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Tag Archives: oil sands

Bank of Canada: Economy will shrink due to Alberta wildfires

Fort McMurray

TORONTO (AP) — Canada’s central bank said Wednesday the Canadian economy will shrink in the second quarter because of Alberta’s devastating wildfires, which shut down its oil sands production. The Bank of Canada, which kept its key interest rate on hold, said its preliminary assessment is that the destruction and halt to oil production will knock about 1 1/4 percentage ...

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Fort McMurray residents could be allowed to return June 1

Fort McMurray

FORT MCMURRAY, Alberta (AP) — More than 80,000 residents who fled Canada’s main oil sands town because of a massive wildfire could return home starting on June 1 if conditions are deemed to be safe, officials said Wednesday. Premier Rachel Notley said the re-entry will be done in stages and will be voluntary and cautioned the date is preliminary. Those ...

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Mixture of loss, hope for Canadian town hit by wildfire

Canada, wildfire, Alberta

FORT MCMURRAY, Alberta (AP) — Charred bicycles lean on a fence in front of incinerated townhomes. Just across the street, a school and playground are untouched. Across this Canadian oil sand town, the contrast is repeated: neighborhoods that burned to their foundations, while other neighborhoods, strip malls, car dealerships, schools and hospitals are still standing. Nearly a week after people ...

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Massive Alberta wildfire expected to burn for months

Alberta wildfire

FORT MCMURRAY, Alberta (AP) — The images are ones of devastation — scorched homes, virtually whole neighborhoods burned to the ground. It rained a little Sunday morning in Fort McMurray, but Canadian officials say they expect to fight the massive wildfire that has destroyed large parts of Alberta’s oil sands town for months. There’s fear the growing wildfire could double ...

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Alberta wildfire evacuees moved a 2nd time as weather shifts

Alberta fire

FORT MCMURRAY, Alberta (AP) — A raging Alberta wildfire has moved south, forcing three more communities to evacuate and an emergency operations center to move again — taking it far from the devastated oil sands city of Fort McMurray. Officials with the Rural Municipality of Wood Buffalo had been notified of changing weather patterns and weren’t taking chances, ordering the ...

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Global oil production cash negative at current prices

oil barrel

3.4 Million barrels per day (b/d) of oil produced globally is produced at cash negative number, according to an analysis by Wood Mackenzie. This has resulted in an unexpectedly low rate of stopped production of less than 100,00 b/d globally. Companies continue to pump oil despite these low rates in hopes oil prices will rebound. Restart costs and covering fixed ...

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UC sells off $200 million in coal and oil sands investments

The UC system has sold off its endowment and pension fund holdings in coal and oil sands companies, a $200-million move that officials said Wednesday was in response to both environmental concerns and rising financial risk in those industries. Environmentalists have been pressing UC and other universities to divest from coal and other fossil fuel industry holdings and had some ...

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Price drop hammers growth in Canada’s oil production

CALGARY, Alberta – Weak oil prices will slash growth in Canada’s prolific oil sands, cutting production and discouraging investment in the world’s third-largest crude reserve, according to a new forecast from Canada’s most influential oil industry lobby group. In its annual production forecast, the Canadian Association of Petroleum Producers said it expected the country’s output to rise to 5.3 million ...

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Alberta wildfires burn for 6th day, 10 pct of oil sands crude offline

CALGARY, Alberta – Firefighters battled wildfires in northern Alberta, Canada’s biggest crude-producing region, for a sixth day on Thursday, with two blazes near oil sands facilities still out of control. The wildfires have forced producers in the Western Canadian province, the largest source of U.S. crude imports, to shut in 233,000 barrels per day of crude production, around 10 percent ...

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Canada’s oil sands cash flows to fall by $21 billion in 2 years

CALGARY, Alberta – Oil sands cash flows will fall by $21 billion in the next two years, energy consultancy Wood Mackenzie said in a report on Tuesday, as low global petroleum prices make it less economical to extract bitumen from northern Alberta. Canada’s oil sands hold the world’s third-largest proven crude reserves after Saudi Arabia and Venezuela, but operating costs ...

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