All of the Canadian oil-sands facilities that workers fled last week as a wildfire spread are being allowed to prepare for restart as cool, humid weather has helped contain the inferno.
Alberta officials are counting on cool, humid weather in the coming days to help them better contain a raging wildfire in the heart of Canada’s energy industry and allow them to lift evacuation orders affecting some of the biggest production sites.
Oil headed for a second weekly advance as U.S. crude production continued to decline and wildfires in Canada expanded.
Alberta firefighters successfully defended Suncor Energy and Syncrude Canada oil-sands sites from wildfires as rain brought some relief and the blaze that shut more than a million barrels a day of production in Canada’s oil patch expanded in other directions.
Plans to bring back more than 1 million barrels a day of lost production in Canada’s oil sands are being delayed as wildfires sweeping across northern Alberta threaten operations again, prompting Suncor Energy Inc. to evacuate three sites it was restarting.
Long before the oil era, Fort McMurray first flourished as a fur trading hub tucked in a valley of northern Canada’s boreal forest. Even then, the area’s shiny black soil stood out.
Alberta’s largest-ever evacuation from a wildfire has forced tens of thousands people to flee Fort McMurray and prompted Suncor Energy Inc. to reduce output in Canada’s main oil-sands region.
Suncor said it has acquired 72.9% of Canadian Oil Sands shares.
Suncor Energy has agreed to buy Canadian Oil Sands in $2.9billion deal after winning approval from a management team that had previously rejected the bid.
Suncor Energy said it has extended an offer for Canadian Oil Sands until the end of January.
Canadian Oil Sands Ltd.’s board sent a letter to its shareholders Tuesday urging them once again to reject the hostile bid by Suncor Energy Inc. ahead of the offer’s deadline next week. The Calgary-based Canadian Oil Sands said the C$4.5 billion ($3.2 billion) offer was an “undervalued and opportunistic bid.” Suncor has offered 0.25 of its own shares to Canadian Oil Sands’ investors in a tender offer that expires on January 8.
Canadian Oil Sands Ltd set a capital expenditure target of C$295 million ($221 million) for 2016, down about 35% from the estimated budget for 2015, saying the Syncrude oil sands project would help raise output at lower costs.
Suncor said it may scrap its $4.5 billion hostile bid for Canadian Oil Sands if Alberta regulators endorse a poison pill that would give the target company more time to find other bidders.
Suncor Energy's battle for Canadian Oil Sands Ltd. is getting more crowded.
Total is to sell a 10% interest in the Fort Hills oil sands mining project to operating partner Suncor Energy for $230million.
The Norwegian Petroleum Directorate has granted Suncor Energy a drilling permit for a new wildcat well in the central North Sea.
The era of the megaproject in Canada’s oil sands is fading. Crude’s price slump, pressure to get off fossil fuels and tax increases in Alberta are adding to high costs and a lack of pipelines, prompting producers from Suncor Energy Inc. to Imperial Oil Ltd. to accelerate a shift to smaller projects. Companies are deferring new mines in favor of cheaper, bite-sized drilling programs that deliver quicker returns and require less labor. The moves will help reduce cost overruns and make Canadian companies more competitive with U.S. shale producers. The trade off will be reduced production growth and a smaller economic boost for the country’s oil patch.
Suncor Energy have reported a loss in earnings on the back on the oil price decline. Canada's largest oil and gas company said its net loss was $341million, compared to $1.49billion in the first quarter of 2014. Suncor has already reduced its headcount and spending to deal with the current climate.
Suncor Energy Inc., Canada’s largest oil company, will push ahead with its planned Fort Hills oil sands project even as the price of oil hovers around $50 a barrel. Suncor will spend C$1.6 billion ($1.3 billion) this year as it advances construction of the project, the Calgary-based company said in a statement.The operation will begin producing oil at the end of 2017, the company added.