Devon Energy chief executive John Richels is confident that US President Barack Obama’s administration will approve the the Keystone XL pipeline, but he expects the gap between prices for Canadian heavy oil and US benchmark West Texas Intermediate (WTI) to narrow even if the pipeline never gets built.
“Keystone XL is going to be approved,” Richels told attendees of the Independent Petroleum Association of America’s Oil and Gas Investment Symposium in New York on Tuesday. “From a national point of view it makes no sense for the President not to approve that, and buy more oil from Venezuela and the Middle East.” The Keystone XL pipeline, as envisaged, would transport up to 830,000 barrels per day of Canadian oil from Alberta to US refineries. Keep reading →
Canada’s oil sands industry has taken a major leap toward greening their operations and their image. The 12 largest producers – accounting for 80% of oil sands production – have come together to form Canada’s Oil Sands Innovation Alliance, which has committed to accelerating the pace of environmental improvement, COSIA CEO Dan Wicklum told Breaking Energy recently.
Numerous environmental oversight organizations sprung up organically over time to ensure oil companies were honoring their commitment to the environment. While these ad hoc sustainability initiatives made positive strides, the public wanted more. As a result, COSIA was formed and the chief executives of each member company signed a charter on March 1st committing them to specific activities and behavior. Keep reading →