Energy

Finding room for Canada
PM faces an uphill battle to gain the next president's ear, experts say

By CHRISTINA SPENCER, NATIONAL BUREAU

Imagine what it was like to be the American president in the year 2000.

The U.S. was not at war. It boasted a hefty budget surplus. Markets were stable and the average price of crude was under $30 US. The environment wasn't a political priority. Sept. 11 held no special significance.

Now, imagine the hailstorm of crises facing whichever man is elected president of the U.S. on Tuesday.

French oil giant mulls exploiting Congo tar sands
October 28, 2008

BRAZZAVILLE (AFP) — French oil company Total said Tuesday that it was considering exploiting tar sands in the west central African country of Congo, where it is the chief oil and gas producer.

"In the future, there are things to do in oil and gas, and -- why not? -- tar sands," the company's director of sustainable development and the environment Jean Michel Gires told the 6th annual World Sustainable Development Forum (WSDF) meeting in Brazzaville.

CALGARY, Alberta, Oct 30 (Reuters) - Imperial Oil Ltd's (IMO.TO: Quote, Profile, Research, Stock Buzz) third-quarter profit surged 70 percent as crude prices hit records before the world financial crisis led to a steep drop, Canada's largest oil producer and refiner said on Thursday.

Imperial, which is majority owned by U.S. oil major Exxon Mobil Corp (XOM.N: Quote, Profile, Research, Stock Buzz), earned a company-high C$1.4 billion ($1.1 billion), or C$1.57 a share, in the quarter, up from year-earlier C$816 million, or 88 Canadian cents a share.

Oil sands-carrier pipeline may be delayed
Funding uncertain from major shippers on Keystone pipeline
By Tom Stundza -- Purchasing, 10/29/2008 9:42:00 AM

Uncertainty over the pace of oil sands development could delay the construction of a major pipeline that will connect Canada’s Alberta province to the U.S. Gulf Coast, potentially slowing the flow of bitumen to an untapped refining market. The key utility is worried about the level of funding from protential major shippers on the pipeline.

by Carola Hoyos and Javier Blas in London

Financial Times FT.com (October 28 2008)

Output from the world's oilfields is declining faster than previously
thought, the first authoritative public study of the biggest fields shows.

Without extra investment to raise production, the natural annual rate of
output decline is 9.1 per cent, the International Energy Agency says in
its annual report, the World Energy Outlook, a draft of which has been
obtained by the Financial Times.

The findings suggest the world will struggle to produce enough oil to

The Guardian October 29, 2008

Biocapacity

World is facing a natural resources crisis worse than financial crunch

Two planets need by 2030 at this rate, warns report
Humans using 30% more resources than sustainable

Juliette Jowit

The world is heading for an "ecological credit crunch" far worse than
the current financial crisis because humans are over-using the natural
resources of the planet, an international study warns today.

The Living Planet report calculates that humans are using 30% more

Late-day selloff sinks TSX
STEVE LADURANTAYE
Globe and Mail Update
October 27, 2008

A late-day selloff in financial, energy and mining stocks pushed the S&P/TSX to a deep loss Monday, even as commodities recovered from earlier losses.

The S&P/TSX tumbled 8.1 per cent, or 756.75 points, to 8,537.34 points, its lowest close in four years. Manulife Financial, which may need to raise capital to appease regulators, led the downward charge with a loss of 15.3 per cent.

Keep in mind: Nexen waste burning "co-generation" will create up to EIGHT TIMES the C02 and other greenhouse gas emissions footprint of a regular pump jack.

--M

Long Lake partners praised for efforts
Calgary Herald
October 26, 2008

All but 10 per cent of the water is to be recycled. The project will have ponds, but not giant tailings ponds like those at mining projects such as Syncrude Canada, Suncor Energy and Shell's Athabasca Oil Sands Project.

Quick Sand: Credit Crunch and Falling Oil Hit Oil-Sands Projects
October 24, 2008, Wall Street Journal
Posted by Keith Johnson

From Canada, more signs that the oil industry is starting to feel pinched.

Two big Canadian oil-sands producers are delaying oil-production projects and scaling back capital expenditure. Suncor and Petro-Canada both pushed back plans to install “upgraders” that can turn tar sands into crude oil.

Canada oil sands slowdown may halt runaway costs
10.24.08
Canada - By Jeffrey Jones

CALGARY, Alberta (Reuters) - A slowdown in spending on multibillion-dollar projects to develop Canada's oil sands, one of the world's largest deposits of crude, should help cure one ailment the industry has so far been unable to shake: runaway inflation.