Canada upstream news

The transaction includes the transfer of approximately 450 000 net acres in the Fox Creek (Kaybob) and Rocky Mountain House (Willesden Green) areas, along with related infrastructure, currently producing around 30 000 boe/d from more than 270 wells.

Completion is anticipated in the first half of 2021.

The Syncrude joint venture has agreed in principle that Suncor will become the operator of the Syncrude oil sands project in Alberta, Canada, by the end of 2021.

Two wells at the Cappahayden and Cambriol prospects, drilled this summer in the Flemish Pass Basin, have proven the presence of hydrocarbons.

Cenovus Energy has agreed to buy Husky Energy in an all-stock deal valued at CAN$3.8 billion (US$2.9 billion).

The policy measure is designed to allow all future bid deposit forfeitures to be reinvested as received.

The review follows the suspension of major construction activities in March due to the COVID-19 pandemic and the company’s capital re-prioritisation following the global economic downturn.

The study offers subsurface interpretation for the entire offshore East Coast Canada.

The Torngat survey covers approximately 3300 km2 and sits within Labrador Sea’s southern sedimentary basins, where frontier exploration has already successfully identified hydrocarbons.

Rystad Energy has released its annual global energy outlook, which claims that the Covid-19 downturn will expedite peak oil demand.