Repsol has agreed to sell its oil and gas assets in Canada to Peyto for $468 million (approx. €433 million) as part of its ongoing portfolio management to focus activity on core regions.
Following a brief respite at the end of last week, the wildfires in Alberta began raging again this week as temperatures rose, threatening the oil sands operations in the province and forcing operators to shut in oil and gas production.
Crude oil prices were on the rise on Monday as the market continued to fear a tightening of crude supplies on Canadian wildfires.
(Reuters) – The Canadian Association of Petroleum Producers (CAPP) said on Wednesday it expects oil and natural gas investment in upstream production will reach C$40 billion ($29.4 billion) in 2023, surpassing pre-COVID levels
The Canadian oil and gas industry could see investments topping pre-pandemic levels at some C$40 billion, or $29.36 billion, the Canadian Association of Petroleum Producers said.
When Russian tanks and troops rolled into Ukraine one year ago, it was no shock that crude prices spiked above US$100 per barrel for the first time since 2014.
The U.S. energy sector has enjoyed bumper profits in the current year, with Big Oil companies setting records left, right and center. And Wall Street is saying the party is set to continue in the coming year.
While Alberta is the center of Canada’s fossil fuel industry, it is set to also become the country’s largest source of clean energy, outpacing Ontario.
Natural Resources Minister Jonathan Wilkinson said that his country will actively work to free up extra crude supplies for the U.S. and Europe