Production at the Hibernia offshore production platform 315 kilometres east of St. John’s, N.L., has been halted after an apparent spill of drilling and production fluids.
Prime Minister Justin Trudeau says news that one of the world's largest investment funds will exclude four Canadian oilsands producers from consideration for investing is part of a continuing shift in global attitudes for which oil companies will have to adjust.
Teck Resources Ltd. is leaving the Canadian Association of Petroleum Producers, an industry organization whose members represent about 80 per cent of Canada's oil and gas production.
A move by Husky Energy Inc. to halt production of 80,000 barrels per day takes the total reduction in Canadian crude output to about 365,000 bpd since the onset of measures to deal with the COVID-19 pandemic, an analyst says.
Budget cutting in response to the twin challenges of COVID-19 demand destruction and low oil prices mean the world's oil and gas industry will likely spend less on renewable energy going forward.
Oilsands giant Suncor Energy Inc. is putting projects on hold and cutting its 2020 capital budget by 26 per cent to deal with lower oil prices linked to a market share battle between Saudi Arabia and Russia, as well as lower demand for fuel because of the COVID-19 pandemic.
Teck Resources Ltd. says it will take an impairment charge of about $1.13 billion if the federal government decides not to approve its Frontier oilsands mining project.
The Alberta government has approved an application by Suncor Energy Inc. to build a 40,000-barrel-per-day thermal oilsands project but construction is unlikely to start any time soon.
Indigenous leaders say they hope other companies will follow the lead of Cenovus Energy Inc. after it pledged to give $10 million per year over the next five years to support housing in six northern Alberta communities near its oilsands operations.
Cenovus Energy Inc. says it will add as much as 70,000 barrels per day of oilsands output following the Alberta government's decision to ease production curtailments for producers that add crude-by-rail capacity.