Canada upstream news
Suncor to assume Syncrude operatorship by end 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.
BP and Equinor make discoveries offshore Newfoundland
Two wells at the Cappahayden and Cambriol prospects, drilled this summer in the Flemish Pass Basin, have proven the presence of hydrocarbons.
Cenovus Energy and Husky Energy agree merger
Cenovus Energy has agreed to buy Husky Energy in an all-stock deal valued at CAN$3.8 billion (US$2.9 billion).
Newfoundland and Labrador establishes new offshore exploration initiative
The policy measure is designed to allow all future bid deposit forfeitures to be reinvested as received.
Husky Energy to review West White Rose offshore project
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.
TGS completes East Canada seismic survey
The study offers subsurface interpretation for the entire offshore East Coast Canada.
TGS and PGS release final data for Torngat 3D offshore Labrador
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: Covid-19 to reduce world’s recoverable oil by 282 billion bbl
Rystad Energy has released its annual global energy outlook, which claims that the Covid-19 downturn will expedite peak oil demand.
Canada announces new regulations for exploratory drilling offshore Newfoundland and Labrador
The regulation provides that exploratory drilling projects in a specific area of the Canada-Newfoundland and Labrador offshore are excluded from the requirement to undergo a project-specific federal Impact Assessment.
Rystad Energy: Canada's upstream industry has highest CO2 emission intensity, Norway lowest
Norway's CO2 intensity per produced boe in 2018 was approximately 7 kg compared to Canada's 39 kg/boe, according to a report by Rystad Energy.