• 30 mins Bidding Action Heats Up In UK’s Continental Shelf
  • 6 hours Keystone Pipeline Restart Still Unknown
  • 10 hours UK Offers North Sea Oil Producers Tax Relief To Boost Investment
  • 12 hours Iraq Wants To Build Gas Pipeline To Kuwait In Blow To Shell
  • 14 hours Trader Trafigura Raises Share Of Oil Purchases From State Firms
  • 15 hours German Energy Group Uniper Rejects $9B Finnish Takeover Bid
  • 17 hours Total Could Lose Big If It Pulls Out Of South Pars Deal
  • 18 hours Dakota Watchdog Warns It Could Revoke Keystone XL Approval
  • 1 day Oil Prices Rise After API Reports Major Crude Draw
  • 2 days Citgo President And 5 VPs Arrested On Embezzlement Charges
  • 2 days Gazprom Speaks Out Against OPEC Production Cut Extension
  • 2 days Statoil Looks To Lighter Oil To Boost Profitability
  • 2 days Oil Billionaire Becomes Wind Energy’s Top Influencer
  • 2 days Transneft Warns Urals Oil Quality Reaching Critical Levels
  • 2 days Whitefish Energy Suspends Work In Puerto Rico
  • 2 days U.S. Authorities Arrest Two On Major Energy Corruption Scheme
  • 2 days Thanksgiving Gas Prices At 3-Year High
  • 2 days Iraq’s Giant Majnoon Oilfield Attracts Attention Of Supermajors
  • 2 days South Iraq Oil Exports Close To Record High To Offset Kirkuk Drop
  • 3 days Iraqi Forces Find Mass Graves In Oil Wells Near Kirkuk
  • 3 days Chevron Joint Venture Signs $1.7B Oil, Gas Deal In Nigeria
  • 3 days Iraq Steps In To Offset Falling Venezuela Oil Production
  • 3 days ConocoPhillips Sets Price Ceiling For New Projects
  • 5 days Shell Oil Trading Head Steps Down After 29 Years
  • 5 days Higher Oil Prices Reduce North American Oil Bankruptcies
  • 5 days Statoil To Boost Exploration Drilling Offshore Norway In 2018
  • 6 days $1.6 Billion Canadian-US Hydropower Project Approved
  • 6 days Venezuela Officially In Default
  • 6 days Iran Prepares To Export LNG To Boost Trade Relations
  • 6 days Keystone Pipeline Leaks 5,000 Barrels Into Farmland
  • 6 days Saudi Oil Minister: Markets Will Not Rebalance By March
  • 6 days Obscure Dutch Firm Wins Venezuelan Oil Block As Debt Tensions Mount
  • 6 days Rosneft Announces Completion Of World’s Longest Well
  • 7 days Ecuador Won’t Ask Exemption From OPEC Oil Production Cuts
  • 7 days Norway’s $1 Trillion Wealth Fund Proposes To Ditch Oil Stocks
  • 7 days Ecuador Seeks To Clear Schlumberger Debt By End-November
  • 7 days Santos Admits It Rejected $7.2B Takeover Bid
  • 7 days U.S. Senate Panel Votes To Open Alaskan Refuge To Drilling
  • 7 days Africa’s Richest Woman Fired From Sonangol
  • 7 days Oil And Gas M&A Deal Appetite Highest Since 2013
Short Bets On Oil Spike Ahead Of OPEC Meeting

Short Bets On Oil Spike Ahead Of OPEC Meeting

Short positions in Brent futures…

Norway’s $35B Oil Stock Dump Could Hurt The Industry

Norway’s $35B Oil Stock Dump Could Hurt The Industry

The world’s largest sovereign wealth…

James Burgess

James Burgess

James Burgess studied Business Management at the University of Nottingham. He has worked in property development, chartered surveying, marketing, law, and accounts. He has also…

More Info

Calgary, Oil Capital of Canada, Could be without Power for Months

Calgary, Oil Capital of Canada, Could be without Power for Months

After 36 hours of unusually heavy rainfall across Southern Alberta, the water volume in rivers reached record levels, causing them to burst their banks, and flooding most of the region. Over 100,000 people were forced to evacuate and power has been lost to the city of Calgary, the oil capital of Canada.

Bruce Burrell, the director of the Calgary Emergency Management Agency, has stated that restoring power to the downtown area, where most Canadian oil companies have their headquarters, could take days, weeks, or even months.

Alderman John Mar, explained that “this is an evolving situation and because of the volatility of electricity and water and the infrastructure that was damaged we have got a lot of issues with restoring power to different parts of the city of Calgary. We are facing an absolutely gargantuan task.”

Reuters have reported that another 10,000 people were evacuated from the city of Medicine Hat on Monday as the South Saskatchewan River is expected to burst its banks.

Related Article: Oil is the New Gold

Authorities in the area have said that it is still too early to tally the cost of the floods because ein many places the rivers have not yet peaked.

The floods have been blamed for a 750 barrels of oil spill in Northern Alberta, Enbridge has shut down its two major oil pipelines that serve the oil sands region, as a precaution against further damage and spills.

Enbridge released a statement in response to the spill, saying that “we are still investigating the cause, however, we believe that unusually heavy rains in the area may have resulted in ground movement on the right-of way that may have impacted the pipeline.”

By. James Burgess of Oilprice.com



Join the discussion | Back to homepage

Leave a comment

Leave a comment

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