TransCanada Re-Applies for Keystone XL Pipeline Permit

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TransCanada Corp. (TRP) has re-applied for a U.S. permit for the Keystone XL oil pipeline, seeking permission to build a $5.3 billion portion of the original project from the Canadian border to Steele City, Nebraska.

The application uses already reviewed routes through Montana and South Dakota and will add an “alternative” path through Nebraska determined by the state’s Department of Environmental Quality, according to a statement from the Calgary based company today.

“There is no win by denying this pipeline,” TransCanada Chief Executive Officer Russ Girling said today in a telephone interview. “There are several wins, energy security, economic development, jobs, wealth creation and less of an environmental impact, as a result of approving the pipeline”.....Read the entire Bloomberg article.

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Nigeria Arrests Militants for Seizing Oil Workers

Nigeria's military spokesman says soldiers have arrested a militant leader who authorities believe is responsible for a recent rash of kidnappings of oil workers in the oil rich southern delta.

Lt. Col. Timothy Antigha said Saturday the leader was taken with 62 suspected members of the Movement for the Emancipation of the Niger Delta. Antigha says the leader is known by his nickname, "Obese."

Antigha says the military believes the group kidnapped two Americans, two Frenchmen, two Indonesians, one Canadian and 12 Nigerians in recent weeks from Exxon Mobil Corp. and Afren PLC facilities.

On Wednesday night, a military operation freed 19 hostages in the oil rich region held by MEND _ including seven expatriate workers.

Posted courtesy of INO.Com/AP



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Talisman, Statoil Buy Texas Shale in $1.3 Billion Joint Venture Deal

A Canadian-Norwegian joint venture is buying 97,000 acres of natural gas rich land in Texas' Eagle Ford play, the companies said Sunday. Calgary based Talisman Energy Inc. and Stavanger, Norway based Statoil are paying $1.325 billion for the land, which currently belongs to Enduring Resources, Talisman said. The project will be a 50-50 joint venture between the companies. Talisman will be the initial operator, but Statoil will operate at least half of the joint assets within three years.

Talisman estimated that the property contains the equivalent of 800 million barrels of oil. The property currently produces the equivalent of 5,500 barrels of oil per day, Talisman said. It said six wells are producing energy, and 20 more will have been drilled by year's end. Shale oil and gas deposits have become a key source of U.S. energy production. New techniques make it easier to reach oil and gas trapped beneath layers of rock deep underground. Both Talisman and Statoil have been expanding their shale gas operations in North America.

Courtesy of  INO.com Market and Intraday News


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Report Says: Canada’s Oil Sands Set to Become Biggest Source of U.S. Oil Imports

The Role of Canadian Oil Sands in U.S. Oil Supply, a report from Cambridge, Mass.-based IHS CERA, says that in a fast-growth scenario, oil sands could represent 36% of oil imports by 2030, or 20% in a more moderate growth scenario, compared with 8% in 2009. Production of 1.35 million barrels per day (mbd) in 2009 could rise to between 3.1 mbd and 5.7 mbd by then. Although production of oil sands has run into environmental opposition, innovation in the technology of oil sand production has been constant and there will be continued progress in cutting greenhouse gas (GHG) emissions and reducing its environmental impact, the report says.

While the total “well to wheels” greenhouse gas emissions from oil sands are some 5 to 15% higher than the average crude oil produced in the U.S., a comparison to the average can be misleading because some domestic crude oil production can actually have higher GHG emissions, the IHS CERA report says. However, continued high growth in oil sands production will require further advances in managing water and land use and the reclamation of tailings the waste material byproduct, the report says.....Read the entire article.

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Phil Flynn's Energy Report: Dollars Deficits and Oil

A breakout in oil and what do you get, another day older and deeper in debt, like about 1.42 trillion dollars deep. Now it does not get much deeper than that. The US Budget deficit screams while politicians fight over ways to spend more money and the dollar loses ground and respect. 1.42 trillion dollars and the oil bulls continues to breathe easy up in this new atmosphere as a breakout to the upside has the bulls firmly in control.

Just how much is 1.42 trillion dollars? Bloomberg News reports that $1.42 trillion is more than the total national debt for the first 200 years of the Republic, more than the entire economy of India, almost as much as Canada's, and more than $4,700 for every man, woman and child in the United States. Is it any wonder why the Canadian dollar is almost trading at par with the dollar? The Federal budget deficit for 2009, more than three times the most red ink ever amassed and the highest as a perercentage of GDP since the Second World War.....Read the entire article.