http://signaloil.wpengine.com/wp-content/uploads/2015/10/Signal-Oil-logo-red-300x32.png 0 0 RSS FEED http://signaloil.wpengine.com/wp-content/uploads/2015/10/Signal-Oil-logo-red-300x32.png RSS FEED2018-12-19 03:23:052018-12-19 03:23:05Canada Gives Struggling Oil Sector C$1.6 Billion Boost
Canada Gives Struggling Oil Sector C$1.6 Billion Boost
The Canadian government said on Dec. 18 that it would spend C$1.6 billion (US$1.19 billion), mostly through loans, to assist the country’s oil and gas industry, which has struggled to move energy to U.S. markets due to full pipeline capacity.
Natural Resources Minister Amarjeet Sohi said in Edmonton, Alberta, that the aid package would include C$1 billion for energy exporters to invest in new technologies, boost working capital or find new markets.
Canada is producing a record 4.9 million barrels of oil per day this month, according to National Energy Board estimates, but pipeline capacity has not expanded as quickly to move crude to U.S. refineries. The bottlenecks have resulted in steep price discounts.