by Daniel J. Graeber
Washington (UPI) Sep 14, 2017
Through one of the largest investments in provincial history, expansions to an oil sands project in Alberta triggers big gains in output, its premier said.
Alberta Premier Rachel Notley was on hand for a ribbon-cutting ceremony to mark the start of a $1.6 billion (USD) expansion project led by Japan Canada Oil Sands Ltd. At its Hangingstone project in Fort McMurray, the expansion will use steam to help improve oil production from the current rate of 1,000 barrels per day to 20,000 bpd by the middle of next year.
"Good jobs for Albertans, billions of dollars in new investment and a growing economy -- that's what this expansion project means," Notley said in a statement.
The project is one of the largest investments in Alberta in 40 years.
The provincial government expects growth in terms of gross domestic product for 2017 at 3.1 percent, up from the budget forecast of 2.65 percent. With a push for diversification under way, non-energy exports were up 7.1 percent in the first half of the year.
Alberta's economy bottomed out in the middle of 2016 after it was hammered by the dual strains from lower crude oil prices and wildfires that swept through the heart of the provincial oil sector. About 1 million barrels of oil per day were sidelined by fires centered in the Fort McMurray region last year.
Notley added that "it's never been more important for us to get new pipelines built," which would help Canada tap deeper into the growing Asian economies. Nearly all of Canadian oil exports head to the United States and the country is working to break the land lock.
Elsewhere, Alberta estimates about 170 square miles near the southwest provincial border with the United States are scorched by wildfire. Cameron Yost, a spokesperson for Shell Canada, said the company was shutting down some of its operations in the area as a safety precaution.
"We will gradually shut-in wells and facilities in the field to remove gas from areas closest to the fire," Yost said in a statement emailed to UPI.
A spokesperson for Canadian Natural Resources Ltd. told UPI there was no impact from the southern Alberta wildfire on its operations.
Washington (UPI) Sep 13, 2017
Even though the sector was able to cope, the International Energy Agency said severe weather in the United States should serve as a warning for oil markets. Hurricane Harvey hit the southern coast of Texas in late August and forced the closure of several refineries and some production centers in the region. Hurricane Irma made landfall in Florida earlier this week and, as the state has ... read more
All About Oil and Gas News at OilGasDaily.com
|The content herein, unless otherwise known to be public domain, are Copyright 1995-2017 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement|