By Kevin Orland Jul 30, 2020 (Bloomberg) TC Energy Corp. is looking for a way to start construction on its long-delayed Keystone XL oil pipeline despite a recent U.S. Supreme Court ruling that quashed authorization to lay pipe across streams and rivers.The Canadian company plans to “pursue other permitting means to gain regulatory authorization to construct … Read more
Topic: Pump Technology | Self-Priming vs Submersible When: Thursday August 6th, 2020 02:00 PM Eastern Time (US and Canada) Register: Click HERE to register in advance for this webinar Meet the Speaker: Stefan Fediw, P.Eng. Technical Sales Representative | Pumps & Engineered Systems @John Brooks Company Limited Stefan Fediw has been in the fluid transfer … Read more
July 31, 2020 Business Wire CALGARY, Alberta – Imperial Oil Limited (TSX:IMO): Net loss of $526 million primarily driven by lower Upstream realizations and Downstream margins Managed operational and financial impacts of COVID-19 Optimized turnaround activities at key assets with significant cost efficiencies Reduced year-to-date production and manufacturing expenses by over $450 million versus 2019 Year-to-date … Read more
CALGARY — Shares in Imperial Oil Ltd. are trading lower after it beat analyst expectations on oil and gas production but reported a higher-than-forecast second-quarter loss.
The Calgary-based company reported a net loss of $526 million on revenue of $…
MONTREAL — SNC-Lavalin Group Inc. is restructuring its money-losing resources business with a plan to sell off or shut down the non-profitable parts and fold the remnants into its engineering services division.
The announcement Friday came alongside e…
By Grant Smith Jul 30, 2020 (Bloomberg) From quiet skies over Europe to sparse traffic in America’s biggest cities, a recovery in global oil demand is faltering amid the resurgence in coronavirus.That poses a particularly delicate challenge for the OPEC cartel and its partners, who next week plan to resume some of the crude output halted during the … Read more
By Alex Longley Jul 31, 2020 (Bloomberg) Oil is set to end July with a gain in New York ahead of OPEC+ plans to return supply to the market after the group’s historic output cuts, while the coronavirus pandemic continued to spread across many major economies.Futures reversed Thursday’s decline to trade above $40 a barrel. Deep … Read more
July 30, 2020 CNW CALGARY, AB – (TSX: ARX) ARC Resources Ltd. (“ARC” or the “Company”) reports its second quarter 2020 financial and operational results. ARC’s unaudited condensed interim financial statements and notes (“financial statements”) and ARC’s Management’s Discussion and Analysis (“MD&A”) as at and for the three and six months ended June 30, 2020 are available on ARC’s website … Read more
July 30, 2020 Newsfile Calgary, Alberta – Bonavista Energy Corporation (TSX: BNP) (“Bonavista”) is pleased to report to shareholders its financial and operating results for the six months ended June 30, 2020. The financial statements and notes, as well as management’s discussion and analysis, are available on the System for Electronic Document Analysis and Retrieval (“SEDAR”) … Read more
July 30, 2020 CNW CALGARY, AB – Altura Energy Inc. (“Altura” or the “Corporation”) (TSXV: ATU) provides an update on its credit facility renewal. Altura and its lender have agreed to further extend the credit facility renewal from July 31, 2020 to August 31, 2020 to provide sufficient time to apply for the proposed federal support programs being initiated through the … Read more
Each week Josef Schachter will give you his insights into global events, price forecasts and the fundamentals of the energy sector. Josef offers a twice monthly Black Gold newsletter covering the general energy market and 28 energy and energy service companies with regular updates. He holds quarterly subscriber webinars and provides Action BUY and SELL … Read more
Authors: Robert Lacey (Delta Remediation) and Kurtis Trefry (Dominion Diamonds) Delta Remediation has successfully completed bioremediation of long-chain (F1-F4G) hydrocarbons in Canada’s Arctic. Using its’ proprietary BioLogix technology to reclaim over 1,400 cubic meters of contaminated soils saving almost $200,000 after all expenses associated with the bioremediation treatment. Located near Lac de Gras within the … Read more
By Robert Tuttle Jul 30, 2020 (Bloomberg) The Trump administration will allow the existing Keystone pipeline to carry more oil-sands crude into the Midwest and U.S. Gulf Coast while the conduit’s decade-old expansion project faces renewed legal hurdles.A White House permit issued Wednesday raises the cross-border shipping limit for the TC Energy Corp. line to 760,000 … Read more
When is a surveillance system more than a surveillance system? It’s when the system not only protects an organization’s premises but also supports other areas of the business. Network surveillance supports critical infrastructure operators in three ways: By achieving security goals By reaching operational goals, and By helping protect the employees and visitors from a … Read more
People have more time in front of their screens these days to look at self improvement whether it is through courses, learning a new skill or being introspective about the future of your career or even the future of the energy industry post Covid. Finley Inspection Services has taken an introspective approach as well during … Read more
Strategic assessment of climate change says new Canadian mines, power plants, pipelines and railways will be covered, but lacks details on how changes to them – and the global energy system – will be measured or enforced. Overview of changes In an article here in June, we wondered how our federal government plans to get Canada … Read more
Pump minimum flow protects against overheating and cavitation, reducing maintenance costs and operational issues. Cavitation and Flashing in your Centrifugal Pumps can lead to costly shutdown, loss of production and unknown repair costs, creating havoc on your bottom line. It is important to insure you have minimum thermal flow to pull the heat away from … Read more
July 30, 2020 Globe Newswire CALGARY, Alberta – Cardinal Energy Ltd. (“Cardinal” or the “Company“) (TSX: CJ) is pleased to announce its operating and financial results for the second quarter ended June 30, 2020. Selected financial and operating information is shown below and should be read in conjunction with Cardinal’s unaudited condensed interim financial statements and … Read more
July 30, 2020 CNW CALGARY, AB – Surge Energy Inc. (“Surge” or the “Company”) (TSX: SGY) is pleased to announce its financial and operating results for the quarter ended June 30, 2020. CORPORATE UPDATE – CRUDE PRICE FUNDAMENTALS IMPROVING 1. Managing The Pandemic: Surge’s management team has an established track record of making proactive capital allocation decisions to protect … Read more
July 30, 2020 Reuters Rising OPEC and U.S. oil supply, coupled with stalled economic and crude demand recovery, have pushed the futures market structure back to indicating a surplus, last observed during oil’s collapse in April and May amid the coronavirus pandemic.The development is a headache for OPEC, which had been hoping demand would recover … Read more
By Alex Longley Jul 30, 2020 (Bloomberg)Oil slipped along with equities and a strengthening dollar, while crude continued to trade in a narrow band.Futures in New York fell below $41 a barrel, a level that’s anchored prices for much of the week, with market volatility now at its lowest level in five months. U.S. equity futures … Read more
July 30, 2020 TheNewswire July 30, 2020 – Vancouver, B.C. – Hillcrest Petroleum Ltd. (the “Company” or “Hillcrest“) (TSXV:HRH) (OTC:HLRTF), is pleased to announce it will increase its working interest percentage in the West Hazel field to 100% by acquiring the remaining working interest its Joint Venture Partner. The agreement in principle is effective July 29th and is subject to approval by … Read more
July 30, 2020 CNW CALGARY, AB – OBSIDIAN ENERGY LTD. (TSX: OBE) (OTCQB: OBEL) (“Obsidian Energy“, the “Company“, “we“, “us” or “our“) is pleased to announce our second quarter 2020 financial and operational results. All figures are in Canadian dollars unless otherwise stated. Obsidian Energy’s unaudited interim consolidated financial statements and Management’s Discussion and Analysis (“MD&A“) as at and … Read more
July 30, 2020 CNW CALGARY, AB – Crescent Point Energy Corp. (“Crescent Point” or the “Company”) (TSX: CPG) and (NYSE: CPG) is pleased to announce its operating and financial results for the quarter ended June 30, 2020. The Company’s Board of Directors (the “Board”) is also pleased to announce the appointment of a new director. KEY HIGHLIGHTS Capital … Read more
July 30, 2020 CNW CALGARY, AB – Whitecap Resources Inc. (“Whitecap” or the “Company”) (TSX: WCP) is pleased to report its operating and unaudited consolidated financial results for the three and six months ended June 30, 2020. Selected financial and operating information is outlined below and should be read with Whitecap’s unaudited interim consolidated financial statements and related … Read more
July 29, 2020 | Source: ClearStream Energy Services Inc. CALGARY, Alberta, July 29, 2020 (GLOBE NEWSWIRE) — ClearStream Energy Services Inc. (“ClearStream” or the “Company”) (TSX: CSM) today announced its results for the three and six months ended June 30, 2020. All amounts are in Canadian dollars and expressed in thousands of dollars unless otherwise noted. “EBITDAS” … Read more
July 30, 2020 | Source: Husky Energy Inc. This news release contains references to the non-GAAP financial measures “funds from operations”, “free cash flow”, “net debt”, “operating margin”, “sustaining capital”, “net debt to trailing funds from operations” and “refining and marketing margin”. Please refer to “Non-GAAP Measures” at the end of this news release. CALGARY, Alberta, … Read more
CALGARY — Crescent Point Energy Corp. is reporting a $145.1 million loss in its latest quarter on a 73-per-cent decrease in revenues amid lower crude oil prices.
The Calgary-based company says its losses amounted to 27 cents per diluted share for the …
Financial position and utilization of critical energy infrastructure assets remain robust July 30, 2020 | Source: TC Energy Corporation CALGARY, Alberta, July 30, 2020 (GLOBE NEWSWIRE) — TC Energy Corporation (TSX, NYSE: TRP) (TC Energy or the Company) today announced net income attributable to common shares for second quarter 2020 of $1.3 billion or $1.36 per share … Read more
July 30, 2020| Source: Cenovus Energy Inc CALGARY, Alberta, July 30, 2020 (GLOBE NEWSWIRE) — Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) has completed a public offering in the United States (the “Offering”) of US$1,000,000,000 in 5.375% senior unsecured notes due 2025 (the “Notes”). The Notes were issued under Cenovus’s short form base shelf prospectus dated September … Read more
CALGARY — TC Energy Corp. is reporting higher net profits in the second quarter on asset sales even though revenues decreased.
The Calgary-based company says it earned $1.3 billion or $1.36 per diluted share for the three months ended June 30, up from…
July 29, 2020 | Source: Alberta Indigenous Opportunities Corporation CALGARY, Alberta, July 29, 2020 (GLOBE NEWSWIRE) — The Alberta Indigenous Opportunities Corporation’s (AIOC) Board of Directors is pleased to announce the appointment of Alicia Dubois to Chief Executive Officer of the AIOC effective September 1, 2020. Dubois brings to the position a wealth of knowledge, extensive … Read more
July 29, 2020 Globe Newswire CALGARY, Alberta – Baytex Energy Corp. (“Baytex”)(TSX, NYSE: BTE) reports its operating and financial results for the three and six months ended June 30, 2020 (all amounts are in Canadian dollars unless otherwise noted). “During the second quarter we took decisive steps to adjust our business model in the face of … Read more
July 29, 2020 Globe Newswire CALGARY, Alberta – Athabasca Oil Corporation (TSX: ATH) (“Athabasca” or the “Company”) reported its operating and consolidated financial results for the three months ended June 30, 2020. The second quarter was defined by unprecedented moves in commodity prices due to the COVID-19 pandemic and resulting oil demand destruction. Athabasca responded swiftly … Read more
July 29, 2020 CNW CALGARY, AB – Tourmaline Oil Corp. (TSX: TOU) (“Tourmaline” or the “Company”) is pleased to release operating and financial results for the second quarter (Q2) of 2020. HIGHLIGHTS Q2 2020 cash flow(1) was $225.2 million ($0.83/diluted share) on Q2 EP capital spending of $95.6 million. Q2 2020 delivered significant free cash flow(2) of $121.3 million ($0.45/diluted share). Q2 2020 production averaged … Read more
CALGARY — Oil production and refining volumes at Husky Energy Inc. are gradually returning to normal after deep cutbacks earlier this year but the company is braced for a “bumpy” recovery, CEO Rob Peabody said Thursday.
The Calgary-based energy produc…
The Facts: Ecojustice, an organization that receives foreign funding wants to halt the inquiry into foreign funding. According to their CRA filings, in 2018 alone they received $1,046,974 from a source outside of Canada. In the past, Ecojustice was also a recipient of funding related to Tides USA’s ‘Tar Sands Campaign’. https://financialpost.com/opinion/vivian-krause-oil-sands-money-trail Ecojustice has been … Read more
July 29, 2020 CNW CALGARY, AB – Yangarra Resources Ltd. (“Yangarra” or the “Company“) (TSX: YGR) announces its financial and operating results for the three and six months ended June 30, 2020. Second Quarter Highlights Average production of 9,875 boe/d (44% liquids) during the quarter, a 24% decrease from the same period in 2019 Oil and gas sales were $16.2 million, a … Read more
July 29, 2020 PR Newswire CALGARY, AB – TORC Oil & Gas Ltd. (“TORC” or the “Company”) (TSX: TOG) is pleased to announce its financial and operating results for the three and six months ended June 30, 2020. The associated management’s discussion and analysis (“MD&A”) and unaudited interim financial statements as at and for the three and six months … Read more
CALGARY — French energy giant Total says it is writing off $9.3-billion (US$7 billion) worth of oilsands assets in Alberta and cancelling its membership in the Calgary-based Canadian Association of Petroleum Producers.
Total now considers oil reserves…
CALGARY — The Petroleum Services Association of Canada is cutting its 2020 Canadian drilling forecast for a third time as the industry remains mired in a slump expected to extend well into the second half of the year.
The association says it now expec…
July 29, 2020 Business Wire Development activities have resumed and the company remains firmly on-track to achieve 2020 revised guidance with continuous cost management and improving commodity prices CALGARY, Alberta – Seven Generations Energy Ltd. (TSX:VII): “When the COVID-19 pandemic impacted the world in March, our 7G team rapidly adapted to a new way of working … Read more
By Low De Wei and Alex Longley Jul 29, 2020 (Bloomberg) Oil edged higher as U.S. crude stockpiles were set to have fallen last week, while the dollar slid again.Futures in New York rose 1.1%. U.S. inventories fell by 6.83 million barrels, the American Petroleum Institute reported but said that gasoline supplies rose, according to people … Read more
Pieridae Continues to Gain Support from Key Stakeholders July 29, 2020 | Source: Pieridae Energy Limited NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR DISSEMINATION IN UNITED STATES CALGARY, Alberta, July 29, 2020 (GLOBE NEWSWIRE) — Pieridae Energy Limited (Pieridae or the Company) (TSX: PEA.TO) is pleased to announce it has received approval from Export Development Canada (“EDC”) … Read more
CALGARY — Enbridge Inc. is reporting that its net income slipped to $1.65 billion in the second quarter on a 40 per cent drop in revenues due to lower crude oil prices caused by the COVID-19 pandemic and OPEC price war.
The Calgary-based energy compan…
FOR IMMEDIATE RELEASE: PSAC Forecast Update No Quick Recovery in 2020 Anticipated CALGARY, AB (July 29, 2020) – Today, the Petroleum Services Association of Canada (PSAC), in its third update to its 2020 Canadian Oilfield Services Activity Forecast, announced that it is decreasing its forecasted number of wells to be drilled (rig released) across Canada for 2020 from 3,100 … Read more
Each week, XI Technologies scans its unique combination of enhanced industry data to provide trends and insights that have value for professionals doing business in the WCSB. If you’d like to receive our Wednesday Word to the Wise in your inbox, subscribe here. The biggest part of the government’s response to the oil and gas industry … Read more
It has been a pretty slow year in the energy industry as you probably know. Pipeline bending work for energy companies dried up in February and work we do for other support industries dried up with it. However, with the worst of the COVID-19 pandemic behind us (we hope), and demand for oil and gas … Read more
Despite all the rain we received this summer – Halo has been hard at work servicing our clients throughout Western Canada. Below are two case studies that have made a significant difference in the operational function of effective tank storage and preventing energy loss when heating liquids in the storage tanks. CASE STUDY 1: Tank … Read more
EnergyNow’s Innovation Week is your opportunity to submit an Article or Case Study/Technical Paper to EnergyNow to SHOWCASE your company’s product/service for FREE! There are limited spots available so please take advantage of this opportunity to showcase your company to the EnergyNow audience. SHOWCASE any type of Energy Innovation Product or Service including: Oil & … Read more
CALGARY — A new report predicts Canadian oilsands production will have its biggest annual decline on record this year, dropping by an average of nearly 175,000 barrels per day due to issues associated with the COVID-19 pandemic.
But research firm IHS …
July 28, 2020 CNW Strong capital efficiency drives lower planned 2020 capital spending, higher expected fourth quarter production Highlights: 2020 planned capital investments reduced to $1.8 billion, the low end of previous expected range of $1.8 – $1.9 billion. Second quarter capital investments were $252 million (compared to guidance of $250 – $300 million). Fourth quarter 2020 average crude and condensate(1) production outlook was … Read more
July 28, 2020 Reuters The coronavirus crisis may have triggered the long-anticipated tipping point in oil demand and it is focusing minds in OPEC. The pandemic drove down daily crude consumption by as much as a third earlier this year, at a time when the rise of electric vehicles and a shift to renewable energy sources … Read more
July 28, 2020 Reuters Marcellus shale gas drilling rig U.S. shale oil producers, whose weak returns in recent years had them out of favor with investors even before the coronavirus pandemic crushed oil prices and decimated production, are expected to post their worst second-quarter results since 2016.Oil is down about 35% since January as fuel demand … Read more
July 28, 2020 CNW TNPI failed to ensure that maintenance activities were conducted to safety standards set out in the company’s maintenance safety manual. CALGARY, AB, July – The Canada Energy Regulator (CER) takes action to protect Canadians and the environment, and to prevent damage to pipelines. We regulate natural gas, oil, and commodity pipelines that … Read more
July 28, 2020 Reuters After moving record-large Canadian oil volumes by rail just five months ago, shippers have hit the brakes, idling thousands of cars and tens of millions of dollars’ worth of infrastructure.Rail was Canada’s oil lifeline in recent years when cheaper pipelines ran full and crude had no other exit from landlocked Alberta. But … Read more
CALGARY — The Canada Energy Regulator is fining Trans-Northern Pipelines $40,000 for an incident near a commuter train line in Greater Toronto that resulted in damage to a pipeline transporting gasoline.
It says the incident near Oakville could potent…
By Low De Wei and Alex Longley Jul 28, 2020 (Bloomberg) Oil edged lower on signs that market fundamentals are getting shakier, though there was broader support from the recent slide in the dollar.Futures in New York declined toward $41 a barrel. Consultant Rystad Energy A/S said it expects oil supply to eclipse demand for the … Read more
By Doug Alexander Jul 27, 2020 (Bloomberg) Royal Bank of Canada will buy solar power from BluEarth Renewables Inc. under a renewable-energy contract that’s a first of its kind for a Canadian financial firm. Canada’s largest bank and partner Bullfrog Power, a unit of Spark Power Group Inc., will each purchase 31,500 megawatt-hours a year — … Read more
July 27, 2020 | Source: Marksmen Energy CALGARY, Alberta, July 27, 2020 (GLOBE NEWSWIRE) — Marksmen Energy Inc. (TSXV: MAH) (OTCQB: MKSEF) (“Marksmen” or the “Company”) announces that it has completed the second closing of its previously announced non-brokered private placement of units (the “Units”) of Marksmen (the “Offering”). The Company issued 3,150,000 Units at a price … Read more
CALGARY — Oilsands producer MEG Energy Corp. is reporting a higher second-quarter net loss on voluntarily curtailed bitumen production and lower oil prices.
The Calgary-based company says it had a net loss of $80 million or 26 cents per share in the t…
CALGARY — An environmental law group wants a court to suspend the Alberta government’s inquiry into oil and gas industry critics until there’s a decision on whether it’s legal.
The United Conservative government contends foreign interests are bankroll…
July 27, 2020 Schlumberger Ltd. is cutting more than 21,000 jobs as the global coronavirus pandemic quashes demand for energy and oil prices are routed.The company will pay more than $1 billion in severance benefits.The job cuts announced Friday, about a quarter of its entire workforce, puts the number of people employed by the world’s … Read more
By David Yager July 27, 2020 The headlines are common, relentless and the last thing folks in the ‘patch’ need to be bombarded with as we struggle to recover from the oil price collapse. “Coronavirus accelerates global shift to cheaper, more sustainable renewable energy.” “EU Approves Biggest Green Stimulus in History With $572 Billion Plan.” … Read more
CALGARY — Frankfurt-based Deutsche Bank is joining a lengthening list of European lenders and insurance companies that say they won’t back new oilsands projects.
The German bank says its new fossil fuels policy will also prohibit investing in projects…
Robert Hornung | July 27, 2020 Economic stimulus investments in the wake of COVID-19 must support growth in wind energy, solar energy and energy storage Canada is making steady progress in mitigating the devastating impacts of COVID-19 on the health of Canadians and the Canadian economy. While this work is far from over, public attention … Read more
July 27, 2020 CNW All financial figures are in Canadian dollars ($ or C$) and all references to barrels are per barrel of bitumen sales unless otherwise noted CALGARY, AB – MEG Energy Corp. (TSX: MEG), (“MEG” or the “Corporation”) reported its second quarter 2020 operational and financial results. MEG continues to proactively respond to the safety and financial challenges associated with … Read more
CALGARY — A report funded by the Canadian liquefied natural gas industry estimates that creating a 56-million-tonnes-per-year LNG industry in B.C. would result in nearly 100,000 jobs.
The Conference Board of Canada report, funded by the Canadian LNG A…
July 27, 2020 CNW CALGARY, AB, July 27, 2020 /CNW/ – Vermilion Energy Inc. (“Vermilion”, “We”, “Our”, “Us” or the “Company”) (TSX, NYSE: VET) is pleased to report operating and condensed financial results for the three and six months ended June 30, 2020. The unaudited interim financial statements and management discussion and analysis for the three … Read more
By Alex Longley Jul 27, 2020 (Bloomberg) Oil slipped to near $41 as investors weighed worsening relations between Washington and Beijing alongside flare-ups in coronavirus outbreaks across the world. Futures in New York edged lower after a 1.7% gain last week. Chinese authorities took over the U.S. consulate in Chengdu on Monday as tit-for-tat tensions continue … Read more
MONTREAL — SNC-Lavalin is selling its South African resources business as part of its corporate restructuring.
The Montreal-based engineering and construction firm says it has entered into an agreement to sell the business to local management for an u…
By Alex Longley Jul 27, 2020 (Bloomberg)Oil slipped to near $41 as investors weighed worsening relations between Washington and Beijing alongside flare-ups in coronavirus outbreaks across the world.Futures in New York edged lower after a 1.7% gain last week. Chinese authorities took over the U.S. consulate in Chengdu on Monday as tit-for-tat tensions continue to simmer between … Read more
CALGARY — Lower prices for oil and gas around the world translated into a second quarter net loss on 55 per cent lower revenue for Canadian and international producer Vermilion Energy Inc.
The Calgary-based company reported Monday a net loss of $71.3 …
July 24, 2020 Reuters U.S. energy firms cut the number of oil and natural gas rigs to a record low for a 12th straight week, although they added an oil rig for the first time since March as a recovery in crude prices tempt some producers back to the well pad. The U.S. oil and gas … Read more
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By Mel Larson Becht’s “Winners, Losers, and Everything In Between” series presents strategies to maximize your workforce in the time of COVID-19. Part 2 of this series focuses on the development of “Muscle Memory” (Click Here for Part 1). In this section, we will discuss the conditioning of the workforce team. Why Muscle Memory? Athletes practice … Read more
By Tara Weber BNN Bloomberg Western Correspondent Deadlines are looming again in the energy patch amid growing fears of an imminent credit crunch after a number of companies managed to postpone key negotiations with their lenders until July – in other words, now. “So that’s the next thing to come out,” said Dan Tsubouchi, chief market strategist at Stream Asset Financial … Read more
Canada’s drilling rig count is up 10 actively drilling rigs according to data collected by Baker Hughes for the week ending July 24, 2020. From one week ago, Alberta rig counts increased 8 to 28 and the Saskatchewan rig counts increased 1 to 4. Oil drilling increased 4 to 10 and gas increased 6 to … Read more
By Gregory John Fort Nelson First Nation Chief Sharleen Gale sees the Clarke Lake geothermal project as a way to reinvigorate the region’s economy. Photograph supplied for Canadian Energy Centre It’s a natural energy source that most people are familiar with every time they slide into a steamy hot spring.Such pools, which have been used … Read more
By Robert Tuttle Jul 25, 2020 (Bloomberg) Cenovus Energy Inc. is taking advantage of a plunge in the price for credits that allow the oil-sands company to produce more than output limits imposed by Alberta. For August, those credits are trading at about $1.25 a barrel, compared with $7 or more before the global pandemic, according … Read more
By Esteban Duarte Jul 25, 2020 Word Count: 132 (Bloomberg) —Canada’s Natural Resources Minister Seamus O’Regan said he’s in talks with the U.S. Secretary of Energy Dan Brouillette about finding a path to move ahead with oil pipeline projects, the Globe & Mail reported. “He’s somebody who’s been in the energy business and with the energy … Read more
July 24, 2020 TheNewswire VANCOUVER, B.C. – Hillcrest Petroleum Ltd. (the “Company” or “Hillcrest“) (TSXV:HRH) announces a non-brokered private placement of up 20,000,000 units of the Company (the “Units“) at a price of $0.05 per Unit for a gross proceeds of up to $1,000,000 (the “Offering“). Each unit consists of one common share (a “Share“) and one-half of … Read more
by Bryan Cox Countries around the world are switching from more polluting fuel sources to natural gas to help cut air pollution and reduce their carbon emissions. Canada can help meet this growing global demand with the lowest emission liquefied natural gas (LNG) available. LNG projects in B.C. will have the among the lowest … Read more
By David Wethe Jul 24, 2020 (Bloomberg) Schlumberger Ltd. posted its weakest sales in 14 years and is cutting one-fifth of its workforce while warning that new waves of Covid-19 could derail the nascent recovery in global energy demand.The second-quarter rout was so bad for Schlumberger that it’s spending $1 billion on job severance in a … Read more
By Sharon Cho and Alex Longley Jul 24, 2020 (Bloomberg) Oil swung between gains and losses as deteriorating U.S.-China relations cast doubt over the strength of the demand recovery, but European economic data showed a return to growth.U.S. crude futures rose 0.9%, poised to eke out a second weekly gain as the news of euro-area growth added to … Read more
Exploring potential within Canada’s energy transition In order for a greener future to be possible, we have to reduce our environmental footprint. Using biomass and biofuels can help us achieve this by diverting waste from landfills and overseas recycling facilities to produce electricity and transportable fuels to lessen our reliance on non-renewable energy sources. … Read more
CALGARY — Two of Canada’s biggest oilsands producers are taking different approaches to restoring production that was shut down during the pandemic lockdowns as signs of an economic recovery and higher oil prices emerge.
Both Cenovus Energy Inc. and S…
By Sander Jansen, Senior Manager, Sustainability Services KPMG in Canada The energy industry is no stranger to sustainability. Many energy companies have traditionally approached sustainability from a compliance lens, as regulations, particularly in Canada, have been relatively stringent. More recently, however, companies, large and small, have been motivated to become more forthcoming in their sustainability … Read more
News Release New campaign promotes Canadian energy sector’s massive contribution to economic recovery from COVID-19 Calgary, Alberta (July 23, 2020) – The Canadian Energy Centre (CEC) launched a new national campaign today to highlight the central role Canada’s energy sector has in the country’s economic recovery. Titled: ‘When we work, Canada works,’ the campaign features facts … Read more
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CALGARY — Trican Well Service Ltd. says Dale Dusterhoft, its president and CEO for the past 11 years, is stepping down.
The Calgary-based company says Bradley Fedora will take on the role as of Sept. 1 and that Dusterhoft will continue in his position…
Each week Josef Schachter will give you his insights into global events, price forecasts and the fundamentals of the energy sector. Josef offers a twice monthly Black Gold newsletter covering the general energy market and 28 energy and energy service companies with regular updates. He holds quarterly subscriber webinars and provides Action BUY and SELL … Read more
Teck Resources Ltd. saw profits fall by 165 per cent last quarter as the COVID-19 pandemic dented demand for its commodities and slashed prices.
The second quarter yielded a loss of $149 million for the Vancouver-based miner, which was forced to shut …
CALGARY — The CEO of Suncor Energy Inc. says the company won’t quickly ramp up oil production despite recent higher crude prices as the North American economy begins to reopen following the easing of lockdowns from the COVID-19 pandemic.
Mark Little s…
Calgary, Alberta–(Newsfile Corp. – July 23, 2020) – Trican Well Service Ltd. (TSX: TCW) (“Trican” or the “Company“) announces that Dale M. Dusterhoft will step down as President, Chief Executive Officer and Director of the Corporation and that the Board of Directors has appointed Bradley P.D. Fedora President and Chief Executive Officer. Mr. Dusterhoft will … Read more
By Low De Wei and Alex Longley Jul 23, 2020 (Bloomberg) Oil erased gains to trade near $44 a barrel in London as concerns about demand countered the buoying effect of a weaker dollar.Brent futures slipped from near their highest level since March. Though crude was earlier supported by a less vigorous dollar, bearish signs persist … Read more
CALGARY — A sharp decline in North American oilfield activity in the second quarter meant more layoffs, contract terminations and parked drilling rigs, Precision Drilling Corp. reported Thursday.
The Calgary-based company reported a net loss of $48.9 …
Company captures value by leveraging flexibility of its operations July 23, 2020 | Source: Cenovus Energy Inc photo-release Cenovus SAGD project View of a Cenovus steam-assisted gravity drainage oil sands project in northern Alberta. Wolf Lake natural gas plant Cenovus’s Wolf Lake Natural Gas Plant in the Deep Basin in west central Alberta. Cenovus’s Foster Creek project … Read more
July 22, 2020 | Source: Parkland Corporation CALGARY, Alberta, July 22, 2020 (GLOBE NEWSWIRE) — Parkland Corporation (“Parkland”, “we”, the “Company”, or “our”) (TSX:PKI) announced it is collaborating with Amazon Web Services (“AWS”) to further strengthen its customer value proposition and loyalty initiatives and accelerate its digital transformation. With AWS as its strategic digital provider, Parkland … Read more
July 23, 2020 | Source: Precision Drilling Corporation CALGARY, Alberta, July 23, 2020 (GLOBE NEWSWIRE) — This news release contains “forward-looking information and statements” within the meaning of applicable securities laws. For a full disclosure of the forward-looking information and statements and the risks to which they are subject, see the “Cautionary Statement Regarding Forward-Looking Information and … Read more
By Robert Tuttle Jul 22, 2020 (Bloomberg) Canada’s oil-sands producers are taking their time at restoring production, leaving the country’s normally congested pipelines with room to spare.Enbridge Inc. said Monday that nominations to ship heavy oil on its Mainline, the country’s biggest oil-export network, exceeded capacity by 7% in August versus 3% in July. For the … Read more
New Canadian Renewable Energy Association positioned to provide solutions for Canada’s energy transition Ottawa, Ontario, July 6, 2020 – Effective July 1, 2020, the Canadian Renewable Energy Association is the new multi-technology industry association that provides a unified voice for solar energy, wind energy, and energy storage in Canada. It has been created by uniting the … Read more
July 22, 2020 Reuters An aerial view of the Trans Mountain marine terminal, in Burnaby, B.C. Insurer Zurich has decided not to renew cover for the Canadian government’s Trans Mountain oil pipeline, said a spokeswoman for the project, which is opposed by environmental campaigners and some indigenous groups.All financial services companies are under pressure from environmental … Read more
July 22, 2020 Globe Newswire CALGARY, Alberta – Toscana Energy Income Corporation (“Toscana” or the “Corporation”) (TSX: TEI) announces financial and operating results for the second quarter ended June 30, 2020. Financial and operating results: This news release summarizes information contained in the Condensed Consolidated Interim Financial Statements (unaudited) and Management’s Discussion and Analysis (“MD&A”) for the three … Read more
July 22, 2020 Reuters Hibernia rig, offshore Newfoundland The Hibernia oil platform in Canada is gradually resuming production after being shut due to a discharge of drilling and production fluids, the Hibernia Management and Development Co (HMDC) said on Wednesday.“There were no sheens observed overnight or today. We received additional satellite images this morning, which showed … Read more
July 22, 2020 Globe Newswire Unless otherwise noted, all financial figures are unaudited, presented in Canadian dollars (Cdn$), and have been prepared in accordance with International Financial Reporting Standards, specifically International Accounting Standard 34 Interim Financial Reporting as issued by the International Accounting Standards Board. Production volumes are presented on a working-interest basis, before royalties, except … Read more
July 22, 2020 Business Wire HOUSTON – ConocoPhillips (NYSE: COP) today announced it has signed a definitive agreement to acquire additional Montney acreage in Canada from Kelt Exploration Ltd. for cash consideration of approximately $375 million before customary adjustments, plus the assumption of approximately $30 million in financing obligations for associated partially owned infrastructure. This acquisition … Read more
CALGARY — Kelt Exploration Ltd. says it is selling assets in B.C. that account for almost half of its oil and gas production for $510 million in cash to Houston-based ConocoPhillips.
The Calgary-based company says the sale of producing and development…
CALGARY — Canadian exports of crude oil by rail plunged by 63 per cent in May compared with April as North American fuel demand dropped due to measures taken to control the COVID-19 pandemic.
The Canada Energy Regulator says rail shipments of oil in M…
— Published on July 21, 2020 – Fraser Institute Read the Full Report Main Conclusions The economic downturn from COVID-19 is proving to be one of the steepest since the Great Depression of the 1930s and Canada is already experiencing negative economic impacts. Canada’s economy experienced a decline of 2.1% in the first quarter of … Read more
July 22, 2020 Newsfile Calgary, Alberta – Kelt Exploration Ltd. (TSX: KEL) (“Kelt” or the “Company”) has entered into an agreement to sell its Inga/Fireweed/Stoddart assets (“Inga Assets”) in British Columbia that are held by its wholly owned subsidiary, Kelt Exploration (LNG) Ltd. (“Kelt LNG”), to ConocoPhillips (the “Purchaser”). Kelt will receive cash proceeds of $510.0 million, … Read more
CALGARY — Suncor Energy Inc. is reporting a second-quarter net loss of $614 million after it cut back on production to deal with sharply reduced crude prices amid lower global energy demand.
The loss, which equates to 40 cents per share, compares with…
CALGARY — The federal government says the Trans Mountain pipeline has earned net income of $29 million from operating revenues of $728 million in the 19 months since it was purchased.
In an analysis, the Parliamentary Budget Officer says the oil condu…
July 22, 2020 CNW CALGARY, AB – Clearview Resources Ltd. (“Clearview” or the “Company”) is pleased to provide the following corporate update to its shareholders. OPERATIONS UPDATE The COVID-19 pandemic and the associated precipitous decline in demand for crude oil combined with the OPEC inspired price war have had a dramatic effect on Clearview’s operations and financial results. As a result, Clearview has made … Read more
July 22, 2020 TheNewswire July 22, 2020 – TheNewswire – Vancouver, B.C. – Hillcrest Petroleum Ltd. (the “Company” or “Hillcrest“) (TSXV:HRH) (OTC:HLRTF), is pleased to announce that it has received conditional approval from the TSX Venture Exchange (the “Exchange“) of the implementation of an early warrant exercise incentive program (the “Incentive Program“) intended to encourage the early exercise of … Read more
By Sharon Cho and Grant Smith Jul 22, 2020 (Bloomberg) Oil fell from a four-month high in New York as signs of a surprise increase in U.S. crude stockpiles added to fears that the world’s biggest economy is struggling to control the pandemic.The American Petroleum Institute reported crude inventories rose by 7.54 million barrels last week, … Read more
July 21, 2020 | Source: Pulse Seismic Inc. CALGARY, Alberta, July 21, 2020 (GLOBE NEWSWIRE) — Pulse Seismic Inc. (TSX:PSD) (OTCQX:PLSDF) (“Pulse” or the “Company”) is pleased to report its financial and operating results for the three and six months ended June 30, 2020. The unaudited condensed consolidated interim financial statements, accompanying notes and MD&A are being … Read more
Mike Lee and Carlos Anchondo, E&E News July 21, 2020 Hydraulic fracturing pioneer BJ Services filed for bankruptcy yesterday. A BJ Services gas site is pictured. BJ Services Oil and gas companies began reporting their earnings yesterday, and after one day, the tally was one bankruptcy, one company gobbled up in a merger and one company with a … Read more
by Mark Milke and Lennie Kaplan The slogan “For the planet” is projected on the Eiffel Tower as part of the World Climate Change Conference 2015 (COP21) on December 11, 2015 in Paris, France. (Photo by Chesnot/Getty Images) Aspirational goals are important in life but it’s always helpful to be clear on the means to … Read more
Each week, XI Technologies scans its unique combination of enhanced industry data to provide trends and insights that have value for professionals doing business in the WCSB. If you’d like Wednesday Word to the Wise delivered directly to your inbox, subscribe here. We last wrote about Industry consolidation in 2018, covering the period from December 2014 … Read more
Fort McMurray, AB Registration begins at 12:30 pm Fort McMurray and region has been especially hard hit again this year and a lot of people are struggling. EVERYONE deserves to have food on the table; EventWorx Corporation is pleased to support the Wood Buffalo Food Bank this year as our charity partner for the Oil … Read more
Last month, the CCSI Group of Companies – comprised of Carbon Credit Solution Inc. (CCSI), Cap-Op Energy, TriCore Carbon Solutions, Climate Smart Group, and Carbon Solutions Group – announced they have consolidated all of their planet-positive companies under a new name: Radicle. Radicle takes their name after that of the first growth of a seed, … Read more
ST. JOHN’S, N.L. — Production at the Hibernia offshore production platform 315 kilometres east of St. John’s, N.L., has been halted after an apparent spill of drilling and production fluids.
In a post on its website, the Hibernia management company sa…
CALGARY — Oil production is beginning to recover after it was curtailed by an average of 30 per cent in the second quarter due to low crude prices, PrairieSky Royalty Ltd. said Tuesday.
The Calgary-based company, which earns revenue by sharing in prod…
Reuters Jul 20, 2020 Oilfield services firm BJ Services filed for Chapter 11 bankruptcy protection on Monday, following a severe cut in demand and cash crunch due to the coronavirus pandemic. The company, which offers hydraulic fracturing of shale wells, said it was in discussions with bidders for sale of its cementing business and portions … Read more
By Sharon Cho and Grant Smith Jul 21, 2020 (Bloomberg)Oil climbed to the highest level since early March in London as hopes for an economic recovery from the coronavirus crisis lifted financial markets.Brent futures rose 2.2% as European Union leaders agreed on an unprecedented stimulus package to pull their economies out of the worst recession in memory, … Read more
Osperity’s OMNI is an affordable all-in-one AI-driven video analytics solution that helps companies in the energy industry manage their sites & assets remotely, safely and more efficiently – Now with a free evaluation. Osperity’s all-in-one OMNI solution empowers organizations to remotely monitor and inspect industrial sites & assets with visual AI-driven event detection and exception-based … Read more
CALGARY — Analysts are split on the wisdom of Ensign Energy Services Inc.’s US$33.4-million move to buy out partner Halliburton Co.’s stake in an international drilling joint venture.
The Calgary-based drilling company announced Friday after markets c…
Few companies are thriving at that price, but most are surviving Kyle Bakx – CBC News After the brutal price crash in March and April, the mood in the oilpatch is noticeably improved as prices stabilize around $40 US per barrel. Still, that price means different things to different companies, with some beginning to turn on the taps to … Read more
July 20, 2020 Globe Newswire CALGARY, Alberta – PrairieSky Royalty Ltd. (“PrairieSky” or the “Company“) (TSX: PSK) is pleased to announce its second quarter (“Q2 2020“) operating and financial results for the period ended June 30, 2020. Second Quarter 2020 Highlights: • Revenues totaled $28.2 million, comprised of royalty production revenues of $25.1 million and other … Read more
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BILLINGS, Mont. — A coalition of states on Monday renewed its push to stop the Trump administration from selling coal from public lands after a previous effort to halt the lease sales was dismissed by a federal judge.
Joined by environmentalists and t…
NEW YORK — Chevron will take over Noble Energy for $5 billion in the first big deal announced since the coronavirus pandemic shook the energy sector.
Chevron has been shopping for assets since last year and with crude prices down more than 30% this ye…
by Deborah Jaremko The Wapisiw Lookout walkway and observation deck. Photograph courtesy Suncor Progress is being made to solve one of the oil sands industry’s highest profile environmental challenges. Thanks to years of companies working together and more than $10 billion of combined sector investment, the future outlook for reduction of oil sands tailings is … Read more
July 17, 2020 Canada’s fleet of active drilling rigs grew from 26 to 32 since last week according to data from Baker Hughes. Total drilling count was 32 at July 17. 6 rigs were drilling for oil; 26 for natural gas. The drilling activity in Alberta grew from 16 to 20 since last week. Saskatchewan’s … Read more
By Sharon Cho and Rakteem Katakey Jul 20, 2020 (Bloomberg) Oil extended declines toward $40 a barrel as concerns about demand linger with the coronavirus raging across many regions. Infections flared by a record in Hong Kong, and Los Angeles is on the brink of another stay-at-home order. New cases have accelerated in California, although the pace of deaths slowed … Read more
Mike Lee, E&E News reporter Published: Monday, July 20, 2020 North Dakota’s oil production fell by a record-setting 30% from April to May as the pandemic cut into demand for fuel, a drop that could crimp the energy-dependent state’s budget and take more than a year to make up.The drop from 1.2 million barrels a … Read more
By Bloomberg News Jul 19, 2020 (Bloomberg) Some oil from China’s swelling storage tanks is finding its way back into the international market as traders jump at the opportunity to source cheap crude for resale to regional refiners.The shipments in question, so far just 1 million barrels, have been procured by trading houses via the Shanghai … Read more
COVID-19 has caused significant disruption to many industries across Canada, but for the O&G industry, layering the pandemic on top of historic market volatility has created some unique challenges for business owners. In this second installment of BDO’s Business Rebound Webinar Series, our expert panel will focus on business resiliency in the O&G sector to … Read more
Raise Production Inc (RPI) takes a unique approach to maximizing productivity from the modern horizontal wellbore using a combination of well-specific flow regime understanding, a high angle/high efficiency reciprocating pump, and Horizontal Wellbore Separation and Flow Conditioning technology. Combined with our innovative products, our technical engineering team provides our customer base Artificial Lift evaluations and solutions … Read more
Click HERE to See Full Specifications PDF DK-Lok Corporation has a relentless commitment to product quality excellence and backs it up with lifetime warranty and global distribution support. Contact information Dk-Lok Canada 780-469-3675 https://www.dklokcanada.com/
Written by Tommy Bourgelas Olympus’s OmniScan® X3 phased array ultrasonic (PAUT) flaw detector comes with advanced data acquisition and processing capabilities known as full matrix capture/total focusing method (FMC/TFM). This technique optimizes the probe’s signals for improved images and more reliable results in certain applications. We didn’t just add FMC/TFM to an OmniScan flaw detector—we … Read more
During times of continual industry volatility and market shifts, digital transformation programs that drive competitive advantage and growth can deliver a sustainable competitive edge for Energy and Utilities organizations. However, the multi-million-dollar boardroom question that C-level executives are often left to address remains: “how are we going to pay for this?” with ongoing operations consuming … Read more
Crude oil processing in the atmospheric distillation tower is the first and most fundamental step in the petroleum refining process. The primary purpose is to separate crude oil into distillation cuts (distillation fractions) for further processing in the refinery. Understanding the fundamentals of the distillation process is critical to operate this refinery crude unit as … Read more
Renewable mandates and processing of biostreams in fossil fuel facilities is the talk of the energy industry right now. Energy entities are now shifting away from “should we” to “how will we” discussions. To help your organization address this challenge, Becht has prepared a summary of key questions to ask regarding meeting renewables targets, both strategically and … Read more
TRAVERSE CITY, Mich. — Michigan sought a pledge Friday from Enbridge Inc. to cover costs that would arise if oil were to leak from its dual pipelines that extend across a channel linking two of the Great Lakes.
Department of Natural Resources Director…
Scott DiSavino July 17 (Reuters) – U.S. energy firms cut the number of oil and natural gas rigs operating to a record low for an 11th week in a row though they have slowed the reductions as some consider returning to the well pad with crude prices up from historic lows. The U.S. oil and … Read more
While Ontario is moving towards Phase three, we considered the valuable feedback from our visitors, exhibitors and speakers requesting we reschedule PetroChem Canada. We are committed to providing a safe environment and the best value to our visitors, exhibitors, and sponsors; therefore, selecting new dates to maximize participation is the right thing to do. The … Read more
By Addison Kliewer (Bloomberg)A deep recession that cost millions of people their jobs. Empty airports, restaurants and hotels. Tens of thousands of people sickened by a virus that ripped through parts of Canada’s largest cities.That was the story of the second quarter — an economic and health nightmare because of Covid-19. Starting next week, investors … Read more
All businesses that have experienced a drop in revenue would qualify for support Finance Minister Bill Morneau is proposing sweeping changes to the federal pandemic wage subsidy that would extend the program until the end of the year and open it to more businesses. The changes to the subsidy would do away with the requirement that businesses … Read more
OPEC+ hits the refinery wall July 17, 2020 Fuel traders and refiners are becoming more pessimistic about the outlook for the global economy and transportation for the rest of this year, even as the crude producers in OPEC+ try to push oil prices higher.OPEC+ is anxious to see higher crude prices as soon as possible … Read more
July 16, 2020 Globe Newswire CALGARY, Alberta – Petrus Resources Ltd. (“Petrus” or the “Company”) (TSX: PRQ) is pleased to announce the concurrent extension of its second lien term loan (“Term Loan”) and Revolving Credit Facility (“RCF”) and the completion of the RCF lenders’ 2020 annual review. The Company’s board of directors has also approved its … Read more
By Alex Longley Jul 17, 2020 (Bloomberg) Oil fell on signs that the recovery in oil consumption may be starting to slow.Futures in New York fell below $41 a barrel after struggling to surpass their highs from June in recent days. Indian road fuel sales fell in the first half of July as localized virus lockdowns … Read more
By Grant Smith, Salma El Wardany, Dina Khrennikova and Javier Blas Jul 16, 2020 (Bloomberg) OPEC+ is confident that it can start easing deep production cuts next month without hurting the recovery in oil prices.The group will proceed with its plan to gradually open the taps in August, adding at least 1 million barrels a day … Read more
July 16, 2020 Reuters Canadian heavy crude’s discount narrowed to under $7 a barrel versus West Texas Intermediate (WTI) on Thursday, the final trading day the August trading cycle, as supplies have tightened traders said.Western Canada Select (WCS) heavy blend crude for August delivery in Hardisty, Alberta, traded at $6.55 per barrel below WTI after … Read more
Most natural gas production and exploitation sites are considered to be hazardous area. This is certainly the case when it comes to Liquefied Petroleum Gases (LPG) sites. It is vital to avoid creating any areas, within the sites, in which the atmosphere contains flammable gas. The need to comply with stringent safety and environmental regulations … Read more
OTTAWA — Proposals for new mines, power plants, pipelines or railways in Canada will have to include plans to hit “net zero” emissions by 2050 if they have any hope of getting approved.
But the new rules, contained in the government’s final strategic …
The Trudeau government’s damaging energy policies have contributed to substantial job loss and a 35 per cent decline in oil and gas investment over the last five years—and that’s just the beginning of the bad news. According to a new Statistics Canada report, investment in the energy sector could shrink by an additional 40 per cent … Read more
July 16, 2020 CALGARY, AB – Zurich Insurance Groups’ surrender to Stand.earth and Zurich’s resulting refusal to do business with the Trans Mountain pipeline expansion project is counter-productive, ill-conceived, and will have a negative effect on the environment and climate, Canada Action said today. “If insurers truly care about the global environment — including the … Read more
By Low De Wei and Alex Longley Jul 16, 2020 (Bloomberg)Oil retreated from its highest close in four months after the OPEC+ alliance confirmed it would start tapering output cuts from next month.Futures in New York dropped below $41 a barrel. Saudi Arabia and Russia said the producer bloc would proceed with its plan to add … Read more
By Katherine Chiglinsky, Brian Eckhouse, Naureen Malik and Dave Merrill Jul 16, 2020 (Bloomberg) Warren Buffett’s $9.7 billion bet on natural gas looks even more contrarian today.As Democrat Joe Biden unveils a staggering $2 trillion clean-energy plan—the most ambitious climate package ever offered by a presumptive presidential nominee—Buffett’s recent deal to buy Dominion Energy Inc.’s natural … Read more
By Nick Wadhams and Lars Paulsson Jul 16, 2020 (Bloomberg) The U.S. is moving toward sanctions against energy companies involved in Russian pipelines to Europe and Turkey, escalating a threat to punish allies for pursuing projects that the U.S. argues will only benefit Russia.As Europe’s domestic gas supplies decline, the region is becoming more dependent on … Read more
Reclamation and abandonment activities will take place on Enoch Cree Nation through program mandated by Alberta Department of Energy July 15, 2020 | Source: Backwoods Energy Services EDMONTON, Alberta, July 15, 2020 (GLOBE NEWSWIRE) — Backwoods Energy Services (Backwoods), one of the largest Indigenous-owned businesses in Canada, is pleased to announce it has begun reclamation work associated … Read more
by Koleya Karringten Along the confusing road to the post-pandemic reality, Albertans are navigating by signposts: open restaurants and shops, the permission of larger gatherings and for some, a return to the office, are all signals that we’re getting a little closer to normalcy. Masks and social distance signs aside, the world is starting to … Read more
July 15, 2020 Globe Newswire CALGARY, Alberta, July 15, 2020 (GLOBE NEWSWIRE) — Cardinal Energy Ltd. (“Cardinal“) (TSX: CJ) has received approval to extend the revolving period applicable to the Company’s existing reserves-based credit facility to July 29, 2020. The credit facility continues to be available, on a revolving basis, until that date. In connection therewith, … Read more
July 15, 2020 Reuters Canadian heavy crude’s discount steadied versus West Texas Intermediate (WTI) on Wednesday as the August trading cycle winds down, traders said.Western Canada Select (WCS) heavy blend crude for August delivery in Hardisty, Alberta, traded at $7.10 per barrel below WTI after settling at $7.10 below WTI on Tuesday, according to NE2 Canada … Read more
July 15, 2020 CNW CALGARY, AB – Tourmaline Oil Corp. (TSX: TOU) (“Tourmaline” or the “Company“) is pleased to announce that the Toronto Stock Exchange (the “TSX“) has approved the renewal of Tourmaline’s normal course issuer bid (the “NCIB“). The NCIB allows Tourmaline to purchase up to 13,538,778 common shares (representing 5% of its 270,775,559 outstanding common … Read more
Canadian Energy Pipeline Association Blog (CEPA) We start this week’s blog by giving a big shout-out to Canada’s health care workers who risk their lives every day to keep us safe in the current COVID-19 global pandemic. We’re fortunate our country has a robust public health system that keeps us safe during these challenging times … Read more
Each week Josef Schachter will give you his insights into global events, price forecasts and the fundamentals of the energy sector. Josef offers a twice monthly Black Gold newsletter covering the general energy market and 27 energy and energy service companies with regular updates. He holds quarterly subscriber webinars and provides Action BUY and SELL … Read more
By Grant Smith, Salma El Wardany, Javier Blas and Dina Khrennikova Jul 15, 2020 (Bloomberg)OPEC and its allies will restore some oil supplies next month, but the impact will be “barely felt” as demand recovers from the coronavirus crisis, said Saudi Arabia’s Energy Minister.After almost three months of historic output curbs to offset the worst effects … Read more
OTTAWA — Federal energy and environment officials were warned in late April that Canada’s clean-tech sector was in danger as COVID-19 knocked the bottom out of the industry.
Three months later, a new policy tracker on energy investments made by G20 co…
EDMONTON — Premier Jason Kenney is dismissing suggestions that the appointment of his former campaign manager to a senior post with the Alberta Energy Regulator is a patronage plum.
Kenney says the regulator operates at arm’s length from the United Co…
The next three phases of Alberta’s $1-billion program to clean up inactive oil wells will open within 10 days, as the federal government establishes monitoring committees to track the progress of well-cleanup activities funded by its $1.7-billion grant to Alberta, Saskatchewan and British Columbia. Close to 100 Alberta Ministry of Energy staff were redeployed from … Read more
By Nayla Razzouk and Grant Smith Jul 15, 2020 (Bloomberg)OPEC+ is seeking extra production cuts from members that have missed their targets again in June, potentially tempering the impact of the supply resumption planned by the wider coalition next month.A technical committee that met online on Tuesday outlined plans for countries including Iraq, Nigeria and … Read more
By Low De Wei and Alex Longley Jul 15, 2020 (Bloomberg) Oil rose near its highest level since March as U.S. crude inventories looked set for a large drop and OPEC+ sought extra output cuts from laggards.Futures in New York traded near $41 a barrel, extending Tuesday’s gains. The American Petroleum Institute reported that inventories fell … Read more
E&E News Tuesday, July 14, 2020 Energy experts warn there may be more turbulence ahead for the U.S. oil and gas pipeline industry following a chaotic week that saw a high-profile pipeline cancellation, a Supreme Court decision and a multibillion-dollar sale of utility giant Dominion Energy’s gas transmission and storage assets. Kevin Dietsch/UPI/Newscom (protesters), Tony Webster/Flickr (Dakota … Read more
Mike Lee and Pamela King, E&E News reporters July 15, 2020 Construction of the Dakota Access pipeline near New Salem, N.D. Tony Webster/Flickr The embattled Dakota Access oil pipeline last night secured a reprieve from a looming court-ordered shutdown. The U.S. Court of Appeals for the District of Columbia Circuit issued a temporary freeze on a lower court’s … Read more
July 15, 2020 | Source: InPlay Oil Corp. CALGARY, Alberta, July 15, 2020 (GLOBE NEWSWIRE) — InPlay Oil Corp. (TSX: IPO) (OTCQX: IPOOF) (“InPlay” or the “Company”) announces that its syndicate of lenders has completed the redetermination of its Credit Facilities. InPlay’s Credit Facilities have been confirmed at $65 million. The Credit Facilities mature on May … Read more
July 14, 2020 Reuters Canadian heavy crude’s discount narrowed versus West Texas Intermediate (WTI) on Tuesday as production rises have been limited and due to a rise in available pipeline capacity, traders said.Western Canada Select (WCS) heavy blend crude for August delivery in Hardisty, Alberta, traded at $6.85 per barrel below WTI after settling at $7.05 … Read more
July 14, 2020 Newsfile Calgary, Alberta – Kelt Exploration Ltd. (TSX: KEL) (“Kelt” or the “Company”) announced today the extension of the revolving period applicable to the Company’s existing $350 million revolving credit facility, to August 31, 2020. The credit facility continues to be available, on a revolving basis, until that date. In connection therewith and … Read more
July 14, 2020 CNW CALGARY, AB – Bonterra Energy Corp. (www.bonterraenergy.com) (TSX: BNE) (“Bonterra” or the “Company”) today provides a corporate update and confirms the Company has completed the extension and redetermination of its credit facility in partnership with its syndicate of lenders. Bonterra has continued to take meaningful steps in the first half of 2020 to … Read more
An Alberta pipeline system that was successfully commissioned, relied on STEP Energy Services for technical support in its safe and predictable start-up. The system consisted of two parallel lines flowing countercurrent – one line delivering condensate and the parallel line delivering crude oil. STEP was chosen to support this important commissioning based on safe work … Read more
This study explains how a Brazilian refinery deployed a magnetic separator to prevent black powder contamination from plugging off the heat exchanger in their crude distillation process unit. The Problem Contaminated crude feedstock was causing the heat exchanger in the crude unit to operate at low efficiency due to black powder deposits and flow restriction. … Read more
Each week, XI Technologies scans its unique combination of enhanced industry data to provide trends and insights that have value for professionals doing business in the WCSB. If you’d like to receive our Wednesday Word to the Wise in your inbox, subscribe here. Succeeding in oil and gas development comes down to how well and how … Read more
CALGARY — Calfrac Well Services Ltd. is seeking to restructure in a plan that will see its debtholders swap unsecured notes for shares in the company.
The company says it has obtained a preliminary interim order under the Canada Business Corporations …
by Deborah Jaremko Follow CEC on Linkedin CEC Linkedin Follow CEC on Facebook CEC Facebook Follow CEC on Twitter CEC Twitter Skye Lybbert pictured in Edmonton Alta, on Thursday June 25, 2020. Photograph for Canadian Energy Centre Growing up in Alberta, 30-year-old Skye Lybbert has always enjoyed being out in the mountains, curious about understanding the rocks and … Read more
July 14, 2020 Globe Newswire All financial figures are in Canadian dollars unless otherwise noted CALGARY, Alberta – Gibson Energy Inc. (“Gibson” or the “Company”), (TSX: GEI), announced today that it has closed the previously announced offering of $650 million of senior unsecured medium term notes consisting of $325 million of 2.45% notes maturing on July … Read more
July 13, 2020 Reuters0 The oil market is getting closer to balance as demand gradually rises, OPEC’s secretary general said on Monday, two days before the group and ally Russia meet to decide whether to ease output curbs from August.The Organization of the Petroleum Exporting Countries and allies, known as OPEC+, have been cutting output … Read more
CALGARY — A rebound in oil prices as consumer demand for gasoline rises will buoy energy companies as they give quarterly results starting next week, but analysts say there are still too many uncertainties to expect any new spending in the sector.
The…
By Low De Wei and Alex Longley Jul 14, 2020 (Bloomberg) Oil slipped for a second day on signs of a slower emergence from lockdown in some corners of the globe.Futures fell by as much as 2.6% in New York. California, one of the largest gasoline-consuming states in America, announced on Monday that it would pull back on … Read more
CALGARY — The engineering company hired to build the proposed Goldboro LNG export facility in Nova Scotia is withdrawing from an agreement to provide a fixed price contract for the job, developer Pieridae Energy Ltd. said Monday.
The Calgary-based com…
July 13, 2020 | Source: Arrow Exploration Corp. CALGARY, Alberta, July 13, 2020 (GLOBE NEWSWIRE) — ARROW Exploration Corp. (“Arrow” or the “Company”) (TSXV: AXL) is pleased to announce the filing of its unaudited Financial Statements and MD&A for the quarter-ended March 31st, 2020, which are available on SEDAR (www.sedar.com). FINANCIAL AND OPERATING HIGHLIGHTS (in United … Read more
July 13, 2020 | Source: Petrus Resources Ltd. CALGARY, Alberta, July 13, 2020 (GLOBE NEWSWIRE) — Petrus Resources Ltd. (“Petrus” or the “Company”) (TSX: PRQ) announces its syndicate of lenders has extended the borrowing base termination date on its revolving credit facility agreement from July 13, 2020 to July 20, 2020. The Company continues to be … Read more
Report highlights work done to establish bold ESG targets July 14, 2020 | Source: Cenovus Energy Inc CALGARY, Alberta, July 14, 2020 (GLOBE NEWSWIRE) — Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) has published its 2019 environmental, social & governance (ESG) report. In 2019, the company conducted a formal materiality assessment to identify the four … Read more
By David Yager In today’s tumultuous world you really have to hunt for good news. Record deficits and unemployment. Companies in multiple industries closing the doors or declaring insolvency. Rampaging mobs that police and politicians are scared to control. Rewriting history by destroying or desecrating statues and monuments declared shameful because they don’t meet new, … Read more
Resource Works’ new national campaign, the Task Force for Real Jobs, Real Recovery, has just launched and we’d love your help getting the message out there. The Task Force is supported by a coalition of over 25 industry associations, unions, professional organizations and Indigenous organizations representing the energy, manufacturing, transportation, forestry and construction sectors. A group of 20 expert advisors has … Read more
DUBAI, United Arab Emirates — The Middle East’s energy producers are expected to earn $270 billion less in oil revenue compared to last year as the region’s economic heavyweight, Saudi Arabia, sinks deeper into recession amid the coronavirus pandemic,…
July 12, 2020 CNW CALGARY – OBSIDIAN ENERGY LTD. (TSX: OBE) (OTCQX: OBELF) (“Obsidian Energy“, the “Company“, “we“, “us” or “our“) is providing additional details to the proposed Long Term Incentive (“LTI“) plan amendments to be voted on by shareholders at the July 30, 2020 Annual General Meeting (the “AGM“). The Company’s LTI plan amendments are to the Restricted & … Read more
By Low De Wei and Alex Longley Jul 13, 2020 (Bloomberg) Oil edged lower ahead of an OPEC+ meeting this week at which the group may announce plans to start tapering historic production cuts even as the coronavirus surges unabated in many parts of the world.Futures in New York fell below $40 a barrel. The producer … Read more
By Bloomberg News Jul 13, 2020 (Bloomberg) Tesla Inc. needs to succeed in China if it wants to dominate the world of electric cars—especially in a post-virus world. To do that, Elon Musk is turning to a battery engineer who once helped Apple Inc. extend the life of its MacBook laptops.Zeng Yuqun, 52, built Contemporary Amperex Technology … Read more
By Grant Smith and Javier Blas Jul 13, 2020 (Bloomberg) Saudi Oil Minister Prince Abdulaziz bin Salman likes the idea of OPEC+ acting as the central bank of oil. And he expresses admiration for Alan Greenspan, former chairman of the U.S. Federal Reserve. The challenge now confronting the oil producers’ club is one that’s all too … Read more
by Gregory John and Mark Milke Follow CEC on Linkedin CEC Linkedin Follow CEC on Facebook CEC Facebook Follow CEC on Twitter CEC Twitter Members of B.C. Indigenous communities rally in support of the Coastal GasLink pipeline project in February 2020. Image courtesy TC Energy A majority of First Nations in British Columbia and Alberta that have … Read more
Ready to see how easy dispatching can be? If you’re still using a whiteboard, spreadsheets or texting to dispatch crew and equipment to job sites, this will be a very valuable 20 minutes of your time. If you’ve even been curious about how dispatch software works, register for this webinar. You won’t regret it. Why … Read more
For the dedicated minds behind GNB Global Inc. (GNB), formerly G&B Portable Fabric Buildings, offering an unbeatable product and an incredible experience is the core of what they do. As an industry pioneer in the creation, design, and construction of tension fabric solutions, they have been making waves with their abilities for more than two … Read more
Canadian health authorities are urging to help reduce the spread of COVID-19 and IDENT is doing our part with signage, hand sanitizer & now, hand sanitizer dispensers. We’ve partnered with Prime Boiler Services Ltd to provide cost-effective hand sanitizer in 3 different sizes and 2 hand sanitizer dispenser options. https://identsigns.com/covid-19/hand-sanitizer
By Mel Larson Athletic endeavors, especially team sports, can be rewarding to participate in or watch at any age. Developing teams and players includes conditioning, diet, mental training, and finding the right “mix” of players to form the winning team. Soccer, Baseball, Rugby, or Basketball teams play an array of opponents. Very few teams in … Read more
High Temperature Hydrogen Attack Damage Progression Prediction in Carbon Steel Assets – July 14th @ 1:00 pm CT Presenter: Jarad Heimer Register: https://attendee.gotowebinar.com/register/5765743726620677132 Introduction to Fracture Mechanics: Part 1 – July 16th @ 1:00 pm CT Presenter: Daniel Ayewah Register: https://attendee.gotowebinar.com/register/8686826163740828940 Digital Twins: Transforming Integrity Management and Operations for Offshore Production and Drilling Efficiencies – July 21st @ 12:00 pm CT Presenter: David … Read more
Josef Schachter, president of Schachter Energy Research Services, shares his outlook for the markets. To get access to Schachter’s research please go to http://bit.ly/2OvRCbP to subscribe.
by Shawn Logan Follow CEC on Linkedin CEC Linkedin Follow CEC on Facebook CEC Facebook Follow CEC on Twitter CEC Twitter Pipeline pipes are seen at a Trans Mountain facility near Hope, B.C., Thursday, Aug. 22, 2019. THE CANADIAN PRESS/Jonathan Hayward Just two years ago, 1.85 million visitors flocked the central British Columbia city of Kamloops, a popular tourist hub … Read more
EDMONTON — Alberta suspended environmental monitoring for oilsands companies without notifying the Northwest Territories, despite a legally binding agreement to do so.
The omission is revealed in a series of emails between the two governments obtained…
CALGARY — Shell Canada says the Quest carbon capture and storage project north of Edmonton has reached the milestone of five million tonnes of stored carbon dioxide, equivalent to the annual emissions of about 1.25 million cars.
It says the accomplish…
Posted by Resource Works Written by Mike Cleland Wishful thinking and empty promises aren’t helping with the needed energy transition. It’s time to turn our minds and our will to the hard work of transformation by mid century based on the realities of our society and our economy, writes Mike Cleland. Canada’s two energy economies … Read more
By Tara Weber BNN Bloomberg Western Correspondent There’s no denying it – getting a major pipeline project built is becoming a lot more difficult. New pipelines are facing increasingly savvy environmental activists and are getting caught up in political gamesmanship, resulting in many project delays and cancellations. As a result, investors are taking a greater shine to existing pipeline infrastructure that is already in … Read more
July 10, 2020 Reuters Canadian heavy crude’s discount narrowed versus West Texas Intermediate (WTI) on Friday as curtailed production levels eased price pressures from reduced oil demand.Western Canada Select (WCS) heavy blend crude for August delivery in Hardisty, Alberta, traded at $7.95 per barrel below WTI, according to NE2 Canada Inc, narrower than Thursday’s settle of … Read more
July 10, 2020 CNW CALGARY, AB – Gear Energy Ltd. (“Gear“) (TSX: GXE) has completed its annual borrowing base redetermination and the syndicated credit facilities have been confirmed at $75 million with a maturity date of May 28, 2021. In addition, there are three repayment dates and corresponding reductions of the borrowing base scheduled for September 30, 2020, December 31, 2020, and March … Read more
by Gregory John and Mark Milke Follow CEC on Linkedin CEC Linkedin Follow CEC on Facebook CEC Facebook Follow CEC on Twitter CEC Twitter Totem pole and shield, located a short walk into the forest, close to the Haisla harbour. Photo supplied for Canadian Energy Centre For those who have paid attention to anti-oil and gas activists over the past decade, or … Read more
Canada’s drilling rig count is up 8 actively drilling rigs according to data collected by Baker Hughes for the week ending July 10, 2020. From one week ago, Alberta rig counts increased 7 to 16 and the Saskatchewan rig counts stayed at 2. Oil drilling stayed at 6 and gas increased 8 to 20. … Read more
Scott DiSavino (Reuters) – U.S. energy firms cut the number of oil and natural gas rigs operating to a record low for a 10th week in a row but the rate of decline has slowed as higher oil prices prompt some producers to start drilling again. The U.S. oil and gas rig count, an early … Read more
Pamela King, E&E News reporter Friday, July 10, 2020 A federal judge yesterday refused to reverse his order this week that shuttered the Dakota Access pipeline pending a key environmental review.The dispute now sits with the U.S. Court of Appeals for the District of Columbia Circuit, which will consider whether Dakota Access developer Energy Transfer … Read more
By Saket Sundria and Alex Longley Jul 10, 2020 (Bloomberg) Oil fell as the International Energy Agency said a jump in Covid-19 cases could derail the market recovery, while Libya signaled the potential restart of crude exports.Futures slipped to near $39 a barrel in New York, and are down 4% this week. The IEA said oil … Read more
By Grant Smith Jul 10, 2020 (Bloomberg) The International Energy Agency bolstered its outlook for global oil demand, but warned that the recovery could be derailed by the resurgence of coronavirus.A collapse in fuel consumption during the second quarter was slightly less severe than previously estimated, and demand should rebound sharply over the next three months … Read more
Dan Healing, The Canadian Press CALGARY — Oil sands companies are restoring thousands of barrels of daily production to take advantage of higher oil prices as relaxed pandemic measures allow North American consumers to get back on the road. Executives speaking at a TD Securities energy conference on Tuesday said they are confident the oil price … Read more
July 9, 2020 Reuters Canadian heavy crude’s discount widened versus West Texas Intermediate (WTI) on Thursday as producers gradually restore some shut-in production.Western Canada Select (WCS) heavy blend crude for August delivery in Hardisty, Alberta, traded at $8.50 per barrel below WTI, according to NE2 Canada Inc, wider than Wednesday’s settle of $7.90 under. Reduced … Read more
July 9, 2020 CNW CALGARY, AB – Tamarack Valley Energy (“Tamarack” or the “Company”) (TSX: TVE) is pleased to announce it has entered into a purchase agreement to acquire assets located in West Central, Alberta (the “Assets”). The Assets include approximately 2,500 boe/d (52% oil and natural gas liquids, “NGLs”) of low-decline production supported by a high-quality, multi-zone light oil … Read more
By Nathaniel Bullard Jul 9, 2020 On Sunday, Virginia-based utility Dominion Energy Inc announced plans to sell almost all of its natural gas pipeline and storage assets to Warren Buffett’s Berkshire Hathaway Inc for $4 billion. At the same time, the Virginia-based utility said that it’s killing the Atlantic Coast gas pipeline despite a Supreme Court ruling … Read more
July 9, 2020 As we continue to observe and experience the effects of the current pandemic, the energy industry, like the rest of the world, has begun what appears to be a slow recovery. In contrast to the governments that continue to spend to keep their economies afloat, energy producers are continually forced to cut spending to survive these downturns. With these cutbacks come production … Read more
The program will offer funding to every project that meets its criteria Alberta announced a 10-year grant program on Thursday the government hopes will attract multi-billion dollar petrochemical investments. The Alberta Petrochemicals Incentive Program, launching this fall, will invest in major petrochemical manufacturing projects in the province. Government funding will be provided to every project that … Read more
Our team kept hope that if Phase 3 happened by early July, the Oil Sands Conference & Trade Show could take place as planned, however Phase 3 has not been announced and many companies are facing travel constraints. More importantly, we are grateful for the valuable feedback from our visitors, exhibitors and speakers requesting we … Read more
A rugged design, Drillform’s Bulldog Automated Floor Wrenches are well-suited to both onshore and offshore drilling applications. Advanced Offering innovative next-generation drilling solutions and practical design principles that will seamlessly integrate with existing rig automation. Efficient Superior automation and operational proficiency result in maximized rig performance. Safety-focused Designed with safety as a primary objective, removing … Read more
Each week Josef Schachter will give you his insights into global events, price forecasts and the fundamentals of the energy sector. Josef offers a twice monthly Black Gold newsletter covering the general energy market and 27 energy and energy service companies with regular updates. He holds quarterly subscriber webinars and provides Action BUY and SELL … Read more
Thursday, July 9, 2020 Blank-cheque petrochemical corporate welfare program wasteful: Taxpayers Federation CALGARY, AB: The Canadian Taxpayers Federation criticized the Alberta government for announcing a new petrochemical corporate welfare program that has no cap on program costs. “We need to get the economy going again, but the answer is not to make struggling taxpayers sign a … Read more
Early job set-up and planning reduced the personnel intensity needs to meet COVID-19 safety requirements and the project being completed 15% under-budget with Zero incidents Vapour Phase cleaning was conducted on a plant in the Fort McMurray, Alberta area where the following equipment was cleaned: Feed Heat Exchangers Water Trim Coolers H2S Stripper and Auxiliary … Read more
WRITTEN BY ROSS CLARK POSTED IN LATEST NEWS It is steadily becoming clear where the woke brigade will go once the current moral panic over racism has run its course (which can’t be long, following the news that London estate agents have stopped using the term ‘master bedroom’ to avoid its connotations with slavery). A week ago … Read more
By Low De Wei and Alex Longley Jul 9, 2020 (Bloomberg) Oil traded below $41 a barrel in New York as coronavirus cases continued to surge across the world and U.S. crude stockpiles grew.Nationwide inventories rose last week, with supplies at the key storage hub of Cushing expanding for the first time since early May, according … Read more
July 8, 20201Reuters Canadian oil producers are maintaining a cautious approach, holding spending at reduced levels even as rising prices brighten the outlook. North American oil prices have rebounded to more than $40 per barrel from a dip into negative prices in April, tempting some producers to increase spending or output. U.S. shale producers were … Read more
SAINT JOHN, N.B. — Irving Oil is cutting its workforce by 250 people or about six per cent in light of the current economic conditions.
The New Brunswick-based company says the reductions will affect operations in Canada, the United States, Ireland an…
By Robert Brown with contributions by Chuck Becht V In this difficult era of decreased margins and rapidly changing markets, onstream reliability is critical to the success of operating facilities. Achieving high onstream reliability can be particularly challenging for complex systems like a CATOFIN® Unit. The CATOFIN® Unit pairs extremely high operating temperatures with … Read more
In the beginning, gas detector placement was done by assigning detector locations based on a uniform grid in process areas where the spacing of the detectors was based on a design basis gas cloud. Typically, this was a 5 meter grid, because a 5 meter grid would always be capable of detecting a spherical gas … Read more
By Rachel Adams-Heard and Ellen Gilmer Jul 8, 2020 (Bloomberg) Energy Transfer LP said it’s not making any moves to empty its Dakota Access oil pipeline after a judge on Monday ordered the conduit shut while a more robust environmental review is conducted.The Dallas-based company run by billionaire Kelcy Warren said it’s also accepting nominations for … Read more
EDMONTON — Alberta Premier Jason Kenney says hiring the former legislature member who gave up his constituency seat for Kenney was the right thing to do.
The premier dismissed a reporter’s question Wednesday on whether his appointment of Dave Rodney i…
MONTREAL — Air Transat is looking to reduce greenhouse gas emissions from its airplanes by using jet fuel made from kerosene in a process that captures carbon dioxide produced by large industrial emitters.
The Montreal-based airline has signed an agre…
By Emily Chasan Jul 8, 2020 (Bloomberg) It was a tough week for the North American fossil fuel industry. Over just a few days, the Atlantic Coast natural gas pipeline was canceled by developers, the Dakota Access oil pipeline was shut down by a federal judge and the Trump administration lost its Supreme Court bid to resuscitate the Keystone XL oil … Read more
By Saket Sundria and Alex Longley Jul 8, 2020 (Bloomberg) Oil traded below $41 a barrel as industry data pointed to higher American crude stockpiles before government figures later. The American Petroleum Institute reported that inventories rose by 2.05 million barrels last week, people with knowledge of the data said ahead of official figures to be … Read more
July 07, 2020 | Source: Cordy Oilfield Services Inc. CALGARY, Alberta, July 07, 2020 (GLOBE NEWSWIRE) — CORDY OILFIELD SERVICES INC. (the “Corporation” or “Cordy”) (CKK: TSX-V) released today its first quarter 2020 results. Three months ended March 31, ($ 000’s) 2020 2019 ($) Change Revenue Environmental Services 7,490 5,026 2,464 Heavy Construction 149 129 20 … Read more
In December 2015, Canada’s new Liberal government introduced changes to Canada’s personal income tax system. Among the changes for the 2016 tax year, the federal government added a new income tax bracket, raising the top tax rate from 29 to 33 percent on incomes over $200,000. This increase in the federal tax rate is layered … Read more
Part Two: Process Automation With the advancements in technology and need to automate processes in the field, operators can move to a more proactive approach to operate their assets. The ability to validate events in the field to drive control is allowing the industry to increase operational efficiency while reducing EHS risks. Click here for … Read more
Each week, XI Technologies scans its unique combination of enhanced industry data to provide trends and insights that have value for professionals doing business in the WCSB. If you’d like to receive our Wednesday Word to the Wise in your inbox, subscribe here. As the importance of liability management has grown, the need for data on … Read more
St. John’s, NL (July 7, 2020) – Today, community and business leaders, as well as supporters throughout Canada, are united to send a clear message to the Government of Canada that action is needed to attract investment in the offshore oil and gas industry and help thousands of Canadians get back to work. Over 80 … Read more
EDMONTON — A former Alberta legislature member who gave up his seat for Alberta Premier Jason Kenney has a new government job in Texas.
Kenney has appointed Dave Rodney to the job of Alberta’s agent general.
Kenney says the role is aimed at driving en…
ST. JOHN’S, N.L. — The Newfoundland and Labrador Supreme Court has ruled the province’s regulatory oil and gas board acted unreasonably by extending an exploration drilling licence beyond the defined term limit.
Justice Rosalie McGrath wrote in a July…
CALGARY — The CEO of Suncor Energy Inc. says attempts by Michigan state politicians to retire the Line 5 pipeline running through a Great Lakes channel is a “huge potential threat” for consumers in Michigan as well as Ontario and Quebec.
Speaking duri…
By Saket Sundria and Alex Longley Jul 7, 2020 (Bloomberg) Oil pared losses to trade near $40 a barrel before U.S. government data that’s forecast to show gasoline stockpiles increased. U.S. gasoline supplies expanded by 1 million barrels last week, according to a Bloomberg survey before industry figures expected later Tuesday. That was offset by the … Read more
By Kait Bolongaro and Justin Villamil Jul 6, 2020 (Bloomberg) Justin Trudeau declined to attend a trilateral summit in Washington this week to inaugurate the new trade pact between the U.S., Mexico and Canada. The Canadian prime minister’s office confirmed the decision in a statement Monday, saying Trudeau would remain in Ottawa this week for cabinet … Read more
July 6, 2020 Reuters Canada’s drilling rig count, a bellwether of the oil and gas industry’s growth, has plummeted far below previous records, raising risks that much of the country’s equipment will permanently fall out of service.Just 18 rigs were active last week in the world’s fourth-largest oil-producing country, a fraction of even the depressed levels … Read more
Calgary, July 6, 2020 – After a volatile second quarter in which Canada’s oil and gas sector endured record low prices and suffered its largest ever demand shock as a result of the COVID-19 pandemic, Deloitte’s Resource Evaluation and Advisory (REA) group says demand and prices should improve in the second half of 2020 … Read more
By Greg Stohr Jul 6, 2020, (Bloomberg)The U.S. Supreme Court refused to let construction start on TC Energy Corp.’s Keystone XL oil-sands pipeline, rejecting a bid by President Donald Trump’s administration to jump-start the long-delayed project.The justices, without explanation or noted dissent, left in force part of a federal court order that blocks use of a key … Read more
July 6, 2020 Reuters Six years ago, Canadian oilfield services firm Calfrac Well Services commanded a C$2.1 billion ($1.55 billion)market value and was poised for U.S. expansion. But by last month, Calfrac’s market value had collapsed to just C$23 million and it deferred an interest payment on debt that does not mature for six years. The … Read more
EDMONTON — Alberta’s ethics commissioner says Justice Minister Doug Schweitzer did not break the rules when he hired Steve Allan to run a public inquiry into whether foreign money is bankrolling anti-oil protests in Canada.
Marguerite Trussler, in a r…
OTTAWA — Legendary investor Warren Buffett’s decision to walk away from a proposed export terminal for liquefied natural gas in Quebec is being held up in a new report as a sign that the LNG sector in Canada and elsewhere is on shaky ground.
The Globa…
July 6, 2020 Globe Newswire CALGARY, Alberta – Petrus Resources Ltd. (“Petrus” or the “Company”) (TSX: PRQ) announces its syndicate of lenders has extended the borrowing base termination date on its revolving credit facility agreement from July 6, 2020, 2020 to July 13, 2020. The Company continues to be in discussions with the bank syndicate on … Read more
July 6, 2020 CALGARY, AB – Delphi Energy Corp. (“Delphi” or the “Company“) announces a recapitalization and financing transaction (the “Restructuring Transaction“), to be implemented as a plan of compromise and arrangement (the “Plan“) under the Companies’ Creditors Arrangement Act (“CCAA“) and the Canada Business Corporations Act, that will allow the Company to substantially reduce its debt and associated interest costs, while … Read more
CALGARY — Oil analysts say a rebound in the world’s hunger for oil has already started after demand destruction caused by the COVID-19 pandemic fell far short of what many experts had expected.
Amrita Sen, co-founder and director of research for inter…
NEW YORK (Reuters) – A U.S. District Court on Monday ordered Energy Transfer LP to shut and empty the largest pipeline from the North Dakota shale oil fields within 30 days, in a big win for the Native American tribes who have fought the line’s route across a crucial water supply. Energy Transfer’s 570,000 barrel-per-day … Read more
By Geoffrey Cann Have you ever wondered about the impact of digital technologies on gas stations? What’s to become of the thousands and thousands of gas stations in the low carbon future? Geneva Claesson and I were discussing this topic recently where we had a chance to speculate on the future of the oil industry. We spent some time noodling on some of the big sweeping trends that … Read more
July 6, 2020 Globe Newswire CALGARY, Alberta – Razor Energy Corp. (“Razor” or the “Company“) (TSXV: RZE) is announcing that it will be deferring the scheduled June 30, 2020 interest payment to the Alberta Investment Management Corporation (“AIMCo”) under the existing $45.0 million Term Loan Facility (the “Amended Term Loan Facility”). The interest will be capitalized, … Read more
July 6, 2020 CNW CALGARY, AB – Spartan Delta Corp. (“Spartan” or the “Company“) (TSXV: SDE) is pleased to provide an update on the Company’s operational and corporate activities since the closing of its transformational transaction on June 1, 2020, which included the acquisition of high-quality, multi-zone, oil and gas operated production in Alberta, a large land base and a strategic … Read more
The environmentalist Michael Schellenberger, famous for his about-face on renewables and his support for nuclear energy, recently wrote an article in Forbes issuing an apology on behalf of all environmentalists for creating the climate alarmist scare. If you haven’t read it, here’s the link. Regardless of where you stand on the issues, it’s worth a … Read more
Monday, July 6, 2020 by Franco Terrazzano, Canadian Taxpayers Federation For Alberta to get back on its feet, it’ll take thousands of little things like families going out for pizza and restaurants rehiring servers to bring out those pizzas. The best thing Premier Jason Kenney can do to help those families do those little things … Read more
Kenneth P. Green, D.Env. Follow CEC on Linkedin CEC Linkedin Follow CEC on Facebook CEC Facebook Follow CEC on Twitter CEC Twitter Wind Turbines near Grand Prairie Alberta. Photograph for Canadian Energy Centre Two new reports, one from the International Energy Agency (IEA), and one from the United Nations (UN), call for an energy revolution in the wake of the COVID-19 pandemic. Casting … Read more
By Alex Longley and Saket Sundria Jul 6, 2020 (Bloomberg) Oil rose in London to above $43 a barrel as Saudi Arabia hiked its official selling prices, and as global equity markets climbed. Brent gained 1.3% in London to near the highest level since March. Saudi Aramco increased its crude prices to Asia as demand recovers. Libya’s oil … Read more
By Andreas Kluth (Bloomberg Opinion)U.S. President Donald Trump is furious at Germany for many reasons, not all of them fathomable. In phone conversations with Angela Merkel, he’s allegedly called the German chancellor “stupid” and denigrated her in “near-sadistic” tones. Though this be madness, as the Bard might say, there is — on rare occasions — method in it. One such … Read more
The COVID-19 outbreak has exposed weaknesses in our global supply chain for critical key industries. As a result, industries around the world are now looking at how they source and operate supply chains. Experts are calling for renewed focus on building local supply capabilities to ensure that Canadian industry can operate effectively in times of … Read more
Canada’s drilling rig count is up 5 actively drilling rigs according to data collected by Baker Hughes for the week ending July 2, 2020. From one week ago, Alberta rig counts increased 4 to 9 and the Saskatchewan rig counts stayed at 2. Oil drilling increased 2 to 6 and gas increased 3 to 12. … Read more
July 2, 2020 Reuters U.S. energy firms cut the number of oil and natural gas rigs operating to a record low for a ninth week in a row although the reductions have slowed as higher oil prices prompt some producers to start drilling again.The U.S. oil and gas rig count, an early indicator of future … Read more
OYEN, Alta. — Alberta Premier Jason Kenney says he believes United States presidential hopeful Joe Biden can be swayed to supporting the Keystone XL pipeline.
The presumptive Democratic nominee has vowed to rip up President Donald Trump’s approval of …
July 3, 20205:51 AM BOE Report Staff Calgary, July 3, 2020 – Longshore Resources Ltd. (“Longshore”) is pleased to announce that it has closed the consolidation transaction (the “Transaction”) previously announced on June 8, 2020. Longshore has acquired all of the outstanding shares of Rifle Shot Oil Corp. (“Rifle Shot”), Steelhead Petroleum Ltd. (“Steelhead”), and … Read more
By Elizabeth Low and Grant Smith Jul 3, 2020 (Bloomberg) Oil slipped on Friday, paring a weekly gain as surprisingly strong U.S. economic data and tightening crude supplies jostled with fears that a coronavirus resurgence will erode demand.Futures fell toward $40 a barrel in New York, but are still up 4.3% for the week. Crude rose … Read more
Federal government picks Gitane De Silva to be chief executive of the agency Ottawa has selected a former Alberta trade representative to the United States as the new head of the Canada Energy Regulator. Gitane De Silva, whose past experience includes work as a senior diplomat, has been chosen to be the regulator’s next CEO for … Read more
July 2, 2020 Reuters Canadian heavy crude’s discount narrowed versus West Texas Intermediate (WTI) on Thursday, the beginning of a new monthly trading cycle.Deep curtailments and ample space in storage and pipelines have compressed differentials, traders say. Western Canada Select (WCS) heavy blend crude for August delivery in Hardisty, Alberta, traded at $8.70 per barrel below … Read more
OTTAWA — The Trans Mountain pipeline expansion cleared another legal hurdle Thursday when the Supreme Court of Canada denied leave to appeal to First Nations that argue they were not properly consulted about the project.
The decision appears to end le…
OTTAWA — The Supreme Court of Canada will not hear a new appeal from British Columbia First Nations over the Trans Mountain pipeline expansion.
The court on Thursday dismissed the appeal from the Squamish Nation, Tsleil-Waututh Nation, the Ts’elxwéyeq…
July 2, 20204:00 AM Business Wire Baker Hughes (NYSE: BKR) announced today that the Baker Hughes international rig count for June 2020 was 781 down 24 from the 805 counted in May 2020, and down 357 from the 1,138 counted in June 2019. The international offshore rig count for June 2020 was 194, down 1 … Read more
CEPA Response to Supreme Court of Canada Decision on Trans Mountain Expansion Project Appeal July 2, 2020 | News Releases The Canadian Energy Pipeline Association (CEPA) welcomes today’s Supreme Court of Canada decision to dismiss the appeal challenging the federal government’s re-approval of the Trans Mountain Expansion Project (TMEP). The ruling reinforces the earlier unanimous … Read more
Each week Josef Schachter will give you his insights into global events, price forecasts and the fundamentals of the energy sector. Josef offers a twice monthly Black Gold newsletter covering the general energy market and 27 energy and energy service companies with regular updates. He holds quarterly subscriber webinars and provides Action BUY and SELL … Read more
July 2, 2020 CNW CALGARY, AB – Topaz Energy Corp. (“Topaz” or the “Company”) is pleased to announce that it has completed a strategic infrastructure acquisition whereby it acquired, for cash consideration of $100 million, a 12.5% working interest in Advantage Oil & Gas Ltd.’s (“Advantage”) Glacier gas plant, which has raw gas processing capacity of 400 mmcf/d … Read more
Updated by Grady Semmens Prince Azom of Cenovus Energy, with his wife Onyinye Azom and two boys, Ikeobi (8) and Kene (5) at their home. Photograph for Canadian Energy Centre If there’s one lesson that has been more important in Prince Azom’s life than any other, it’s probably one of the earliest pieces of advice … Read more
July 2, 2020 CNW OTTAWA, ON – The Government of Canada is committed to delivering open, transparent, merit-based appointments with a view to serving Canadians as effectively and efficiently as possible. Today, the Government of Canada announced the Governor-in-Council appointment of Gitane De Silva as Chief Executive Officer (CEO) of the Canada Energy Regulator (CER), following an open and transparent competitive process … Read more
July 2, 2020 CNW CALGARY, AB and LANSING, MI – Enbridge Inc. (TSX: ENB) (NYSE: ENB) – Today the Ingham County Circuit Court of the State of Michigan amended its temporary restraining order requiring Enbridge to temporarily shut down the west segment of the Line 5 dual pipelines through the Straits of Mackinac. Enbridge will now begin safely restarting the west segment and anticipates operations … Read more
Laila Kearney, Devika Krishna Kumar NEW YORK (Reuters) – U.S. pipeline company Energy Transfer (ET.N) has taken the rare step of invoking force majeure – normally used in times of war or natural disaster – to prevent oil firms from walking away from a proposed expansion of the controversial Dakota Access pipeline, according to two sources … Read more
By Will Mathis and Akshat Rathi Jul 1, 2020 Government spending to develop clean energy technologies needs to triple this decade in order to prevent the worst effects of climate change, according to the International Energy Agency.As the rapid acceleration of wind and solar farms have significantly decreased emissions from electricity, other emissions-heavy industries still … Read more
Jul 2, 2020 (Bloomberg) Oil rose for a second day as a bigger-than-expected drop in American crude stockpiles and plunging output from OPEC producers outweighed nervousness about a coronavirus resurgence in the U.S.Futures held near $40 a barrel in New York after rising 1.4% Wednesday as the Energy Information Administration reported a 7.2 million-barrel decrease in … Read more
EDMONTON — Alberta is cutting business taxes and pumping $10 billion into infrastructure projects to springboard its economy out of the financial crisis caused by the COVID-19 pandemic.
Premier Jason Kenney says the investments will be for roads, heal…
June 30, 2020 PR Newswire CALGARY, AB – Paramount Resources Ltd. (“Paramount” or the “Company”) (TSX: POU) is pleased to announce that it has successfully completed amendments to its senior secured revolving bank credit facility (the “Facility”) with the unanimous support of its nine-bank syndicate. The amendments include a full waiver of the Senior Secured Debt to … Read more
June 30, 2020 PR Newswire CALGARY, AB – TORC Oil & Gas Ltd. (“TORC” or the “Company”) (TSX: TOG) is pleased to announce the Company’s credit facility has been confirmed at $425 million, with the borrowing base determination dates under the credit agreement to be amended to May and November annually, from April and October. TORC has received formal lender … Read more
June 30, 20203:55 PM Accesswire REGINA, SK / ACCESSWIRE / June 30, 2020 / ROK Resources Inc. (“ROK” or the “Company“) (TSXV:ROK) is pleased to announce that it has closed on its previously announced acquisition (the “Acquisition“) from a publicly traded company of certain producing oil and gas assets in Southern Saskatchewan along with associated land leases … Read more
June 30, 2020 CNW CALGARY, AB – Yangarra Resources Ltd. (“Yangarra” or the “Company”) (TSX:YGR) has completed its annual borrowing base review and the syndicated senior credit facility has been confirmed at $210 million of which the Company was drawn approximately $195 million. The term out date has been extended to May 28, 2021 and the maturity date has been extended to May 28, … Read more
June 30, 20203:23 PM Globe Newswire CALGARY, Alberta – Painted Pony Energy Ltd. (“Painted Pony” or the “Corporation“) (TSX: PONY) today confirms the execution of an agreement with the Corporation’s syndicate of lenders to extend Painted Pony’s annual borrowing base redetermination date from June 30, 2020 to July 31, 2020. This extension affords both Painted Pony … Read more
June 30, 2020 CNW CALGARY, AB – Journey Energy Inc. (JOY – TSX; JRNGF – OTCQX) (“Journey” or the “Company“) announces an extension to the forbearance agreement with its banking syndicate. Journey is pleased to report that it has reached an agreement with its syndicate of lenders to extend the current forbearance agreement until July 31, 2020. Journey … Read more
June 30, 2020 CNW CALGARY, AB, June 30, 2020 /CNW/ – Gear Energy Ltd. (“Gear“) (TSX: GXE) announces an update on current and future expected operations and an extension to the scheduled date for its semi-annual borrowing base redetermination. Production/Guidance With recent improvement in oil prices supporting positive economic returns, Gear has initiated a gradual production re-start across … Read more
June 30, 20205:20 PM Globe Newswire CALGARY, Alberta – InPlay Oil Corp. (TSX: IPO) (OTCQX: IPOOF) (“InPlay” or the “Corporation“) announces the voting results for the election of directors at its annual meeting of shareholders held on June 25, 2020 (the “Meeting“). The following six nominees were elected as directors of InPlay to serve until … Read more
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ENERGYNOW FEATURE: Why Energy Policy Is Becoming a Women’s Issue Across Canada