EDI Weekly for latest oil and gas news in Canada

More activity seen for Canadian oil and gas sector in 2011: Ernst & Young

Increased optimism will drive robust transaction activity in the Canadian oil and gas sector in 2011, with a greater range of acquirers getting in the game, says Ernst & Young.

"Strategic alliances and joint ventures are on the growth agenda this year as more Canadian companies partner with foreign entities to share risk and increase financial strength and resources," said Kevan Holroyd, Executive Director in Ernst & Young's Oil and Gas practice. "We're also seeing confidence return to smaller oil-weighted companies who have been nursing their balance sheets and to financial investors who are re-establishing their interest in the sector."

UPS to begin using liquefied natural gas to power tractor trailers

UPS is to begin using liquefied natural gas (LNG) to power its tractor-trailers instead of diesel fuel. The more usual compressed natural gas is not viable for long-haul trucking because of the sheer volume required. LNG requires only about 70 percent more space than diesel fuel, while compressed gas needs about six times as much space as diesel, even when squeezed down to 3,000 pounds per square inch.

$5 billion bitumen refinery planned for Alberta

The Alberta government is backing construction of a C$5 billion ($5.05 billion) bitumen refinery planned by Canadian Natural Resources Ltd and North West Upgrading Inc as it seeks to develop energy-processing facilities in the province and create jobs.

Under the agreement, the culmination of more than a year of talks between the parties, Alberta will supply 75 percent of the feedstock and Canadian Natural the remainder for the 50,000 barrel a day plant.