Daily Management Review

New York Times: Canadian wildfires hit oil and gas industry


The New York Times writes that the oil and gas business in Canada is being impacted by the wildfires presently raging through western Canada, prompting corporations to halt operations.

U.S. Fish and Wildlife Service
U.S. Fish and Wildlife Service
The newspaper stated that "the widespread fires in western Canada are also striking at the heart of Canada's oil and gas industry, forcing companies to shut down production and forcing thousands of people to flee their homes."

The fire not only poses a threat to pipelines but also to oil fields. In light of this, the main market players, notably Chevron and Paramount Resources, collectively lowered production by at least 240 000 barrels of oil per day.

The New York Times claims that a sizable chunk of Alberta's gas-producing regions still pose a "very high" or "extreme" risk of fire. Also in danger are the oil sands fields, which produce around 2.7 million barrels of oil daily.

source: nytimes.com