Cuts come as other Canadian companies are restoring shut-in production.
Here’s a snapshot of recent energy deals including the closing of Southwestern Energy’s acquisition of Montage Resources plus the $44 billion all-stock merger of S&P Global and IHS Markit.
BMO will wind down its investment and corporate energy banking units outside Canada to focus on the oil and gas business at home, where it sees better opportunities, a spokesman said in a statement.
Canadian pipeline operator Enbridge Inc. said on Nov. 24 it had filed a federal complaint in the U.S. District Court seeking an injunction to stop the State of Michigan from taking any steps to prevent the operation of Line 5.
Fossil fuels will make up more than 60% of Canada’s fuel mix in 2050, even though domestic consumption likely peaked in 2019, the CER said.
Final state permits and authorizations are still needed.
Suncor, as 58.74% owner of the Syncrude Joint Venture, said Nov. 23 that together with the other Syncrude joint venture owners—Imperial Oil Resources Ltd., CNOOC Oil Sands Canada and Sinopec Oil Sands Partnership—have agreed in principle for Suncor to become the operator of the Syncrude project by the end of 2021.
Imperial plans to spend C$1.2 billion ($917.01 million) in 2021, up 33% from 2020. Upstream production looks to rise 5% to 415,000 boe/d.