone XL, as the U.S. government weighs approval of the contentious pipeline.
“The belief is that the industry will get access to markets” with or without the pipeline, Suncor Energy Inc. chief executive Steve Williams said Wednesday.
CALGARY — After months of uncertainty, market and industry players expressed relief Friday that Canada has approved two watershed energy takeovers by foreign state-controlled enterprises, even if the public backlash they stirred will mean tougher rules in the future and a new prohibition on such takeovers in the oilsands.
Shares of Suncor Energy Inc. took a hit on Wednesday after the company’s fourth quarter earnings missed analyst estimates and it took a $1.5-billion charge related to the Voyageur upgrader project.
The selling pressure is also likely due to Suncor’s announcement that it recently received a letter from the Canada Revenue Agency relating to the income tax treatment of losses incurred in 2007 on the settlement of old Petro-Canada derivatives contracts.
CALGARY – Canada’s largest distributors of natural gas are digging their heels in against TransCanada Corp.’s plan to send Alberta crude to the East Coast, warning the scheme could result in higher costs for their customers in Ontario and Quebec.
Suncor Energy Inc, Canada’s largest energy company, said Wednesday its average production from oil sands operations fell 32.3% to 218,000 barrels per day (bpd) from 322,000 bpd the previous month.
Suncor’s oil sands production numbers do not include its 12% share of the Syncrude Canada Ltd joint venture.
Malaysian Prime Minister Najib Razak asked his Canadian counterpart Stephen Harper to reverse the initial rejection of Petroliam Nasional Bhd.’s $5.2-billion takeover of Progress Energy Resources Corp., correspondence between the two leaders shows.