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.
The Alberta government has agreed to invest about US$1.1 billion (C$1.5 billion) as equity in the Keystone XL pipeline project, substantially covering planned construction costs through the end of 2020.
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.
A $1-billion fund established last year to support Indigenous participation in major projects won't have any projects to back if the circumstances that led to the cancelling of the Frontier oilsands mining project this week continue, Alberta Premier Jason Kenney warned on Wednesday, February 27, 2020.
Long pipeline routes that cross provincial and Indigenous territorial boundaries are part of the reason that Canada is a more difficult place than the U.S. to build major energy projects, according to American analysts.