Suncor Energy Inc News

The Hibernia oil platform in Canada was shut after a leakage of drilling and production fluids, the Hibernia Management and Development Co (HMDC) said late Monday.Hibernia sits roughly 315 km (200 miles) east of St. John's, Newfoundland and Labrador. ExxonMobil owns the largest stake in the oil platform, followed by Chevron Canada and Suncor Energy Inc."Water sampling late on July 19, during drill well flow back operations, indicated an exceedance on the produced water discharge…

The bullish view for Suncor Energy Inc (SU.TO), Cenovus Energy Inc (CVE.TO) and other Canadian energy producers calls for Prime Minister Justin Trudeau by next month to approve a major pipeline expansion to the west coast, boosting sales of land-locked oil sands crude to Asia. But a growing number of shipping brokers and physical oil traders warn that any new influx of oil will hit a bottleneck in Vancouver, because of the port's inability to accept the megaships that dominate oil trade globally. This bottleneck marks one of the more under appreciated hurdles facing Canadian oil sands crude being shipped from its busiest port of Vancouver, these shipping brokers say. Middle Eastern producers already ship oil ship to Asia far more cheaply, thanks to the bigger vessels they employ. And U.S.

The operator of Canada's largest synthetic crude project said on Saturday it is investigating the causes of an early morning fire at an upgrading plant. Firefighters extinguished the blaze, at Syncrude Canada's Mildred Lake upgrading complex in northern Alberta, and no one was injured, said company spokesman Will Gibson in a phone interview. The fire broke out a few hours after the province's energy regulator announced it was shutting in 95 pipelines operated by Nexen, one of the partners in the project, because of safety issues identified following a large oil-related spill in July. But he said it was too soon to know how production would be affected.

Alberta's energy regulator said on Saturday it is investigating reports that about 30 blue herons have died at a Syncrude Canada oil sands mine site in the northern part of the Canadian province. The Alberta Energy Regulator said it sent investigators to the Syncrude Canada Mildred Lake site, which is about 40 km (25 miles) north of Fort McMurray. In 2010, Syncrude was fined C$3 million ($2.29 million) for negligence in the 2008 deaths of 1,600 ducks in a toxic waste pond, a case that fueled international concern about the environmental impact of developing Canada's oil sands. Syncrude's partners include Canadian Oil Sands Ltd, Imperial Oil Ltd, Suncor Energy Inc, Sinopec , CNOOC Ltd's Nexen, Japan's Mocal Energy and Murphy Oil Co.

Canadian oil storage and transport company Gibson Energy Inc said on Monday it is building 900,000 barrels of crude oil storage at its terminal in Hardisty, Alberta, after receiving sufficient support from shippers. The company will build a 500,000 barrel tank backed by a long-term contract with Teck Resources Ltd, a partner in the Fort Hills oil sands project and a new customer for Gibson Energy, and another 400,000 tank. The new storage is expected to be in service by mid-2017. RBC Capital Markets strategist Robert Kwan said against the backdrop of weak benchmark crude prices, Gibson Energy's ability to sign long-term contracts with customers to underpin of new storage should be viewed as a positive.

A tanker chartered by Canada's Suncor Energy Inc to ship oil sands crude from Quebec to the U.S. Gulf Coast was expected to receive replacement parts on Friday, enabling it to resume its journey, a Transport Canada spokeswoman said. The aframax tanker Genmar Daphne will be the second tanker of Western Canadian heavy crude that Suncor has shipped from the port of Sorel-Tracy on Quebec's St. Lawrence river. However, further shipments are unlikely in the current price environment, a market source said. Shrinking differentials between Western Canada Select heavy blend and U.S. crude futures mean netbacks - the price received by producers minus the cost of getting the product to market - have been severely squeezed. The Genmar Daphne has been anchored in the St.

Canada's largest oil and gas producer, Suncor Energy Inc, is shipping its first ever tanker of Western Canadian heavy crude from Canada's East Coast to Europe, a company spokeswoman said on Tuesday. Suncor spokeswoman Sneh Seetal confirmed Reuters shipping data that shows the aframax tanker Minerva Gloria was set to pick up a cargo of crude oil from the port of Sorel-Tracy on the St. Lawrence River in Quebec. Seetal declined to comment on where in Europe the crude cargo is going, citing commercial confidentiality. According to Reuters data it will be discharged in the Mediterranean. The crude was delivered by rail to a storage facility in Sorel-Tracy that is owned by Kildair Service Ltd.

City councilors in South Portland, Maine, voted late Monday night to ban the loading of crude oil onto tankers along its waterfront, throwing up yet another roadblock to the export of Canadian oil sands crude and setting up a showdown with industry which called the process illegal. The city of 25,000, known for its scenic lighthouses and sweeping views of the island-speckled waters of Casco Bay, is also the east coast's second largest oil port, located at the southern terminus of the Portland-Montreal Pipeline, which currently flows north to Canada.

Osum Oil Sands Corp, a private energy company chaired by former Suncor Energy Inc Chief Executive Rick George, agreed on Tuesday to buy Shell Canada's Orion oil sands project for C$325 million ($298.11 million). The Orion project in the Cold Lake region of northern Alberta is close to a number of other oil sands developments and has been producing bitumen since 2007 using steam-assisted extraction methods. In the first quarter of 2014 average production was 6,700 barrels per day from 22 well pairs, and the project is expected to be economically viable for more than 25 years. Osum also owns the nearby Taiga Project, which has secured regulatory approval to build and operate a 35,000-barrel-per-day facility.

Six years after applying to build the Keystone XL pipeline, Canada's frustrated oil industry appears steadfast in its support of the plan even though Washington has again delayed a decision on whether to approve the politically charged project. The reason is simple: A massive new pipeline to the U.S. Gulf Coast remains the most elegant solution for producers looking to export burgeoning supplies of crude from Canada's oil sands to the United States. TransCanada Corp's $5.4 billion pipeline would seamlessly pump enough crude from Alberta to Texas to meet 4 percent of total U.S. demand. "We're definitely supportive of the project," said Brad Bellows, a spokesman for MEG Energy Corp, which produces crude from Alberta's oil sands though it has not committed to ship on Keystone.

The Hebron field development offshore Newfoundland and Labrador was sanctioned by operator ExxonMobil and its co-venturers. Located approximately 350 km offshore Newfoundland, the Hebron platform will be a concrete Gravity Based Structure (GBS) in 95 meters water depth. The Hebron field is estimated to produce more than 700 million barrels of oil. The platform is being designed for an oil production rate of 150,000 barrels of oil per day. For Statoil, which holds a 9.7% share in Hebron, this is a significant component in the growth of the company’s Canada East Coast operations.