• 1 hour U.S. Oil Production To Increase in November As Rig Count Falls
  • 3 hours Gazprom Neft Unhappy With OPEC-Russia Production Cut Deal
  • 5 hours Disputed Venezuelan Vote Could Lead To More Sanctions, Clashes
  • 7 hours EU Urges U.S. Congress To Protect Iran Nuclear Deal
  • 9 hours Oil Rig Explosion In Louisiana Leaves 7 Injured, 1 Still Missing
  • 10 hours Aramco Says No Plans To Shelve IPO
  • 3 days Trump Passes Iran Nuclear Deal Back to Congress
  • 3 days Texas Shutters More Coal-Fired Plants
  • 3 days Oil Trading Firm Expects Unprecedented U.S. Crude Exports
  • 3 days UK’s FCA Met With Aramco Prior To Proposing Listing Rule Change
  • 3 days Chevron Quits Australian Deepwater Oil Exploration
  • 4 days Europe Braces For End Of Iran Nuclear Deal
  • 4 days Renewable Energy Startup Powering Native American Protest Camp
  • 4 days Husky Energy Set To Restart Pipeline
  • 4 days Russia, Morocco Sign String Of Energy And Military Deals
  • 4 days Norway Looks To Cut Some Of Its Generous Tax Breaks For EVs
  • 4 days China Set To Continue Crude Oil Buying Spree, IEA Says
  • 4 days India Needs Help To Boost Oil Production
  • 4 days Shell Buys One Of Europe’s Largest EV Charging Networks
  • 4 days Oil Throwback: BP Is Bringing Back The Amoco Brand
  • 4 days Libyan Oil Output Covers 25% Of 2017 Budget Needs
  • 4 days District Judge Rules Dakota Access Can Continue Operating
  • 5 days Surprise Oil Inventory Build Shocks Markets
  • 5 days France’s Biggest Listed Bank To Stop Funding Shale, Oil Sands Projects
  • 5 days Syria’s Kurds Aim To Control Oil-Rich Areas
  • 5 days Chinese Teapots Create $5B JV To Compete With State Firms
  • 5 days Oil M&A Deals Set To Rise
  • 5 days South Sudan Tightens Oil Industry Security
  • 6 days Over 1 Million Bpd Remain Offline In Gulf Of Mexico
  • 6 days Turkmenistan To Spend $93-Billion On Oil And Gas Sector
  • 6 days Indian Hydrocarbon Projects Get $300 Billion Boost Over 10 Years
  • 6 days Record U.S. Crude Exports Squeeze North Sea Oil
  • 6 days Iraq Aims To Reopen Kirkuk-Turkey Oil Pipeline Bypassing Kurdistan
  • 6 days Supply Crunch To Lead To Oil Price Spike By 2020s, Expert Says
  • 6 days Saudi Arabia Ups November Oil Exports To 7-Million Bpd
  • 6 days Niger Delta State Looks To Break Free From Oil
  • 7 days Brazilian Conglomerate To Expand Into Renewables
  • 7 days Kurdish Independence Could Spark Civil War
  • 7 days Chevron, Total Waiting In The Wings As Shell Mulls Majnoon Exit
  • 7 days The Capital Of Coal Is Looking For Other Options
Footloose Iraq Cannibalizes Saudi Market Share

Footloose Iraq Cannibalizes Saudi Market Share

OPEC’s de-facto leader Saudi Arabia…

The Next Big Digital Disruption In Energy

The Next Big Digital Disruption In Energy

Blockchain technology is transforming the…

MINING.com

MINING.com

MINING.com is a web-based global mining publication focusing on news and commentary about mining and mineral exploration. The site is a one-stop-shop for mining industry…

More Info

Despite Low Oil Price New BP Oil Sands Project Begins Operations

Sunrise Energy Project

Aerial view of Sunrise Energy Project. (Image courtesy of Husky Energy)

Energy giant BP (NYSE:BP) and partner Husky Energy (TSX:HSE) announced Friday they’ve kicked off operations at their Sunrise oil sands in Alberta, Canada, a project expected to have a lifespan of 50 years with an initial capacity of 60,000 barrels per day.

“Sunrise first steam is a landmark for us in 2014, our sixth major project start-up this year, our very first in-situ oil sands operations and a long-life asset which should give us steady production for decades,” said Lamar McKay, chief executive of BP Upstream.

Related: US Supreme Court Rejects BP Appeal

The long-term plan for Sunrise involves three phases of development growing production capacity to 200,000 barrels per day.

Husky operates Sunrise and its partner operates the jointly owned BP-Husky Refinery near Toledo, Ohio, where output from the project will be processed into various transportation fuels, the companies said.

Low prices effect? Negligible, says the Royal Bank

ICE January Brent, the international oil marker, dropped $1.12 cents to $62.54 a barrel on Friday. Nymex January West Texas Intermediate, the U.S, benchmark, plummeted further below $60 a barrel — down to $57.67.

According to the Royal Bank of Canada (RBC) the price slump won't impact Canada's production. The country, it says, is likely to keep pumping out just as much — if not more — oil as it has been doing of late, at least in the short term. However, the lender warned that the value of those exports, in dollar terms, will be much lower, so any growth is going to have to come from somewhere else.

Related: Big Oil Slashing Spending Amid Low Prices

In its latest market outlook, RBC says its outlook for Canada is based on the fact that the decline in oil prices and any weakening of investment in the oil and gas industry will be offset by increased demand for Canada's non-energy exports.

According to the bank’s senior economist Craig Wright, the net impact of lower oil prices on a national level will be negligible in terms of real GDP in the year to come.

By Cecilia Jamasmie

Source - http://www.mining.com  

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News