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Nuvista Energy Ltd T.NVA

Alternate Symbol(s):  NUVSF

NuVista Energy Ltd. is an oil and natural gas company, which is engaged in the exploration for, and the development and production of, oil and natural gas reserves in the Western Canadian Sedimentary Basin. Its primary focus is on the scalable and repeatable condensate rich Montney formation in the Alberta Deep Basin (Wapiti Montney). Its core operating areas of Wapiti and Pipestone in the Montney formation are located near the City of Grande Prairie, Alberta, approximately 600 kilometers northwest of Calgary. Its Montney Formation is a shale gas and shale oil resource. The Montney formation in the Wapiti area is a thick (200m+) section of hydrocarbon-charted fine-grained reservoir found at depths ranging from 2,500-3,500m.


TSX:NVA - Post by User

Comment by Carjackon Jul 09, 2022 8:56pm
80 Views
Post# 34813316

RE:Germany Confirms Canada Will Deliver Turbine for Nord Stream

RE:Germany Confirms Canada Will Deliver Turbine for Nord Stream

Canada to Return Sanctioned Nord Stream Turbine to Germany

Canada has agreed to export a natural-gas turbine back to Germany for use in the Nord Stream pipeline, issuing a “time-limited and revocable” permit to exempt it from sanctions on Russia’s oil and gas industry.

The decision was made over the objections of Ukraine’s government and the large Ukrainian diaspora in Canada, who argued that sending the pressurization turbine back would undermine the sanctions regime. 

German officials have urged Canada to find a way to return the turbine, fearing Russia would use the issue as an excuse to shut down Nord Stream and cripple Germany’s ability to fill its gas storage tanks ahead of winter.

In a statement released Saturday, Canadian Natural Resources Minister Jonathan Wilkinson said the export permit was issued after extensive discussions with “our European friends and allies,” as well as the International Energy Agency.

“Canada will grant a time-limited and revocable permit for Siemens Canada to allow the return of repaired Nord Stream 1 turbines to Germany,” Wilkinson’s said in a statement.

“Absent a necessary supply of natural gas, the German economy will suffer very significant hardship and Germans themselves will be at risk of being unable to heat their homes as winter approaches.”

The turbine, built in Canada by Siemens Energy AG, was sent to Montreal for repairs and became stranded due to sanctions on Russia’s oil and gas industry because of its invasion of Ukraine.

Also on Saturday, Canada announced it would expand its sanctions on Russia to include industrial manufacturing.

“These new sanctions will apply to land and pipeline transport and the manufacturing of metals and of transport, computer, electronic and electrical equipment, as well as of machinery,” said a news release from Foreign Affairs Minister Melanie Joly.

“Once the measures are in effect, Canadian businesses will have 60 days to conclude contracts with targeted industries and services.”

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