Suncor outlines capital program

Suncor

Suncor Energy Inc. released its 2017 corporate guidance today, which includes a capital spending program of between $4.8 billion and $5.2 billion and average production of 680,000 to 720,000 bbls of oil equivalent per day. The midpoints of these ranges represent a year over year increase to production of more than 13 per cent and a reduction to capital spending …

Wildfires in Alberta affect oil prices

While wildfires raging in northern Alberta have tempered Canadian production, a shocking increase in U.S. stockpiles counteracted a steep climb for oil stocks. U.S. crude stocks grew by 2.8-million barrels over the past week – significantly more than the 1.7-million boe expected. “Oil prices could receive support from the wildfires in the Canadian oil province of Alberta,” said Carsten Fritsch, …

Husky energy starts production at steam-assisted oil project

Despite a rocky economy, Husky Energy Inc. has gone ahead with production at its Edam East steam-assisted oil project near Lloydminister, Saskatchewan. “Our growing portfolio of heavy oil thermal projects continues to lead Husky’s transition into a low sustaining capital business,” Husky Energy CEO Asim Ghosh said in a statement. “Edam East is another example of the quick ramp ups …

Kuwait oil strike improves stocks

Striking oil workers in Kuwait have caused the price of oil to climb by more than 3%. The strike has nearly cut Kuwait’s oil production levels in half now that workers are in their third day off the job. Workers are protesting against planned public sector pay reform. In March, the country produced 2.8-million bpd. During the strike, output has …

Oil stocks drop as Doha deal falls apart

Talks between 18 oil exporting nations in the Qatari capital of Doha to stabilize oil prices fell apart due to conflict between Saudi Arabia and Iran. The Saudis insisted that Iran participate, however Iran has said it will not agree to reduce production levels until it reaches pre-sanction levels of output. German-based Commerzbank said in a statement, “Saudi Arabia intentionally …

Oilsands Megaproject construction to be phased out

Megaprojects in Canada’s oilsands which have been so dominate over the last economic boom are now likely a thing of the past, according to the CFO of Suncor. “The years of large, multibillion-dollar projects are probably gone,” Alister Cowan, chief financial officer of Suncor, said Tuesday at the CAPP Scotiabank Investment Symposium in Toronto. Plans for multi-billion dollar expansions have …

Murphy Oil to make job cuts in Calgary

Murphy Oil has announced it will be making significant cuts at its Calgary office as well as throughout its worldwide operation. The company reduced capital spending by 75% in 2016 compared to the year before. “We’ve reduced headcount across all functions and in every location,” said spokeswoman Kelly Whitley. She added that the unknown number of cuts would be made …

Russia, OPEC make production deal

Following a closed door meeting between world powers, Russia’s energy minister announced his country has agreed with OPEC members Saudi Arabia, Qatar, and Venezuela to freeze oil production. The stipulation is that the agreement would hold only if other producing countries adhered to the same. Russia’s energy minister Alexander Novak made the announcement today following a private meeting in Doha, …

Iran sends oil to Europe

Iran has sent its first shipment of oil to Europe after sanctions were lifted following an international nuclear deal. The deal restricted Iran’s nuclear ambitions in exchange for a pass on existing international sanctions. The country’s current production rate is 3.1-million barrels per day however Iran plans to add another one million barrels as soon as possible. Deputy Oil Minister …