Latest news with #AmandaStephenson
Yahoo
6 days ago
- Business
- Yahoo
Canada's propane exports soar 9.2% in 2024 as gas output grew
By Amanda Stephenson CALGARY (Reuters) -Canadian exports of propane and butane grew significantly in 2024 as natural gas production increased in the country, according to new data from the Canada Energy Regulator on Wednesday. The data for 2024 showed Canadian propane exports averaged 218,300 barrels per day (bpd), a 9.2% increase from the previous year, while butane exports surged 15% to an average of 56,100 bpd. The strong growth was due to an overall rise in natural gas output from Canada last year, which led to greater production volumes of natural gas liquids such as propane and butane, the regulator said. Canada currently has two marine propane export terminals located on the west coast of British Columbia. Two additional export terminals are under development — the Ridley Island Energy Export Facility, a joint project by Calgary-based AltaGas and Dutch multinational Royal Vopak — and Trigon Pacific LPG, led by Trigon Pacific Terminals. These new terminals are expected to boost Canada's access to Asian markets due to their proximity compared to U.S. Gulf Coast facilities. Canada is the second-largest supplier of propane to Japan and South Korea, after the U.S. In 2024, all of Canada's butane exports went to the United States. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
6 days ago
- Business
- Yahoo
Canada's propane exports soar 9.2% in 2024 as gas output grew
By Amanda Stephenson CALGARY (Reuters) -Canadian exports of propane and butane grew significantly in 2024 as natural gas production increased in the country, according to new data from the Canada Energy Regulator on Wednesday. The data for 2024 showed Canadian propane exports averaged 218,300 barrels per day (bpd), a 9.2% increase from the previous year, while butane exports surged 15% to an average of 56,100 bpd. The strong growth was due to an overall rise in natural gas output from Canada last year, which led to greater production volumes of natural gas liquids such as propane and butane, the regulator said. Canada currently has two marine propane export terminals located on the west coast of British Columbia. Two additional export terminals are under development — the Ridley Island Energy Export Facility, a joint project by Calgary-based AltaGas and Dutch multinational Royal Vopak — and Trigon Pacific LPG, led by Trigon Pacific Terminals. These new terminals are expected to boost Canada's access to Asian markets due to their proximity compared to U.S. Gulf Coast facilities. Canada is the second-largest supplier of propane to Japan and South Korea, after the U.S. In 2024, all of Canada's butane exports went to the United States. Sign in to access your portfolio
Yahoo
6 days ago
- Business
- Yahoo
Canadian Natural Resources restarts oil sands operation as wildfire risk lessens
By Amanda Stephenson CALGARY (Reuters) -Canadian Natural Resources has restarted its Jackfish 1 oil sands site in northern Alberta after determining wildfires in the region were a safe distance away. The country's biggest oil producer said late on Tuesday its operation at the site will ramp up over the next several days, targeting full production of approximately 36,500 barrels per day by Friday. Canadian Natural evacuated non-essential workers from its Jackfish 1 location and halted production as a precaution on Saturday due to wildfires burning south of Fort McMurray. The company is one of several whose operations in Canada's main oil-producing province have been disrupted due to out-of-control wildfires. About 344,000 bpd of oil sands production was offline earlier this week, representing approximately 7% of Canada's crude oil output, according to Reuters calculations. As of Wednesday morning, approximately 238,000 bpd of production remained halted at Cenovus Energy's Christina Lake oil sands facility. MEG Energy workers also remained evacuated from that company's Christina Lake regional project. There have been no reports of significant damage to oil infrastructure or company assets due to the fires. The fires are also weakening Canadian natural gas prices. Spot gas prices at Alberta's AECO hub fell to near zero this week (six cents per million British thermal units on Tuesday and 10 cents on Wednesday), likely due to lower demand from oil sands operations, according to consultancy Tudor, Pickering, Holt & Co.
Yahoo
02-06-2025
- Business
- Yahoo
Alberta's wildfires disrupt some 7% of Canada's oil production
By Amanda Stephenson CALGARY (Reuters) -Wildfires burning in Canada's oil-producing province of Alberta have affected more than 344,000 barrels per day of oil sands production, or about 7% of the country's overall crude oil output, according to Reuters calculations. At least two thermal oil sands operators south of the industry hub of Fort McMurray evacuated workers from their sites over the weekend and shut production as a precaution. Canadian Natural Resources said it evacuated workers from its Jackfish 1 location and shut in approximately 36,500 bpd of bitumen production. Cenovus Energy said it evacuated non-essential personnel from its Christina Lake oil sands site, and shut in approximately 238,000 bpd of production. The company said on Sunday it is not aware of any damage to its infrastructure and anticipates a full restart of its Christina Lake operations in the near term. MEG Energy said on Friday it had evacuated workers from its Christina Lake site. While production at the site continues, the company said on Saturday that the fires caused a power outage that is delaying startup of its Phase 2B operations, which represent approximately 70,000 barrels per day of production. Wildfires have also affected some of Alberta's conventional oil-and-gas production. A blaze burning near the town of Swan Hills in the northern part of the province forced Aspenleaf Energy to shut in about 4,000 bpd of production last week. Canada produces about 4.9 million barrels of oil per day. Alberta has 49 active fires and there are 24 active fires in Manitoba and 16 in Saskatchewan, according to provincial data. In parts of Minnesota and North Dakota, air quality reached unhealthy levels on Monday, according to the U.S. Environmental Protection Agency's AirNow page. In 2023, Canadian wildfires blanketed much of the U.S. East Coast in smoke, forcing millions of Americans to stay indoors. Alberta Premier Danielle Smith said on Monday that some 400,000 hectares (988,422 acres) have now burned in the province, up from about 9,000 as of last week. She said nearly 5,000 people have been evacuated, adding that the government is restarting its emergency management cabinet committee out of concerns the situation in the province is worsening. "We've got to be able to respond in a way that is going to be rapid," Smith told reporters in Saskatoon. The Canadian Interagency Forest Fire Centre says that as of June 1, a total of 1.4 million hectares have burned so far across Canada. Last week, Manitoba urged 17,000 people to evacuate due to fires in the province's remote north. Wildfires have hit oil and gas production in Canada several times in the past decade. Last year, Suncor Energy, Canada's second-largest oil sands producer, temporarily curtailed production at its Firebag complex due to a nearby blaze. In May of 2023, companies shut in at least 319,000 barrels of oil equivalent per day, or 3.7% of Canada's total production, as more than 100 wildfires burned in Alberta. In 2016, thousands of oil sands workers were evacuated as a monster wildfire destroyed part of the community of Fort McMurray, forcing companies to reduce their oil output by a million barrels per day. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
23-05-2025
- Business
- Yahoo
Canada's new energy minister vows to speed up permitting, reset industry relations
By Amanda Stephenson CALGARY, Alberta (Reuters) -Canada's new Natural Resources Minister Tim Hodgson vowed to speed up the permitting process for major projects on Friday, in a speech welcomed by oil and gas executives eager to see Ottawa reset its regulatory approach to energy development It was Hodgson's first speech in Canada's corporate oil capital of Calgary, Alberta, since being sworn in as part of Prime Minister Mark Carney's new cabinet. The oil and gas sector had a tense relationship with former Prime Minister Justin Trudeau's government, which it viewed as prioritizing climate action over economic development, but Carney has pledged to help diversify energy export markets amid a trade dispute with Canada's No. 1 customer, the United States. "In the new economy we are building, Canada will no longer be defined by delay, we will be defined by delivery," Hodgson said at an event hosted by the Calgary Chamber of Commerce. A former Goldman Sachs banker who was elected in a Toronto riding, Hodgson pledged to be a voice for western Canada and help the country's energy sector improve relations with Ottawa. He said he will work to identify and fast-track projects of national interest aimed at helping the country become a conventional and clean energy superpower. Canada is the world's fourth-largest oil producer. "No more five-year reviews. Decisions will come in two years for all projects to make that happen," Hodgson said. Hodgson said responsibly produced Canadian oil could displace oil produced in authoritarian regimes, but the country needed infrastructure to get its energy to ports for export to markets beyond the U.S. In recent years, major Canadian oil pipelines have faced years of regulatory delay and legal challenges, leading to cancellations for some projects and spiraling costs for others, like the Trans Mountain expansion. The CEOs of many of Canada's biggest oil and gas companies said they were encouraged by Hodgson's background in finance as well as the pro-development tone of his remarks. "The renewed sense of collaboration is welcomed and genuinely appreciated," said John Whelan, president of Imperial Oil, after the speech. Hodgson also said the federal government, the province of Alberta, and industry leaders must work together to build a proposed oil sands carbon capture and storage project. Six of Canada's largest oil sands companies have proposed building a C$16 billion carbon capture network to reduce emissions from the sector, but negotiations with both levels of government have stalled. Kendall Dilling, president of the Pathways Alliance consortium behind the proposed project, said on Friday he is optimistic that under Canada's new government, the project will proceed. "I do think the time is now," Dilling said. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
