Three years ago, Teck was going to spend $20 B on its Frontier Oil Sands Project. Now it’s totally out of the oil sands, completing sale of Fort Hills stake
VANCOUVER — Teck Resources Ltd. says it has completed the sale of its 21.3 per cent stake in the Fort Hills oilsands mine to Suncor Energy Inc. and TotalEnergies EP Canada Ltd.
The Vancouver-based mining company announced last year that it would sell its stake in Fort Hills to Suncor, one of two other partners in the project, for about $1 billion.
Shell profit doubles to record as war drives up energy costs
LONDON (AP) — Global energy giant Shell said Thursday that its annual profits doubled to a record high last year as oil and natural gas prices soared after Russia’s invasion of Ukraine.
London-based Shell Plc posted adjusted earnings of $39.9 billion for 2022 in its financial results for the final three months of the year. Adjusted earnings in the fourth quarter, which exclude one-time items and fluctuations in the value of inventories, rose by 50%, to $9.8 billion, from the same period a year earlier.
TC Energy raises expected cost of Coastal GasLink project to $14.5 billion
The estimated cost of the Coastal GasLink pipeline has increased by 29 per cent to $14.5 billion, as the company behind the project continues to be dogged by unexpected construction issues and rising labour costs.
Calgary-based TC Energy Corp. released the new price tag, up from an earlier estimate of $11.2 billion, for the project on Wednesday.
Justice Minister Bronwyn Eyre releases statement on feds’ “Just Transition”
“There are over 70,000 people directly and indirectly employed by our agriculture and energy sectors – sectors which are vital to not only our province, but also to our country and indeed the world. Our agriculture sector is the most sustainable in the world, producing more product and doing so with fewer emissions. The same goes for our energy sector, which continues to innovate the extraction and refinement of oil and gas, responsibly and ethically.”
Alberta landowners fear repeat of orphan well crisis as renewable energy booms
By Amanda Stephenson in Calgary Once bitten, twice shy. It's an old adage that explains why Jason Schneider, the elected reeve of Vulcan County, Alta., is jittery about the renewable energy boom under way in his province. Like many in rural Alberta, Schneider is still...
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36 Drilling rigs working in Saskatchewan on Jan. 31
The next few weeks are usually the high point of drilling activity for the year. On Tuesday, Jan. 30, there were 36 drilling rigs working in Saskatchewan, according to RiggerTalk.com, which publishes data from the Canadian Association of Energy Contractors (CAOEC).
Brian Zinchuk: A big deal in the Bakken for Saturn reminds us that all of this has happened before, and will happen again
Back in 2008, when I was being recruited to become editor of Pipeline News, the Bakken oil play in southeast Saskatchewan was all the rage. That year, the largest Crown land sales in Saskatchewan history totalled over a billion dollars, and that doesn’t even count the...
Carlyle Oilman’s Bonspiel Feb 10-12.
CARLYLE – The Carlyle Curling Club is holding its 17th Annual Oilmens Bonspiel Feb. 10-12.
Quick Dick McDick: Combine to the Finish Line
Quick Dick McDick brings us his 3rd instalment on how we grow oats in Saskatchewan! There’s one more to go after this. And holy crap, did you realize he has a brother, known as “The Dusty Wrench?” First time going through this video, I thought, man, that guy sure looks like Quick Dick. Guess I shouldn’t have forwarded through the important parts, eh? Does he have a sister with a beard, too?
David Yager: Qatar, Norway and ‘The Trouble with Canada’
That Germany has given up on Canada to supply liquefied natural gas (LNG) and instead signed a massive multi-year LNG purchase agreement with Qatar has left many angry and disappointed.
Investment manager and perennial oil bull Eric Nuttall recently visited Qatar and Saudi Arabia and wrote an opinion piece for the Financial Post titled, “Canada could be as green and wealthy as Qatar and Saudi Arabia if government wakes up – Instead of vilifying the oil and gas sectors, Canada should champion them.”
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FortisBC Holdings Inc. signs agreement with First Nation over B.C. LNG project
FortisBC Holdings Inc. says it has signed a deal with a First Nation in British Columbia over the Tilbury liquefied natural gas expansion projects.
The subsidiary of utilities company FortisInc. says it will collaborate with the Snuneymuxw First Nation on the expansion of the Tilbury LNG facility in Delta, B.C., and related projects.
North Dakota landowners at odds in carbon pipeline plans
North Dakota landowners testified for and against a carbon capture company’s use of eminent domain Friday, as Summit Carbon Solutions moves forward in constructing a massive underground system of carbon dioxide pipelines spanning 2,000 miles across several states and under hundreds of people’s homes and farms in the Midwest.
The proposed $4.5 billion carbon pipeline project would capture carbon dioxide emissions across neighboring states and deposit the emissions deep underground in North Dakota.
Weyburn OTS Open Bonspiel Feb 3-4
WEYBURN – The Weyburn OTS Open Bonspiel is taking place Feb. 3-4. The 24-team event is full as of Jan. 27, but organizer Rob Somerville said that it’s still possible to be put on a waiting list in case someone drops out. “We have a couple of different things this...
US sweetens pot to study siting for spent nuke fuel storage
The U.S. government has long struggled to find a permanent solution for storing or disposing of spent nuclear fuel from commercial nuclear power plants, and opposition to such a site is flaring up again as New Mexico lawmakers debate banning a facility without state consent.
Imperial Oil gives OK to $720M renewable diesel project near Edmonton
Imperial Oil Ltd. is going ahead with a $720-million project to build a renewable diesel facility at its Strathcona refinery near Edmonton.
The project, first announced in August 2021, is expected to produce 20,000 barrels per day of renewable diesel once it is complete.
That will make it the largest facility of its kind in Canada, upon its expected completion in 2025, and one of the largest renewable diesel complexes in North America.
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The feds are looking for research projects on CCUS, and the PTRC has a lot they can offer
Federal Minister of Natural Resources Jonathan Wilkinson announced on Jan. 25 an intake for “expressions of interest for carbon capture, utilization and storage (CCUS) research, development and demonstration (RD&D) projects and related science activities focused on carbon storage and transportation”
The Regina-based Petroleum Technology Research Centre (PTRC) has been heavily involved with such research for over 20 years. This includes the original research done on the Weyburn and Midale carbon dioxide-enhanced oil recovery projects that is now concluded, and ongoing work at the Aquistore project, part of SaskPower’s Boundary Dam Unit 3 Integrated Carbon Capture and Storage Project.
Natural Resources Minister Jonathan Wilkinson announces intake for CCUS projects
On Wednesday, Jan. 25, Minister of Natural Resources Jonathan Wilkinson made a significant announcement on the carbon capture, utilization and storage front, calling for expressions of interest for research, development and demonstration projects.
Oilsands execs say they can’t invest in decarbonization any faster, despite profits
Oilsands executives insist they are all in on cutting emissions and will make big investments in green technology, but they maintain there isn’t a place to invest that money yet.
Many companies are coming off a year of windfall profits not because they pumped out more product, but because the war in Ukraine and global supply chain crunches pushed world oil prices way up.
Carbon capture, utilization and storage summit added to Williston Basin Petroleum Conference
REGINA – This spring’s Williston Basin Petroleum Conference has a new addition, with the Saskatchewan CCUS Summit. It comes at a time when interest is gathering steam.
CCUS stands for carbon capture, utilization and storage, and after literal decades of being implemented in Saskatchewan via the Weyburn and Midale Units, as well as Aquistore, the rest of the world is waking up to its promise.
Saskatchewan Research Council: How SRC is using metal smelting for rare earths
Editor’s note: Often behind the scenes, the Saskatchewan Research Council has provided substantial fundamental research to support Saskatchewan business, including the energy industry. Their work in oil and gas, from pipeline labs to reservoir modelling, is significant. Pipeline Online has invited the SRC to submit an occasional column, and this is their first piece, focusing on a key emerging market for Saskatchewan, rare earth elements.
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ROK Resources closes southeast Saskatchewan deal, provides guidance for first half
On Jan. 24, ROK Resources of Regina announced that they had closed on land swap deal that had been announced on Dec. 19, 2022.
That announcement on Dec. 19 indicated that they were doing both an acquisition and a disposition with another company. In what is largely a land swap, they were acquiring 1,400 boepd production (69 per cent liquids) in southeast Saskatchewan, but selling 475 boepd (100 per cent liquids) of mostly non-operated properties in southwest Saskatchewan to the same company they were buying land from in the southeast. ROK was paying $26.5 million to the other party as part of the deal.
Saturn Oil & Gas acquires Ridgeback Resources in a deal that will be rockin’ in the Bakken
CALGARY – Saturn Oil & Gas Ltd. is continuing an exponential growth pattern through acquisitions.
At the close of the markets on Friday, Jan. 20, Saturn announced it was acquiring Ridgeback Resources Inc., one of the largest players in the Saskatchewan Bakken and Mississippian plays, which also has significant operations in three areas of Alberta. The deal is for $525 million.
Royal Helium begins 2023 exploration programs with high resolution aeromagnetic survey in SW Saskatchewan
Royal Helium Ltd. announced on Jan. 23 it has initiated its 2023 exploration program in southwest Saskatchewan by flying approximately 5,960 line-kilometers of proprietary High Resolution Aeromagnetic (HRAM) data over its Cadillac and Swift Current helium properties in southwestern Saskatchewan.
Federal cabinet set for three-day retreat in Hamilton ahead of Parliament’s return
By Mia Rabson in Ottawa The ongoing affordability crunch and the threat of a looming recession will be front and centre as the federal Liberal cabinet holds a post-holiday cabinet retreat this week. Prime Minister Justin Trudeau and his ministers will spend the next...
1st small modular nuclear reactor certified for use in US
The U.S. Nuclear Regulatory Commission has certified the design for what will be the United States’ first small modular nuclear reactor.
The rule that certifies the design was published Thursday in the Federal Register. It means that companies seeking to build and operate a nuclear power plant can pick the design for a 50-megawatt, advanced light-water small modular nuclear reactor by Oregon-based NuScale Power and apply to the NRC for a license.