Cenovus Energy Inc T.CVE

CNQ KNOCKS OUT CVE As TOP TMX SHIPPER To 164,000 Bbls/d

[ztransforms173]

- CVE has 125,000 bbls/d of BOOKED TMX CAPACITY

^^^

Canadian Natural Resources to take over more space on the Trans Mountain pipeline, Bloomberg News reports

 

October 21, 2024 11:45 AM  Reuters

 

Canadian Natural Resources is taking over more space on the expanded Trans Mountain pipeline from a unit of PetroChina, boosting its ability to ship crude to markets after buying assets from Chevron, Bloomberg News reported on Monday, citing a person familiar with the matter.

Earlier this month, Chevron agreed to sell its assets in the Athabasca oil sands and Duvernay shale formation to Canadian Natural Resources for $6.5 billion.

The 20-year contract will boost Canadian Natural Resources’ space on the pipeline by about 75% to roughly 164,000 barrels per day (bpd), according to the report.

The recently expanded Trans Mountain pipeline has capacity to ship 890,000 bpd of crude from Alberta’s oil sands to the Port of Vancouver in British Columbia.

Earlier this month, in a letter filed with the Canada Energy Regulator, PetroChina Canada said it would no longer be a committed shipper on the Trans Mountain oil pipeline after assigning its contracts to another party.

Canadian Natural Resources and PetroChina did not immediately respond to Reuters’ requests for comment.29dk2902l

(Reporting by Tanay Dhumal in Bengaluru; Editing by Alan Barona)

https://boereport.com/2024/10/21/canadian-natural-resources-to-take-over-more-space-on-the-trans-mountain-pipeline-bloomberg-news-reports/

***

- this WIRE STORY is FULL of ERRORS

- these Reuters people from INDIA are COMPLETELY LOST

- TM and TMX are TWO DIFFERENT & DISTINCT pipelines

* TM capacity: 300,000 bbls/d MIXED USE pipeline

* TMX capacity 590,000 bbls/d DILUTED BITUMEM pipeline

- CNQ went from 94,000 to 164,000 bbls/d BOOKED CAPACITY on the TMX pipeline

- BUYING an EXTRA 20% ownership interest in the Athabasca Oil Sands Project (ASOP) from Chevron Canada will NOT IMPACT SHIPPING on the TMX as the ASOP UPGRADER produces SCO which will NOT be TRANSPORTED on TMX  

- CNQ has 5 SAGD sites producing ~372,000 bbls/d of BITUMEN

- this is an INCREDIBLY SMART POWER MOVE from CNQ that will RESULT in MASSIVE PROFITS in the future

- I am VERY SURPRISED about HOW LARGE of the TMX BOOKED CAPACITY that PetroChina HAD 

* PetroChina ONLY HAS the MacKay River SAGD site which produces ~ 35,000 bbls/d of BITUMEN

- CNQ OVERTOOK CVE to BECOME an OVERSEAS WCS EXPORT POWERHOUSE

z173

[ztransforms173]

- I am PRETTY SURE that SU, MEG and SCR WANTED a BIGGER BOOKED TMX capacity but Canadian Natural Resources would NOT LET THEM PLAY in THEIR SANDBOX - I 'see' this CNQ POWER MOVE as a HUGE SUPPORT for a COMPRESSED WTI/WCS Price Differential as Canadian Natural Resources will OFFSHORE {mostly to Asia} another 70,000 WCS bbls/d - so PetroChina's AGGRESSIVE EXPANSION PLANS in Canada have

[ztransforms173]

- CNQ has 5 SAGD sites producing ~372,000 bbls/d of BITUMEN CORRECTION: - CNQ has ONLY 2 SAGD sites: * Kirby: 80,000 bbls/d * Jackfish: 120,000 bbls/d {just West of CVE Chistina Lake} - CNQ has 3 CSS sites: * Wolf Lake / Primrose: 140,000 bbls/d * Peace River: 12,500 bbls/d  CYCLIC STEAM STIMULATION (CSS) A single well is drilled into the oil sands deposit.