For years, XI Technologies has been dedicated to sharing knowledge we’ve obtained via our data and research in weekly posts we call XI’s Word to the Wise. As we conclude this year, we reflect on the most impactful articles that resonated with you and your peers, offering a trove of knowledge and analysis. #1. M&A … Read more
(Reuters) – U.S. energy firms added oil and gas rigs for second year in a row, energy services firm Baker Hughes Co said in its report on Friday. The number of gas and oil rigs were overall unchanged for the week, with oil rigs falling one and gas rigs rising by one, Baker Hughes said. … Read more
Combustion-engine vehicles still dominate the world’s highways. By Javier Blas Javier Blas is a Bloomberg Opinion columnist covering energy and commodities. He is coauthor of “The World for Sale: Money, Power and the Traders Who Barter the Earth’s Resources.” Rumors that gasoline demand has peaked have been greatly exaggerated. After fueling the 20th century automobile culture … Read more
Data shows work industry is doing to reduce its environmental footprint By Deborah Jaremko Follow CEC on LinkedIn CEC LinkedIn Follow CEC on Facebook CEC Facebook Follow CEC on Twitter CEC Twitter Natural gas processing facility in Alberta. Photo courtesy Alberta Energy Regulator New data released in 2023 shows the progress Canada’s oil and gas industry is making … Read more
Oil Prices Shed 10% in 2023 as Supply, Demand Concerns Weigh Summary Europe-bound diesel, jet fuel cargoes divert from Red Sea Israel intensifies attacks in Gaza Total U.S. oil demand rose 3.4% in October vs prior year -EIA NEW YORK, Dec 29 (Reuters) – Crude futures lost over 10% in 2023 in a tumultuous year … Read more
(Reuters) – OPEC is facing weakening demand for its crude in the first half of 2024 just as its global market share declines to the lowest since the Covid-19 pandemic on the back of output cuts and member Angola’s exit, according to Reuters calculations and data from forecasters. The trend means the group would struggle … Read more
Each week Josef Schachter gives 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 35 energy, energy service and pipeline & infrastructure companies with regular quarterly updates. We also hold quarterly webinars and provide Action … Read more
As global demand for oil and gas surges, pragmatism returns to the energy discussion By Shawn Logan Follow CEC on LinkedIn CEC LinkedIn Follow CEC on Facebook CEC Facebook Follow CEC on Twitter CEC Twitter Faced with soaring costs that rippled across economies, governments around the world embraced the critical need for energy security in 2023, adopting … Read more
CALGARY, AB, Dec. 29, 2023 /CNW/ – Tuktu Resources Ltd. (“Tuktu” or the “Company“) (TSXV: TUK) is pleased to announce that it has closed in escrow (“Escrow Closing“) on the purchase of the southern Alberta oil assets (the “Assets“) owned and operated by an arm’s length public company (the “Vendor“), as further described in the Company’s press release dated October 18, 2023. … Read more
Summary Oil prices set for first annual decline in three Upside risks to prices from geopolitics in 2024-poll (Reuters) – International oil prices are likely to stay near $80 a barrel in 2024, a Reuters poll showed on Friday, as analysts predicted weak global growth would cap demand, while geopolitical tensions could provide support. The … Read more
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAW CALGARY, Alberta, Dec. 28, 2023 (GLOBE NEWSWIRE) — High Arctic Energy Services Inc. (TSX: HWO) (the “Corporation” or “High Arctic”) announces that today it has closed … Read more
Since the dawn of the Industrial Revolution, carbon dioxide levels in the earth’s atmosphere have increased by 50%. This critical statistic — combined with rising temperatures and fears of a climate crisis — has made limiting greenhouse gas emissions the top priority of world governments and industries across sectors. Over the years, carbon capture and storage … Read more
Canadian oil producers Canadian Natural Resources and MEG Energy are urging the country’s energy regulator to approve Trans Mountain Corp’s latest request for a change to building its pipeline expansion, saying timely completion is critical. Canadian Natural and MEG hold long-term contracts to ship crude on the Canadian government-owned Trans Mountain from Alberta to the British Columbia coast. The … Read more
(Reuters) – China Petrochemical Corp, or Sinopec, expects coal consumption to peak around 2025 at 4.37 billion metric tons, the state energy group said in an outlook released on Thursday. Non-fossil energy supply, led by solar and wind, will likely exceed the equivalence of 3 billion metric tons of standard coal by 2045 to become … Read more
(Reuters) – Oil prices fell around 1% on Thursday as concerns eased about shipping disruptions along the Red Sea route, even as tensions in the Middle East continue to fester. Front month February Brent crude futures were down 90 cents, about 1.1%, at $78.75 a barrel by 1141 GMT in subdued trade ahead of their … Read more
CALGARY, AB, Dec. 27, 2023 /CNW/ – The Alberta Securities Commission announces that Behjat Haghshenas of Calgary admitted to illegal insider trading in the securities of Leucrotta Exploration Inc. before the March 28, 2022 public announcement that Vermillion Energy Inc. and Leucrotta had entered into an agreement pursuant to which Vermillion would acquire Leucrotta for $500 million. Haghshenas paid $400,000 to the Alberta Securities Commission and has undertaken … Read more
OTTAWA — Business headlines in 2023 saw a housing crisis and the fight against inflation take centre stage while the job market proved to be stronger than expected.
Housing and the cost of living will likely remain at the forefront in 2024, as will c…
“Things are starting to work but self-determination is the ultimate goal.” By Shawn Logan Follow CEC on LinkedIn CEC LinkedIn Follow CEC on Facebook CEC Facebook Follow CEC on Twitter CEC Twitter Wolf Midstream and its partners in the Northern Lakeland Indigenous Alliance participate in a signing ceremony celebrating a $103 million loan guarantee from the AIOC to obtain … Read more
NextDecade said TotalEnergies has offered to sell a 17.5% stake in the U.S. liquified natural gas company. The offering by a unit of French oil major TotalEnergies includes 44.9 million shares of NextDecade, the company said in a filing dated Dec. 22. The shares were bought for $219 million in June as part of a broader … Read more
CALGARY, Alberta, Dec. 27, 2023 (GLOBE NEWSWIRE) — Razor Energy Corp. (“Razor”) (TSXV: RZE) advises that, as a result of financial disputes with the operator of the Judy Creek Gas Plant, the operator has restricted access and has ceased processing Razor’s Swan Hills natural gas production. Effective December 24th, 2023, a significant portion of Razor’s production … Read more
(Reuters) – Almost all of Russia’s oil exports this year have been shipped to China and India, Deputy Prime Minister Alexander Novak said on Wednesday, after Moscow responded to Western economic sanctions by quickly rerouting supplies away from Europe. Russia has successfully circumvented sanctions on its oil and diverted flows from Europe to China and … Read more
(Reuters) – Oil prices stabilized on Wednesday after the previous day’s strong gains as investors monitored Red Sea developments, with some major shippers resuming passage through the trade route despite continued attacks and broader Middle East tensions. Brent crude futures was down 17 cents, or 0.21%, at $80.90 a barrel by 0940 GMT. U.S. West … Read more
The Canadian Energy Centre’s 2023 reference guide to the latest research on Canada’s oil and gas industry By Ven Venkatachalam Follow CEC on LinkedIn CEC LinkedIn Follow CEC on Facebook CEC Facebook Follow CEC on Twitter CEC Twitter The following summary facts and data were drawn from 30 Fact Sheets and Research Briefs and various Research Snapshots that the … Read more
(Reuters) – The oil and gas industry went on a $250 billion buying spree in 2023, taking advantage of companies’ high stock prices to secure lower-cost reserves and prepare for the next upheaval in an industry likely to undergo more consolidation. A surge in oil demand as world economies shook off the pandemic downturn has … Read more
Summary Oil rose 3% last week Hapag-Lloyd to decide on Wednesday about Red Sea routes Vessel near Yemen said to report drones, explosions in Red Sea Trade thin because some markets closed for public holiday LONDON, Dec 26 (Reuters) – Oil edged higher on Tuesday, finding support from geopolitical tensions in the Middle East and … Read more
Materials processed in Chemical, Process, Petroleum, or Petrochemical industries are typically fluidic in nature, undergoing various transformations to convert raw materials into useful products. These fluids flow through pipes, undergoing processes such as heating, cooling, evaporation, condensation, mixing, expansion, compression, or reaction. In these processes, all fluids, whether stationary or in motion, exhibit certain pressures. … Read more
The Canadian government is backing up to C$2 billion in new commercial loans for Trans Mountain Corp (TMC), the crown corporation building an over-budget and long-delayed oil pipeline expansion to the Pacific coast. Information posted on Export Development Canada’s website on Friday showed a C$1.75 billion to C$2 billion loan guarantee for TMC was signed … Read more
Reuters An Iranian Revolutionary Guards commander said the Mediterranean Sea could be closed if the United States and its allies continued to commit “crimes” in Gaza, Iranian media reported on Saturday, without explaining how that would happen. Iran backs Hamas against Israel and it accuses the United States of backing what it calls Israeli crimes … Read more
Acquisition Bolsters AltaGas’ Midstream Value Chain, Strengthens Commercial Profile, Delivers Long-term LPG Supply, and Provides Meaningful Long-term Growth CALGARY, AB, Dec. 22, 2023 /CNW/ – AltaGas Ltd. (“AltaGas” or the “Company”) (TSX: ALA) has closed the previously announced acquisition of the Pipestone Assets, including: 1) the Pipestone Natural Gas Processing Plant Phase I and Phase II expansion project (individually, “Pipestone Phase I” and … Read more
CALGARY, AB, Dec. 22, 2023 /CNW/ – Tidewater Midstream and Infrastructure Ltd. (“Tidewater” or the “Corporation”) (TSX: TWM) is pleased to announce the closing of the previously announced sale of its Pipestone natural gas plant, Pipestone expansion project and Dimsdale natural gas storage facility to AltaGas Ltd. (“AltaGas”) (collectively the “Transaction”). As consideration for the Transaction, Tidewater received cash proceeds of $325 million and approximately 12.47 million … Read more
(Reuters) – U.S. oil giant ConocoPhillips (COP.N) on Friday gave the financial greenlight to its $8 billion Willow oil and gas drilling project in Alaska. “With this project authorization, we’ve begun winter construction,” CEO Ryan Lance said. Environmental and indigenous groups in November asked a federal court in Alaska to temporarily bar ConocoPhillips from going forward with construction … Read more
Summary U.S. inflation eases, Fed seen more likely to cut interest rates Major shippers impose extra charges to re-route ships China could invest in Angola’s oil output NEW YORK, Dec 22 (Reuters) – Oil prices eased on Friday ahead of the long Christmas holiday weekend on expectations Angola could increase output after leaving OPEC, but … Read more
Dec 22 (Reuters) – U.S. energy firms this week cut the number of oil and natural gas rigs operating for a second week in a row for the first time since mid November, energy services firm Baker Hughes (BKR.O) said in its closely followed report on Thursday. The oil and gas rig count, an early indicator of … Read more
In this special, extended-cut video edition of the Full Comment podcast, guest host Rex Murphy sits down with federal Conservative Leader Pierre Poilievre for a year-end discussion after a very wild 2023 in politics. Poilievre has undoubtedly been the political star of the year. Over the last 12 months, the federal Conservative leader has pulled … Read more
2023 was an optimistic year in the Canadian oil patch. The +15 walkway system in downtown Calgary has been buzzing with the energy of people hurrying to business meetings and networking events. Some of those scurrying about were headed to talk multi-billion-dollar merger and acquisition (M&A) deals that the patch continued to experience throughout the … Read more
On December 20, the Canada Energy Regulator announced that Tracy Sletto had been appointed to the role of CEO of the Canada Energy Regulator. A link to the official release is here. The full statement is below: NEW CHIEF EXECUTIVE OFFICER (CEO) ANNOUNCED December 20, 2023 On behalf of the Board of Directors, I am … Read more
CALGARY, AB: CBC President and CEO Catherine Tait tops the Taxpayer Naughty List for announcing hundreds of layoffs weeks before Christmas without cancelling bonuses for executives. “It takes a special type of Scrooge to lay off hundreds of employees weeks before the holidays and not be willing to give up your own bonus, but that’s exactly what taxpayers … Read more
Some staff are being offered packages or shifts to new roles Oil supermajor seeks up to $3 billion in savings by end-2025 In October, Shell said 200 positions in its Low Carbon Solutions unit would be cut in 2024, about 15% of the total. Shell Plc has begun cutting jobs beyond previously announced reductions in its … Read more
Summary Oil futures trading around 1% higher on Friday Investors continue to mull impacts of Red Sea disruption Angola’s move to quit OPEC caused rally to falter on Thursday LONDON, Dec 22 (Reuters) – Oil prices rose as much as 1% on Friday as tensions persisted in the Middle East following Houthi attacks on ships … Read more
CALGARY, Alberta, Dec. 22, 2023 (GLOBE NEWSWIRE) — Calfrac Well Services Ltd. (“Calfrac” or the “Company”) (TSX: CFW) announces its 2024 capital program for continuing operations of approximately $210.0 million, subject to market conditions, as compared to approximately $165.0 million of planned capital expenditures in 2023. The year-over-year increase in the Company’s capital program is … Read more
(The author is a Reuters Breakingviews columnist. The opinions expressed are their own.) (Reuters Breakingviews) – OPEC’s un-Merry Christmas just got gloomier. Less than a month after fresh cuts by the Organization of the Petroleum Exporting Countries that nevertheless saw oil prices fall, Angola said on Thursday it was quitting the 13-strong group. It’s a … Read more
CALGARY, AB, Dec. 21, 2023 /CNW/ – Journey Energy Inc. (TSX: JOY) (OTCQX: JRNGF) (“Journey” or the “Company“) is pleased to provide an update on a highly successful 2023 capital program. The program results exceeded expectations and have resulted in Journey exceeding its last guidance. Journey is also pleased to provide preliminary guidance for 2024 with a focus on eliminating … Read more
CALGARY, AB, Dec. 21, 2023 /CNW/ – Crescent Point Energy Corp. (“Crescent Point” or the “Company”) (TSX: CPG) (NYSE: CPG) is pleased to announce that it has successfully completed its previously announced strategic acquisition of Hammerhead Energy Inc. (“Hammerhead”), an oil and liquids-rich Alberta Montney producer (the “Transaction”). The Company is also pleased to provide its formal 2024 guidance and five-year … Read more
Indigenous people are finally reaping the rewards Chris Sankey Over the last eight years we have experienced an unprecedented push from environmental activists to phase out fossil fuels. The Government of Canada seems to think it is possible. During question period in the Senate earlier this year, Sen. David Wells noted that, according to the Liberals, the … Read more
Watch: If Regular Cars were like EVs…
LONDON (AP) — Angola announced Thursday that it’s leaving the OPEC oil producers cartel, coming after it battled with the group over lower production quotas this year.
Diamantino de Azevedo, the African nation’s oil minister, said Angola…
CALGARY — Crescent Point Energy Corp. says it expects average production of 198,000 to 206,000 barrels of oil equivalent per day in 2024 now that it has closed its deal to buy Hammerhead Energy Inc.
The guidance includes development capital expenditu…
CALGARY, AB, December 21, 2023 /CNW/ – Tenaz Energy Corp. (“Tenaz”, “Our”, “We”, or the “Company”) (TSX: TNZ) is pleased to announce its 2024 budget and guidance. Our Board of Directors has approved a drilling and development capital (“D&D CAPEX”) budget of $23 to $25 million for 2024. We also intend to invest $3 million in exploration and evaluation capital (“E&E CAPEX”) to evaluate a potential … Read more
Everyone agrees it’s the worst of the fossil fuels, but no one wants to pay the price to kick the habit. By Mark Gongloff Mark Gongloff is a Bloomberg Opinion editor and columnist covering climate change. He previously worked for Fortune.com, the Huffington Post and the Wall Street Journal. It’s nearly impossible to get every country in … Read more
With the 2023 year coming to an end, GeoVerra, one of Canada’s largest land surveying and geomatics firms, is sharing something they’re incredibly proud of as a team. Giving back to the communities they work in and charities close to their team members hearts is very important to the company. Across the country, from group … Read more
Premier Danielle Smith has talked a good game defending Albertans against Ottawa’s carbon taxes. But she’s about to get outflanked by New Democrats if she doesn’t keep her fuel tax suspension going. The Alberta government suspended its provincial fuel tax last year, saving drivers 13 cents per litre at the pumps. That saved families about $10 … Read more
Credit: https://www.freepik.com/free-photo/earth-environment_8668094.htm As we head into 2024, developing Cleantech is no longer an option but a necessity for many firms large and small. Last year, U.S. President Joe Biden significantly pushed Cleantech in the Inflation Reduction Act and the Chips and Science Act. By offering an estimated $400 billion in tax credits and subsidies, the … Read more
Oil and gas activity remained essentially unchanged and optimism waned as uncertainty jumped, a survey of oil and gas executives by the Dallas Federal Reserve Bank showed. Some of that uncertainty is centered around the lower average oil prices in the fourth quarter and questions over OPEC’s ability to influence oil prices, said the Bank’s … Read more
TOKYO, Dec 21 (Reuters) – Oil prices fell on Thursday as concerns over low demand following a surprise U.S. crude inventory build outweighed jitters over global trade disruptions due to tensions in the Middle East. Brent crude futures fell 3 cents to $79.67 a barrel by 0753 GMT while U.S. West Texas Intermediate crude was … Read more
CALGARY — The Canada Energy Regulator is citing safety concerns as its reason for refusing a request by Trans Mountain Corp. for a pipeline variance.
In a written statement released Wednesday, the regulator provided its explanation for its denial earl…
Each week Josef Schachter gives 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 35 energy, energy service and pipeline & infrastructure companies with regular quarterly updates. We also hold quarterly webinars and provide Action … Read more
CALGARY, AB, Dec. 20, 2023 /CNW/ – Hammerhead Energy Inc. (“Hammerhead” or the “Corporation“) (TSX: HHRS) (NASDAQ: HHRS) is pleased to announce that today at its special meeting (the “Meeting“) of the holders (the “Shareholders“) of Class A common shares of Hammerhead (the “Common Shares“), the Shareholders passed a special resolution (the “Arrangement Resolution“) approving a plan of arrangement under Section … Read more
CALGARY — A Calgary carbon capture company has signed a first-of-its-kind carbon offtake agreement with the federal government, a significant milestone that some say could help unlock future private-sector investments in decarbonization projects.
The …
CALGARY, AB, Dec. 20, 2023 /CNW/ – The Commission of the Canada Energy Regulator has determined that Trans Mountain did not adequately address concerns about pipeline integrity and related environmental protection impacts in its pipe size variance application. These concerns outweighed the benefits for earlier completion of the Trans Mountain Expansion Project (TMEP). The 2.3-kilometre section located beside the Fraser … Read more
Winter construction presents a unique set of challenges. Harsh and unpredictable conditions can test the resilience and resourcefulness of construction teams and processes. The winter season adds complexity to any project, from costly compaction problems to logistical hurdles posed by snow and ice. But in the face of all obstacles, most contractors agree that keeping … Read more
Oilfield servicers say consolidation hurts their prospects Executives see crude prices ending 2024 at $78 a barrel By David Wethe Shale bosses are bracing for more megadeals in the US oil industry — and some fear the consequences of consolidation. Executives predict more monster acquisitions after Chevron Corp’s $53 billion takeover of Hess Corp. and Exxon Mobil Corp.’s purchase of Pioneer Natural Resources … Read more
RALEIGH, N.C. (AP) — The builders of a proposed natural gas pipeline that will enter North Carolina from Virginia now have another 2 1/2 years to complete the project after federal regulators pushed back a deadline for the work.
The Fede…
Currency: CAD unless otherwise stated CALGARY, AB, Dec. 20, 2023 /CNW/ – Today, Canada Growth Fund Inc. (“CGF”) and Advantage Energy Ltd. (TSX: AAV) (“Advantage”) announced that CGF has entered into a strategic investment agreement with Entropy Inc. (“Entropy” or the “Company”), a Calgary-based developer of technologically-advanced carbon capture and sequestration (“CCS”) projects with the potential to significantly reduce emissions … Read more
In recent years, the conventional Mannville oil play around Lloydminster and Cold Lake has witnessed a surge in activity and production. Termed an “emerging hot spot” for Canadian drillers by Bloomberg[1] , the play is cheap to develop with low associated GHG emissions. GLJ has a long history evaluating Mannville oil in Alberta and Saskatchewan … Read more
The Trudeau government unveiled regulations meant to phaseout the sale of new internal combustion vehicles and compel Canadians to buy zero-emission vehicles. The Biden administration is also mandating a similar shift. But these initiatives overlook two realities—consumer preferences are not easily swayed by top-down government directives, and the unrealistic timeline for minerals crucial for electric … Read more
U.S. launches Red Sea force as ships reroute to avoid attacks LONDON, Dec 19 (Reuters) – Several shipping companies and a few liquefied natural gas (LNG) tankers have decided to avoid the world’s main East-West trade route, following attacks launched by Yemen’s Houthi group on commercial ships at the southern end of the Red Sea. The attacks raised the … Read more
(Reuters) – Global oil benchmark Brent topped $80 a barrel on Wednesday amid jitters over global trade disruption and geopolitical tensions in the Middle East following attacks on ships by Yemen’s Iran-aligned Houthi forces in the Red Sea. Brent crude futures rose 89 cents, or 1.1%, at $80.12 a barrel by 1101 GMT, while U.S. … Read more
CALGARY, AB, Dec. 19, 2023 /CNW/ – Today, the Commission of the Canada Energy Regulator (CER) approved the Trans-Northern Pipelines Inc. (TNPI) Incentive Tolls Settlement Agreement (ITSA). This decision [Filing C27751] allows TNPI to implement a new toll design. A key feature of the ITSA, beginning in 2025, enables the TNPI System to be separated … Read more
Foam blocks for pipe supports and pillows designed for high compressive strength and resistance to deterioration. PROBLEM Supporting the pipeline in the trench can be a labor intensive task when using sandbags. Especially when done in the winter months and the sandbags are frozen, they are hard to work with, can slide out of position … Read more
We at Stress Engineering Services Canada (SESC) are known for our technical expertise. In line with our steadfast commitment to technical excellence and delivering exceptional service to our valued clients, we are delighted to introduce Roger Chen. Roger’s primary focus is advanced stress analysis and fitness-for-service (FFS) assessments of pressure vessels and pipelines per API … Read more
By Yogi Schulz Here’s the link to my IT blog at IT World Canada Time-challenged executives who’ve been assigned or perhaps coerced to accept the project sponsor role need help. Too often, project sponsors: Do not understand their essential role. Are unsure about what others expect. Have little or no direct experience with the project … Read more
Officials must see sustained easing of core inflation first Comments among his first outlining a rough timeline for cuts Bank of Canada Governor Tiff Macklem said he expects to start cutting interest rates next year but needs to see several months of sustained downward momentum in core inflation first. “I think it is sometime in 2024,” Macklem told … Read more
Athabasca and Cenovus combine Kaybob assets to create pure-play Duvernay entity Exposure to ~200,000 gross acres including a newly operated 100% WI position of ~46,000 acres Leverages significant prior de-risking activity to date on Athabasca’s Duvernay assets Debt-free entity seeded with $40 million cash and a $50 million credit facility Production of ~2,000 boe/d with a self-funded … Read more
OTTAWA, ON: The Canadian Taxpayers Federation released its annual New Year’s Tax Changes report today to highlight major tax changes in 2024. “Tax hikes will give Canadians a hangover in the new year,” said Franco Terrazzano, Federal Director of the CTF. “Canadians need help with the rising cost of living, but the feds will be reaching deeper into … Read more
A Sad Story about Budget Rentals and a Tesla Model 3 By Geoffrey Cann I had an occasion to rent a car for the first time since the pandemic, for a few days out of Halifax, and visited the usual suspects to see what was on offer. Interestingly, Budget was making a vague commitment for the availability of a Tesla … Read more
CALGARY, Alberta–(BUSINESS WIRE)–Pembina Pipeline Corporation (“Pembina” or the “Company”) (TSX: PPL; NYSE: PBA) is pleased to announce that it has closed its previously announced bought deal offering (the “Offering”) of subscription receipts (“Subscription Receipts”). Pursuant to the Offering, the Company issued 29,900,000 Subscription Receipts, including 3,900,000 Subscription Receipts issued pursuant to the exercise in full by the underwriters of … Read more
Summary US launches multinational push to safeguard Red Sea commerce Disruption unlikely to have big effect on oil -Goldman U.S. crude inventories expected to have fallen last week LONDON, Dec 19 (Reuters) – Oil steadied on Tuesday as investors considered the potential impact on oil supply from attacks by Yemen’s Iran-aligned Houthi militants against ships … Read more
By Resource Works More News and Views From Resource Works Here Last month, the Canada Energy Regulator (CER) dealt another blow to the Trans Mountain expansion project with more pauses and delays. These days, it seems like regulatory slowdowns have made Canada incapable of building major projects in timeframes feasible for private-sector investment. How times … Read more
EDMONTON — It was just supposed to be a pause, a breather for an overburdened regulator and concerned public to catch up with an industry growing beyond expectations.
But for those who study the renewable electricity industry, as well as for those in…
By Megan Rowling Summary U.N. climate talks agree work plan for just transition Millions of fossil fuel workers to need support, training Governments, business urged to tackle green skills gap (Thomson Reuters Foundation) – The hard-won agreement at the COP28 climate summit to transition away from fossil fuels for energy was heralded as the “beginning of … Read more
By Rod Nickel and Nia Williams (Reuters) – Some Canadian oil and gas producers say they will not rush to accelerate emissions cuts until they see if unpopular Prime Minister Justin Trudeau survives long enough to implement his proposed oil and gas emissions cap. The long-delayed framework, released this month, demands oil companies in Canada cut carbon emissions by up … Read more
New liquefied natural gas (LNG) projects coming online this year and high stocks in Europe and North Asia in early 2024 capping demand are seen curbing spot price growth for the next six months as analysts forecast a “finely balanced” market. Asian spot prices averaged around $18 per million British thermal units (mmBtu) this year, … Read more
U.S. oil output from top shale-producing regions is set to decline in January for the third consecutive month, the U.S. Energy Information Administration (EIA) said in its monthly Drilling Productivity Report on Monday. U.S. oil output is expected to drop to 9.692 million barrels per day (bpd) in January from an estimated 9.693 million bpd … Read more
CALGARY — The company building the Trans Mountain pipeline has submitted evidence to support its claim that oil companies must pay more in tolls in light of the pipeline project’s mounting costs.
Trans Mountain Corp. says in a new regulatory filing th…
CALGARY, Alberta–(BUSINESS WIRE)–Imperial (TSE: IMO, NYSE American: IMO) today provided an update on its corporate guidance outlook for 2024. The company’s strategy remains focused on maximizing value of existing assets and progressing select high-value growth opportunities while continuing to reduce company emissions and delivering industry-leading returns to shareholders. “Over the next year, Imperial is positioned … Read more
U.S. natural gas futures climbed more than 3% on Monday, lifted by seasonal demand and as record amounts of gas flowed to liquefied natural gas (LNG) export plants. Front-month gas futures for January delivery on the New York Mercantile Exchange (NYMEX) were up 7.9 cents, or 3.2%, at $2.57 per million British thermal units (mmBtu) … Read more
Summary Oil posted gain last week, after seven weeks of decline Russia to deepen oil export cuts in Dec by 50,000 bpd or more Shipping firms avoiding Suez Canal amid attacks on vessels (Reuters) – Oil rose more than 1% on Monday as attacks by the Houthis on ships in the Red Sea raised concerns … Read more
CALGARY, Alberta, Dec. 15, 2023 (GLOBE NEWSWIRE) — Cielo Waste Solutions Corp. (TSXV: CMC; OTCQB: CWSFF) (“Cielo” or the “Company”), a waste‐to‐fuel company, today announced its financial results for the six months ended October 31, 2023 and 2022 (the “Q2 Financial Statements”) as well as the filing of its restated unaudited interim financial statements for the three … Read more
CALGARY, Alberta, Dec. 18, 2023 (GLOBE NEWSWIRE) — Helium Evolution Incorporated (TSXV:HEVI) (“HEVI” or the “Company”), a Canadian-based helium exploration company focused on developing assets in southern Saskatchewan, is pleased to announce that its farm-in partner, North American Helium Inc. (“NAH”), has successfully completed drilling and is proceeding with casing of the second joint well … Read more
The act to be announced in coming days aims to phase out the sale of new combustion vehicles The Canadian government is poised to pass rules requiring all new vehicles sold in the country to be zero-emissions by 2035, according to news reports. The federal government will announce the regulation, called the Electric Vehicle Availability Standard, … Read more
Goldman Sachs trimmed its price expectation for Brent crude in 2024 by $10 per barrel to between $70 and $90, saying strong production from the United States would moderate any upside in oil prices. “We still look for range-bound prices and only moderate price volatility in 2024. Elevated spare capacity to handle tightening shocks should … Read more
Alberta Indigenous Opportunities Corporation closes loan guarantee deal allowing five Indigenous Nations to economically benefit from stable income stream December 15, 2023 (Alberta) – The Alberta Indigenous Opportunities Corporation (AIOC) has closed a $20.5 million deal that will provide five Indigenous Nations, now united as Niyanin Nations LP (Niyanin), the opportunity to partner as investors … Read more
Vancouver, British Columbia–(Newsfile Corp. – December 18, 2023) – Hemisphere Energy Corporation (TSXV: HME) (OTCQX: HMENF) (“Hemisphere” or the “Company”) is pleased to announce the appointment of Ashley Ramsden-Wood as Chief Development Officer. Ms. Ramsden-Wood has served as Vice President of Engineering at Hemisphere since 2014 and has been instrumental in the successful growth and development of the … Read more
LONDON (AP) — Oil and natural gas giant BP has joined the growing list of companies that have halted their shipments through the Red Sea because of the risk of attack from Yemen’s Houthi rebels, threatening a major trade route in what is expected to h…
Introduction: Canada’s journey towards sustainable energy solutions prominently features biogas production. However, this path is intertwined with complex kinetic challenges. This article delves into these challenges and the innovative solutions that are shaping the efficiency and viability of biogas production across the nation. Understanding Kinetic Challenges: The process of biogas production, centered around anaerobic digestion, … Read more
Cat gas compression engines – particularly the 3500 and 3600 series – are renowned for their reliability and robust performance, but over time, even the best built engines and components suffer wear and tear. This wear can reduce power output, hamper efficiency and lead to breakdowns in the field that cost you time and money. … Read more
Factors Western was able to recently assist an Oil & Gas equipment company with more than a million dollars’ worth of invoice factoring in the last month. This gave them the liquidity needed to meet larger orders. Factors Western will be able to continue funding invoices the client chooses to factor, as needed, to help … Read more
So, who is GEO PSI…? Here at GEO PSI, we offer the industry’s most reliable downhole data and solutions for the global energy market! Specializing in oil and gas, with systems applicable for everything from carbon capture to underground mining, to geothermal, our systems and the data they provide enable our customers to operate more … Read more
(Reuters) – It is important to reduce carbon emissions to preserve the planet, but oil and natural gas should not be demonized in the medium-term, Elon Musk, the founder of electric car maker Tesla (TSLA.O), said on Saturday. Earlier this week representatives from nearly 200 countries agreed at the COP28 climate summit to begin reducing global consumption … Read more
When all you have is a hammer, everything looks like a nail. Prime Minister Justin Trudeau’s hammer is higher taxes. People are using too much natural gas? Hit ‘em with a carbon tax. People like their pick-up trucks and minivans? Throw another tax at ‘em. People still want Canada’s oil and gas? Swing the tax … Read more
CALGARY, AB, Dec. 15, 2023 /CNW/ – Tamarack Valley Energy Ltd. (“Tamarack” or the “Company“) (TSX: TVE) is pleased to announce that it has successfully closed the previously announced Clearwater Infrastructure Limited Partnership (the “CIP”) transaction, as outlined in the Company’s December 13, 2023 press release. The Board of Directors has also declared a monthly cash dividend on its common shares … Read more
Summary Drop in New York manufacturing orders starts sell-off NY Fed President’s comments also shake market IEA says global crude demand to grow in 2024 (Reuters) – Brent and U.S. crude futures finished at a small loss following a see-saw session, in which prices fell more than $1 a barrel at one point on Friday, … Read more
(Bloomberg) Wall Street forecasters see some scope for a recovery in oil prices next year, though perhaps not a significant rally. Projections for global benchmark Brent in 2024 from five major banks average about $85 a barrel, compared with current levels of $77. Citigroup Inc. holds the lowest estimate, at $75 a barrel, and Goldman … Read more
(Bloomberg) Tokyo Gas Co. said its subsidiary Tokyo Gas America Ltd. will purchase Rockcliff Energy II LLC for about $2.7 billion in a move to expand its US shale gas operations. Tokyo Gas America will acquire all the shares of Rockcliff, a portfolio company of Quantum Energy Partners, through its ownership interest in TG Natural … Read more
Many fossil fuel advocates thought it would be clever to agree to COP 28’s “net zero by 2050” goal and then challenge a few of its implementation details. They were wrong. By Alex Epstein I am happy and proud to say that since a decade ago, when there was very little morally confident fossil fuel … Read more
The northern hemisphere experienced its warmest October and November in records dating back to the 1880s – pushing the gas market into a large surplus and triggering a slump in prices. Northern hemisphere land temperatures were 2.61°C above the long-term seasonal average in October and 3.04°C above the seasonal average in November. Temperature anomalies smashed … Read more
U.S. energy firms this week cut the number of oil and natural gas rigs operating for the first time in five weeks, energy services firm Baker Hughes said in its closely followed report on Friday. The oil and gas rig count, an early indicator of future output, fell by 3 to 623 in the week … Read more
Canadian government-owned Trans Mountain Corp asked the country’s energy regulator on Thursday to reverse a decision rejecting proposed construction changes on its oil pipeline expansion, warning of a possibly “catastrophic” two-year delay and billions of dollars in losses. If Trans Mountain goes ahead with the construction plan that is currently approved, complications could result in … Read more
(Reuters) – Oil prices rose on Friday, on track to notch their first weekly rise in two months after benefiting from a bullish forecast from the International Energy Agency (IEA) on oil demand for next year and a weaker dollar. Brent futures rose 21 cents to $76.82 a barrel at 0918 GMT. U.S. West Texas … Read more
Unless otherwise noted, all monetary amounts in this news release are stated in Canadian dollars. CALGARY, AB, Dec. 14, 2023 /CNW/ – Lucero Energy Corp. (“Lucero” or the “Company”) (TSXV: LOU) (OTCQB: PSHIF) is pleased to announce that the Company’s Board of Directors has approved a 2024 capital budget1 of US$65 million (approximately C$88 million). Lucero’s strategic objectives associated with the 2024 capital budget … Read more
Calgary, Alberta–(Newsfile Corp. – December 14, 2023) – Gear Energy Ltd. (“Gear” or the “Company”) (TSX: GXE) (OTCQX: GENGF) is pleased to announce that the new November 2023 monthly update to shareholders can be accessed via the following link https://gearenergy.com/updates. FOR FURTHER INFORMATION PLEASE CONTACT: Ingram Gillmore President & CEO 403-538-8463 David Hwang Vice President Finance & … Read more
Enserva hosts expert panel to discuss trends and insights for the oil and gas and drilling services sector (GLOBE NEWSWIRE) — Thursday, Enserva released its Fall 2023-2024 State of the Industry Report (the “Report”), providing trends, insights and an overall outlook for the oil and gas and drilling services sector moving into 2024. In addition … Read more
Global efforts to boost clean energy and rein in carbon emissions have had a clear impact on coal: consumption of the dirtiest fossil fuel is expected to peak this year. Total consumption of coal will reach a record high of more than 8.5 billion metric tons this year, and then start a long, slow decline, … Read more
85% ownership in oil and gas midstream infrastructure to create stable revenue for participating communities CALGARY, AB, Dec. 13, 2023 /CNW/ – The Alberta Indigenous Opportunities Corporation’s (AIOC) sixth deal has closed, allowing 12 Indigenous communities to purchase equity in oil and gas midstream infrastructure in the Marten Hills and Nipisi areas of the Clearwater play in Northern Alberta. … Read more
DUBAI, Dec 14 (Reuters) – The COP28 climate summit in Dubai started with all the ingredients for spectacular failure: It proposed an end to the fossil-fuel era at a conference situated in Arab oil country amid overt opposition from the powerful oil-producer group OPEC. Landing a pact that all 196 countries could live with took deft maneuvering by the … Read more
As the carbon pricing consensus evaporates, the federal government introduces new policies that could cap the production of oil and gas. By Resource Works More News and Views From Resource Works Here The federal government’s proposed cap on emissions from oil and gas has now been outlined in a draft. While Ottawa insists that it … Read more
CALGARY (December 14, 2023) – Drawing insights from our participation at COP28, Canada Powered by Women (CPW) recognizes the critical need for more Canadian women’s voices at the forefront, on both the national and global stage. Now, more than ever, it’s imperative to ensure representation that reflects the lived experiences of those impacted by the … Read more
Ford Motor Co. is cutting 2024 production goals in half for its F-150 Lightning plug-in pickup truck — its signature electric vehicle — due to slowing demand for battery-powered models Ford will cut planned production of its electric F-150 Lightning pickup truck in half for 2024, from an average of 3,200 vehicles per week to … Read more
(Reuters) – A Glencore-led (GLEN.L) consortium’s successful $9 billion bid for Teck Resources’ (TECKb.TO) steelmaking coal unit could face tougher environmental clean-up obligations, as water pollution from the mines comes under increasing scrutiny in the U.S. and Canada. Canada’s Environment Minister Steven Guilbeault told Reuters that Ottawa and Washington are close to requesting a study of selenium contamination … Read more
By Alex Lawler Summary Cuts 2023 demand growth forecast by 90,000 bpd Raises 2024 demand growth forecast by 130,000 bpd to 1.1 mbpd Gap remains between OPEC, IEA views on 2024 oil demand growth LONDON, Dec 14 (Reuters) – World oil demand will rise faster than expected next year, the International Energy Agency (IEA) said on … Read more
COP28 nations strike historic fossil fuel deal Summary COP28 reaches deal to reduce fossil fuels consumption Summit President Sultan al-Jaber calls accord ‘historic’ Small island states say deal does not do enough OPEC wanted focus on emissions not fuels DUBAI, Dec 13 (Reuters) – Representatives from nearly 200 countries agreed at the COP28 climate summit … Read more
LONDON, Dec 14 (Reuters) – Oil prices rose on Thursday, extending the previous session’s gains, boosted by a weaker dollar and as the International Energy Agency (IEA) lifted its oil demand forecast for next year. Brent futures were up $1.42, or 1.9%, to $75.68 a barrel at 1131 GMT. U.S. West Texas Intermediate (WTI) crude … Read more
(Reuters) – Canadian Natural Resources (CNQ.TO) said on Thursday it expects production to increase in 2024, as the energy producer bets on demand amid tight supplies. Canadian oil and gas producers have been disciplined with their output in 2023. However, an industry group, Canadian Association of Energy Contractors, expects companies to drill 8% more wells in 2024 … Read more
CALGARY, AB, Dec. 13, 2023 /CNW/ – Kiwetinohk Energy Corp. (TSX: KEC) (“Kiwetinohk” or the “Company”) today provided an update on fourth quarter operating results, announced its 2024 budget, and established a three-year growth target of 40,000 boe/d of annualized sales volumes. Message to shareholders “In consideration of the evolving business environment, our 2024 budget is aimed to serve … Read more
Calgary, Alberta–(Newsfile Corp. – December 14, 2023) – Canadian Natural’s (TSX: CNQ) (NYSE: CNQ) President, Tim McKay, commented on the Company’s 2024 budget, “Our teams remain focused on safe, reliable, effective and efficient operations throughout our asset base. Our unique and diversified asset base provides us a key competitive advantage as we can manage the … Read more
(Reuters) – Cenovus Energy (CVE.TO) said on Thursday it expects higher production from its U.S. refineries in 2024 as the Canadian company’s two refineries restarted operating at full capacity. The company had been grappling with production snags following a deadly fire at its refinery in Toledo, Ohio last year and an explosion at the refinery in … Read more
All financial figures are approximate and in Canadian dollars unless otherwise noted. This news release refers to adjusted earnings before interest, taxes, depreciation and amortization (“adjusted EBITDA”) and adjusted cash flow from operating activities per share (“adjusted cash flow per share”), which are financial measures that are not defined by Generally Accepted Accounting Principles (“GAAP”). … Read more
CALGARY, Alberta, Dec. 13, 2023 (GLOBE NEWSWIRE) — STEP Energy Services Ltd. (TSX:STEP) (STEP) is reporting continued improvement in its balance sheet, an update on its 2024 capital budget, and is providing an operational update. Balance Sheet and 2024 Capital Budget We are pleased to announce that Net debt1 at the close of Q4 2023 is … Read more
CALGARY, Alberta, Dec. 14, 2023 (GLOBE NEWSWIRE) — Prospera Energy Inc. (“Prospera” or the “Company”) (TSX.V: PEI, OTC: GXRFF, FRA: OF6B, OF6B.SG, OF6B.F, OF6B.BE). Prospera Energy Inc. is pleased to announce a medium light oil +500 barrels per day flowing well from a full day of production testing. This above gradient pressure reservoir will … Read more
CALGARY, Alberta, Dec. 14, 2023 (GLOBE NEWSWIRE) — Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) today announced its 2024 budget, delivering disciplined capital investment and balancing growth of the company’s base business with meaningful shareholder returns. Continuing with the growth plan embarked on in 2023, Cenovus expects to invest capital of between $4.5 billion and … Read more
Each week Josef Schachter gives 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 35 energy, energy service and pipeline & infrastructure companies with regular quarterly updates. We also hold quarterly webinars and provide Action … Read more
CALGARY — Enbridge Inc. is selling its stakes in the Alliance pipeline and Aux Sable gas processing facility to Pembina Pipeline Corp. for $3.1 billion.
The Alliance pipeline is a 3,848-kilometre pipeline stretching southeast from B.C. that brings gas…
CALGARY, AB, Dec. 13, 2023 /PRNewswire/ – Enbridge Inc. (“Enbridge”) (TSX: ENB) (NYSE: ENB) announced today that it has entered into a definitive agreement to sell its 50.0% interest in Alliance Pipeline (“Alliance”) and its 42.7% interest in Aux Sable to Pembina Pipeline Corporation (“Pembina”) (PPL: TSX) (NYSE: PBA) for a purchase price of $3.1 billion, including non-recourse debt at … Read more
All financial figures are approximate and in Canadian dollars unless otherwise noted. This news release refers to adjusted earnings before interest, taxes, depreciation and amortization (“adjusted EBITDA”) and adjusted cash flow from operating activities per share (“adjusted cash flow per share”), which are financial measures that are not defined by Generally Accepted Accounting Principles (“GAAP”). … Read more
CALGARY, AB, Dec. 13, 2023 /CNW/ – Tamarack Valley Energy Ltd. (“Tamarack” or the “Company“) (TSX: TVE) and 12 First Nation and Métis communities (the “Indigenous Communities“) are pleased to announce they have entered into a series of definitive agreements (collectively, the “Agreements“) whereby the Indigenous Communities, collectively through a newly formed entity called Wapiscanis Waseskwan Nipiy Holding Limited … Read more
Pine Cliff Energy Ltd. Announces Closing of Certus Acquisition Calgary, Alberta–(Newsfile Corp. – December 13, 2023) – Pine Cliff Energy Ltd. (TSX: PNE) (OTCQX: PIFYF) (“Pine Cliff” or the “Company”) is pleased to announce that it has completed the acquisition of Certus Oil & Gas Inc. (“Certus“), as previously described in the Pine Cliff press release dated October … Read more
Alberta university researchers are calling for an open public inquiry into a provincial program designed to ensure oilsands producers can pay to clean up after themselves.
They say the agreement at an international climate meeting to transition away f…
The following is from the Alberta Energy Regulator under Bulletin 2023-43. Please link here to the official announcement. Release Date: December 12, 2023 Alberta is experiencing extremely low water levels in many parts of the province due to below-average snowpack and precipitation over the past several months, resulting in less runoff to rivers, lakes, and … Read more
‘It reduces emissions globally, so it’s for the good of everyone’ By Deborah Jaremko Follow CEC on LinkedIn CEC LinkedIn Follow CEC on Facebook CEC Facebook Follow CEC on Twitter CEC Twitter Asia’s demand for liquefied natural gas (LNG) is rising fast as countries look for cleaner alternatives to coal while their economies expand. To significantly reduce emissions, the LNG … Read more
Company’s values are shaped by the seven sacred teachings, which guide its approach to business and drive to make a meaningful impact on the lives of others By Will Gibson Follow CEC on Linkedin CEC Linkedin Follow CEC on Facebook CEC Facebook Follow CEC on Twitter CEC Twitter It started with a dream, determination and a D-6 Dozer. Twenty-five years later, … Read more
CALGARY, Alberta–(BUSINESS WIRE)–Imperial Oil Limited (TSE: IMO, NYSE American: IMO) announced today that it has taken up and paid for 19,108,280 common shares (“Shares”) at a price of $78.50 per Share (the “Purchase Price”) under Imperial’s offer (the “Offer”) to purchase for cancellation up to $1.5 billion of its Shares. All amounts are in Canadian dollars. … Read more
(Bloomberg) COP28 climate talks in Dubai ended with a nod that lower-carbon fuels like natural gas will play a role in the shift to cleaner energy sources. The summit’s final text recognized that such fuels “can play a role in facilitating the energy transition while ensuring energy security.” Producers have long argued that gas should … Read more
(Bloomberg) Climate negotiators in Dubai were huddling early Wednesday on a draft agreement calling on nations to swiftly transition away from using fossil fuels, as they neared the end of talks meant to avert the worst consequences of global warming. The compromise text represents a more forceful assertion of the world’s commitment to cutting greenhouse … Read more
(Reuters) – Oil and gas companies operating in Norway are expected to invest 240 billion Norwegian crowns ($21.85 billion) in 2024, up from 220.5 billion in 2023, and more than previously expected, an industry group said on Wednesday. Offshore Norway, which published the new forecast based on a survey of its members, had previously predicted … Read more
Summary Leaves 2024 oil-demand growth forecast steady OPEC oil output falls by 57,000 bpd in November IEA due to publish updated forecasts on Thursday LONDON, Dec 13 (Reuters) – OPEC on Wednesday said it remained cautiously optimistic about 2024 oil market fundamentals and blamed “exaggerated concerns” about demand for a recent drop in prices, as … Read more
Summary Oil prices stable after Tuesday’s drop OPEC maintains cautious optimism for 2024 in latest report U.S. Federal Reserve interest rate decision due Israel to continue war in Gaza despite UN ceasefire resolution LONDON, Dec 13 (Reuters) – Oil prices edged up on Wednesday, but remained near the six-month lows reached in the previous session … Read more
The discount on Western Canada Select (WCS) heavy crude versus the North American benchmark West Texas Intermediate (WTI) tightened slightly on Tuesday: * The discount on WCS for January delivery in Hardisty, Alberta, traded between $18.50 and $18.90 a barrel under WTI, according to brokerage CalRock, tightening from a close of $19 a barrel under … Read more
CALGARY, AB, Dec. 12, 2023 /PRNewswire/ – Vermilion Energy Inc. (“Vermilion”, “We”, “Our”, “Us” or the “Company”) (TSX: VET) (NYSE: VET) is pleased to announce its 2024 budget and updated return of capital framework, including a 20% dividend increase. Highlights 2024 fund flows from operations (“FFO”)(1) and free cash flow (“FCF”)(2) are forecasted to be approximately $1.3 billion and … Read more
Current crude oil prices appear to be in line with market fundamentals, to the evident frustration of Saudi Arabia and its OPEC+ partners trying to push them higher, which suggests their efforts may be in vain for now. Despite multiple rounds of OPEC+ production cuts since the fourth quarter of 2022, global petroleum stocks are … Read more
By Selin Oğuz | Graphics/Design: Sam Parker Courtesy of Visual Capitalist – See More From Visual Capitalist HERE Visualized: Global CO2 Emissions Through Time (1950-2022) This was originally posted on the Decarbonization Channel. Subscribe to the free mailing list to be the first to see graphics related to decarbonization with a focus on the U.S. energy sector. Global CO2 emissions have … Read more
CALGARY, AB, Dec. 13, 2023 /CNW/ – Bonterra Energy Corp. (TSX: BNE) (“Bonterra” or the “Company”) today announced that the Company’s Board of Directors (the “Board”) has approved its 2024 capital expenditures budget and associated guidance, as detailed in the section and tables below. The Company is also pleased to provide preliminary results from the successful drilling of Bonterra’s … Read more
Here’s a quick look at how we’re working with our clients to streamline their Fugitive Emissions Reporting with Muddy Boots. Emissions Reporting in Muddy Boots Pneumatic Devices Wellsite Emission Screening Reports (AVO) Fugitive Emissions Surveys Management Surface Casing Vent Flow Testing Scheduled/Unscheduled Releases Pneumatic Devices Vent Gas Volume Reporting Process and Maintenance Routine pneumatic device … Read more
Compass Bending’s core business is pipe bending and coating for pipeline and facility construction projects, but we also supply custom and production bending and rolling services to a great variety of other businesses. We offer bending up to 16″ø seamless and welded (ERW) line pipe in-house, available with a variety of coating options, as … Read more
Courtesy of ENERGYminute See more articles and infographics from ENERGYminute HERE Today is the final day of the COP28 summit in Dubai, and the overused term of the week is “phase”. Not the type of phase that results in died hair, skinny jeans, and My Chemical Romance posters, but whether a “phase-out” or “phase-down” of fossil … Read more
CALGARY, AB, Dec. 12, 2023 /CNW/ – Keyera Corp. (TSX: KEY) (“Keyera”) is pleased to provide a general business update and 2024 guidance. “Keyera continues to leverage the strength of its integrated value chain, maximizing value for customers and generating strong returns for shareholders,” said Dean Setoguchi, President and CEO. “The fundamentals for natural gas liquids volume growth in the … Read more
St. Albert, Alberta–(Newsfile Corp. – December 12, 2023) – Enterprise Group, Inc. (TSX: E) (OTCQB: ETOLF) (the “Company” or “Enterprise”). Enterprise, a consolidator of energy services (including specialized equipment rental to the energy/resource sector), emphasizes technologies that mitigate, reduce, or eliminate CO2 and Green House Gas (GHG) emissions for small local and Tier One global resource clients, announces a business relationship … Read more
(Bloomberg) OPEC+ will need to carefully control oil supplies for another five years to avoid a “meltdown” in crude prices, according to Rapidan Energy Group. While global oil demand won’t peak for at least another decade, supplies from outside OPEC — particularly the US — are growing much faster than previously estimated, the Washington-based consultant said … Read more
(Bloomberg) The COP28 climate talks in Dubai ran into overtime as negotiators worked on a new draft deal that would bridge the divide between those demanding the phase out of fossil fuels and a coalition of oil exporters and developing countries adamantly opposed to the idea. Diplomats are now running between bilateral meetings as the … Read more
Summary Yemen’s Houthis claim attack on Norwegian tanker Draft COP28 climate deal drops call to ‘phase out’ fossil fuels U.S. crude inventories likely fell last week Coming up: U.S. inflation, API oil supply reports LONDON, Dec 12 (Reuters) – Oil slipped on Tuesday, giving up earlier gains, as concern over excess supply and slowing demand … Read more
(Reuters) – More than 100 countries at the COP28 climate summit in Dubai have agreed to triple renewable energy capacity by 2030 – one of the least controversial commitments floated at the conference. But they have given little detail on how they can make an industry running flat out go that much faster. “It is realistic, … Read more
Summary Carbon pricing debated again at COP28 climate talks Corporate prices from under $1 to $1,600/metric ton – CDP Low prices raise concern over impact BOSTON/DUBAI/SAN FRANCISCO, Dec 11 (Reuters) – A growing list of global companies are setting a price or charging themselves for each metric ton of their carbon emissions, looking to shape … Read more
By Joseph White (Reuters) – This was the year the auto industry’s race toward an all-electric future took a detour. Heading into 2023, automakers were gearing up to invest $1.2 trillion by 2030 to move electric vehicles from niche products to mass-market models – many with batteries and software developed in-house, according to a Reuters analysis. As … Read more
By Rod Nickel (Reuters) – Coastal GasLink, a Canadian natural gas pipeline partnership operated by TC Energy (TRP.TO), is seeking C$1.2 billion ($737 million) from one of its main contractors for construction delays and may be liable for a similar amount if an arbitrator rules against it, court documents showed ahead of a hearing this month. Construction … Read more
CALGARY, AB, Dec. 11, 2023 /CNW/ – SECURE Energy Services Inc. (“SECURE” or the “Corporation”) (TSX: SES) announced today that the Toronto Stock Exchange (“TSX”) has accepted for filing the Corporation’s notice of intention to make a normal course issuer bid (“NCIB”). Pursuant to the NCIB, SECURE may repurchase from time to time up to a maximum … Read more
The value of U.S. oil and gas mergers and acquisitions in the Permian basin this year has reached a record of more than $100 billion after several multi-billion dollar deals, consultancy Wood Mackenzie said in a news release on Tuesday. Those include the blockbuster deals such as Exxon Mobil’s $60-billion proposed deal for Pioneer Natural Resources … Read more
The discount on Western Canada Select (WCS) heavy crude versus the North American benchmark West Texas Intermediate (WTI) narrowed on Monday: * The discount on WCS for January delivery in Hardisty, Alberta, settled at $19.00 a barrel under WTI, according to CalRock, tightening from a close of $20 a barrel under the U.S. benchmark on … Read more
TORONTO — Waste Connections Inc. has signed a deal to buy a portfolio of 30 energy waste treatment and disposal facilities in Western Canada from Secure Energy Services Inc. for nearly $1.08 billion.
The assets represent all of the required divestitur…
Summary COP28 climate change summit heads into final stretch New draft deal suggests ‘reducing’ use of fossil fuels Scraps previous call to ‘phase out’ coal, oil, gas EU, US, islands urge phase out; OPEC opposes DUBAI, Dec 11 (Reuters) – A draft of a potential climate deal at the COP28 summit on Monday suggested a … Read more
(Bloomberg) At the world’s most important climate summit, the Organization of the Petroleum Exporting Countries — whose members supply almost 30% of the world’s oil — has a pavilion for the first time. There, staff were giving out a children’s book about oil. A grey-haired cartoon Professor named Riggs takes young readers through topics as … Read more
SANTA FE, N.M. (AP) — A windfall in government income from petroleum production is slowing down but far from over in New Mexico as the nation’s No. 2 oil production state grapples with how much it can effectively spend — and how to set aside billions …
There’s only one problem with the federal government’s messaging about saving money: the feds aren’t actually saving money. “The foundation of our Fall Economic Statement is our responsible fiscal plan,” said Finance Minister Chrystia Freeland. The mid-year budget update shows the government increasing spending by $15 billion this year. A far cry from Freeland’s March promise to find “savings of $15.4 billion over the next … Read more
Transaction Highlights Sale of the facilities identified in the Competition Tribunal’s March 3, 2023, divestiture order resulting from SECURE’s acquisition of Tervita Corporation Target closing in the first quarter of 2024, subject to regulatory approvals CALGARY, AB, Dec. 11, 2023 /CNW/ – SECURE ENERGY Services Inc. (“SECURE” or the “Corporation”), a leading waste management and energy infrastructure company, announced … Read more
Highlights 123,000 gross acres (2,670 net royalty acres) predominately in the core of the Midland basin; Adds 600 boe/d of US production in 2024; 85% liquids weighted production stream; 40% increase to Freehold’s Permian land position; and 25% increase to Freehold’s US drilling inventory. CALGARY, Alberta, Dec. 11, 2023 (GLOBE NEWSWIRE) — Freehold Royalties Ltd. (Freehold or … Read more
CALGARY, Alberta–(BUSINESS WIRE)–Imperial Oil Limited (TSE: IMO, NYSE American: IMO) announced today the preliminary results of its substantial issuer bid (the “Offer”), pursuant to which Imperial offered to purchase for cancellation up to $1.5 billion of its common shares (the “Shares”). The Offer proceeded by way of a modified Dutch auction, which had a tender price … Read more
All financial figures are in Canadian dollars unless otherwise noted. This news release refers to certain financial measures and ratios that are not specified, defined or determined in accordance with Generally Accepted Accounting Principles (“GAAP”), including adjusted earnings before interest, taxes, depreciation and amortization (“adjusted EBITDA”); and proportionately consolidated debt-to-adjusted EBITDA. For more information see … Read more
BRINGING THE HEAT! Artic Therm provides an efficient Flameless Heat and clean Breathable Air for multiple applications using portable equipment to remote locations for extreme climate challenges. If your project is going to require Flameless Heat or is facing climate challenges, now is the time to look at our services. Here’s a Quick … Read more
Summary Some members balk at fossil fuel phase-out inclusion Saudi, Russia push for focus on emissions not fuels Nations most affected by climate change demand its inclusion DUBAI, Dec 9 (Reuters) – Some countries are resisting a proposed pledge to phase-out fossil fuels in a COP28 climate deal, jeopardising attempts for U.N. climate talks to deliver a … Read more
Summary Business executives outnumber government officials Deals on nuclear power, natural gas, renewables signed (Reuters) – A stand in the COP28 “startup village” has proved the arena to gain high level access and even clinch deals on the sidelines of U.N. climate talks that are striving for an agreement as countries argue over the future use of … Read more
(Reuters) – Occidental Petroleum (OXY.N) said on Monday it would buy energy producer CrownRock in a cash-and-stock deal valued at $12 billion, to boost its acreage in the oil-rich Permian basin. Houston-based Occidental will finance the purchase with $9.1 billion of new debt, the issuance of about $1.7 billion of common equity and the assumption of … Read more
Summary Excess 2024 supply expected from growth in non-OPEC output China experiencing rising deflationary pressures Investors await central bank interest rate decisions (Reuters) – Oil prices dipped on Monday as worries persisted around crude oversupply despite OPEC+ cuts and softer fuel demand growth next year. Brent crude futures fell 43 cents to $75.41 a barrel … Read more
In today’s fast-paced business world, companies are constantly seeking ways to improve efficiency, productivity, and profitability. One way to achieve these goals is by investing in the right equipment for the job. However, choosing the right equipment supplier is just as important as selecting the right tools for your operations. In this blog post, we’ll … Read more
Westech Industrial is excited to announce an upcoming webinar in by our partners VAISALA, a leader in industrial measurement. This webinar is specially designed for professionals in the chemical and petrochemical industries, focusing on the latest advancements in chemical process analysis. As the Eastern Canada distributor, we’re thrilled to share insights on refractive index-based concentration … Read more
Saskatchewan’s oilpatch emits a potent greenhouse gas at a higher rate than almost anywhere else in North America, indicates new research from one of Canada’s premier climate labs.
A published paper from Carleton University’s Energy and Emissions Rese…
CALGARY — Unifor says representatives from its energy locals have ratified a tentative agreement that sets a pattern for more than 7,500 workers.
The workers are part of the union’s National Energy Program.
In a press release Friday, Unifor says it re…
(Bloomberg) The COP28 climate summit in Dubai entered its final hours as Sultan Al Jaber, the Emirati oil executive who’s presiding over this year’s talks, sought to produce a text that would include a commitment to reduce the world’s consumption of oil and gas for the first time. Negotiators on Monday were awaiting a draft of the … Read more
The Framework Effectively is a Cap on Production By Deborah Jaremko Follow CEC on Linkedin CEC Linkedin Follow CEC on Facebook CEC Facebook Follow CEC on Twitter CEC Twitter The federal government is proceeding with its plans to cap emissions from the oil and gas industry in a move business leaders say will ultimately hurt Indigenous communities and everyday … Read more
Calgary, Alberta–(Newsfile Corp. – December 8, 2023) – Pine Cliff Energy Ltd. (TSX: PNE) (OTCQX: PIFYF) (“Pine Cliff” or the “Company“) announces that its offer (the “Offer“) to acquire all of the issued and outstanding common shares (the “Common Shares”) of Certus Oil and Gas Inc. (“Certus”), a privately held oil and natural gas producer, as previously described in the Pine … Read more
(Reuters) – The global nuclear industry got a morale boost at the COP28 climate summit in Dubai after more than 20 nations vowed to triple capacity by 2050. But reaching that goal will require the industry to overcome regulatory hurdles, financing obstacles, fuel bottlenecks, and public safety concerns that have contributed to a long history of … Read more
On Thursday, the Trudeau government unveiled its plan to cap greenhouse gas emissions from Canada’s oil and gas sector. The plan calls for a “cap-and-trade” system rather than a mandatory hard cap on emissions. A previous plan would have required the oil and gas sector to reduce emissions by 42 per cent (from 2019 levels) by 2030. … Read more
‘Indigenous involvement ensures everybody wins – communities, business, governments and the natural world around us’ By Will Gibson Follow CEC on Linkedin CEC Linkedin Follow CEC on Facebook CEC Facebook Follow CEC on Twitter CEC Twitter Billy Morin, former chief of the Enoch Cree Nation, is in Dubai for COP28. Seen here at the nation’s River Cree Resort and … Read more
U.S. energy firms this week added oil and natural gas rigs for a fourth week in a row for the first time since November 2022, energy services firm Baker Hughes said in its closely followed report on Friday. The oil and gas rig count, an early indicator of future output, rose by one to 626 … Read more
OPEC Secretary General Haitham Al Ghais has urged OPEC members to reject proposals for any deal under negotiation at the COP28 climate summit which targeted fossil fuels rather than emissions, a letter dated Dec. 6 and seen by Reuters on Friday showed. The language used to describe the future of fossil fuels in a final … Read more
A version of this column first appeared in the The Western Standard. It is now FREE for reprinting. Alberta drivers need to pay more at the gas pump like they need a kick in the face. So why is Premier Danielle Smith planning on hiking Alberta’s fuel tax back up on Jan. 1, 2024? With Christmas and … Read more
We know it’s safe because we know exactly where all the CO2 is’ By Will Gibson Follow CEC on Linkedin CEC Linkedin Follow CEC on Facebook CEC Facebook Follow CEC on Twitter CEC Twitter The Alberta Carbon Trunk Line is the world’s largest CO2 pipeline. Photo courtesy Canada’s Oil Sands Innovation Alliance In almost 20 years of researching how … Read more
Carbon capture and storage has emerged as flashpoint at the UN climate conference in Dubai about how big a role it is destined to play in reaching the target of net zero emissions. It has also prompted an unusual and bad-tempered confrontation between senior officials at the International Energy Agency (IEA) and the Organization of … Read more
Each week Josef Schachter gives 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 35 energy, energy service and pipeline & infrastructure companies with regular quarterly updates. We also hold quarterly webinars and provide Action … Read more
(Reuters) – Oil benchmarks were on track for a seven-week decline on Friday, their first in half a decade, on worries about a supply surplus and weak Chinese demand, though prices rebounded after Saudi Arabia and Russia lobbied OPEC+ members to join output cuts. Brent crude futures were up $1.51, or 2%, at $75.56 a … Read more
(Bloomberg) The OPEC+ coalition’s grip on global oil markets is looking less secure by the day. Crude traders have shrugged off the Nov. 30 pledge from Saudi Arabia and its allies to slash supplies by a further 900,000 barrels a day, remaining skeptical of its implementation. Despite the group’s multiple attempts to shore up sentiment in … Read more
(Bloomberg) Canada’s plan to limit emissions from the oil and gas industry is set to test the sector’s resolve in tackling climate change, a challenge it has said for years it’s willing and able to take on. Those reductions would be as little as 20% below 2019 levels for the overall sector if companies use all available … Read more
(Bloomberg) Canada will require its oil and gas industry to cut emissions to 35% to 38% below 2019 levels in six years in what the government is calling a historic first for a major fossil-fuel producing country. Environment Minister Steven Guilbeault announced the long-promised oil and gas emissions cap Thursday at the COP28 summit in … Read more
(Bloomberg) Woodside Energy Group Ltd.’s hopes of a tie-up with Santos Ltd. to create Asia’s dominant liquefied natural gas exporter face a potential hurdle over the valuation of a target whose shares recently fell to an eight-month low. The companies met this week and discussed an initial outline of a proposal that would see Woodside’s … Read more
Australia’s Woodside Energy and Santos said on Thursday they were in preliminary talks to create an A$80 billion ($52 billion) global oil and gas giant, as consolidation among international energy firms intensifies. The talks come on the back of multi-billion-dollar acquisitions by Chevron Corp and Exxon Mobil Corp in the United States announced in October. Here are the major … Read more
CALGARY, AB, Dec. 7, 2023 /CNW/ – Surge Energy Inc. (“Surge” or the “Company”) (TSX: SGY) is pleased to announce its 2024 capital and operating budget as approved by the Company’s Board of Directors, the release of the Company’s third annual sustainability report, as well as the appointment of two Vice Presidents. 2024 BUDGET GUIDANCE: CONTINUED FOCUS ON FREE … Read more
Despite the federal government’s stated objective that the emission cap should not put a limit on Canadian oil and natural gas production, the unintended consequences of the draft framework announced today of a cap-and-trade system with an interim target of a 35% to 38% emissions reductions below 2019 by 2030 could result in significant curtailments … Read more
Alberta Premier Danielle Smith says Ottawa’s proposed cap on greenhouse gas emissions from the oilpatch singles out her province for punitive measures and she promises another court fight with the federal government over it.
In a press conference from…
CALGARY — Canada’s oil and gas industry is warning that Ottawa’s emissions cap framework could result in significant production curtailments by companies and higher energy prices for consumers.
The plan to have the oil and gas sector cut its emissions…
CALGARY, AB, Dec. 7, 2023 /CNW/ – Headwater Exploration Inc. (the “Company” or “Headwater“) (TSX: HWX) is pleased to announce its preliminary 2024 budget and operations update. Following a thorough evaluation of our land acquisition strategy and exploration successes, the Board has granted approval for the 2024 preliminary budget as outlined below. The budget is designed to allow Headwater to be resilient … Read more
Focused on Reliability, Cost Reduction & Deleveraging NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR DISSEMINATION IN UNITED STATES CALGARY, Alberta, Dec. 07, 2023 (GLOBE NEWSWIRE) — Pieridae Energy Limited (“Pieridae” or the “Company”) (TSX: PEA) is pleased to provide 2024 guidance including scope of the 2024 capital program along with production and net operating income … Read more
December 7, 2023 FOR IMMEDIATE RELEASE Calgary, AB – Today the federal government announced it emissions cap framework outlining a cap-and-trade system for the oil and gas sector. The governments framework proposes to cap 2030 emissions at 35 to 38 per cent below 2019 levels in order to reach the government’s goal of reducing emissions … Read more
Today, the federal government released a regulatory framework to cap Canadian oil and gas emissions. CAOEC strongly opposes this policy as it will negatively impact Canadian energy workers and the small and medium-sized businesses that support them. Mark Scholz, President & CEO of the CAOEC, stated, “The world will continue its decarbonization journey but will … Read more
OTTAWA, ON, Dec. 7, 2023 /CNW/ – Canadians are making decisions and choices today that will profoundly impact the world we leave to our children and grandchildren. Climate action pays immediate dividends in good jobs and cleaner air and water, but it also opens up more opportunities for the generations that will follow. Every sector … Read more
(Bloomberg) Saudi Arabia has delayed past 2030 some of the projects launched as part of its economic transformation plan, in the first admission that the kingdom is having to shift the timeline for meeting the goals of the multi-trillion dollar program. The government, which is forecasting budget deficits every year out to 2026, has decided … Read more
Canada is dismantling regulatory hurdles for offshore wind projects along its Atlantic coast, aiming to transform one of the world’s longest and gustiest shorelines into a renewable energy leader despite the industry’s current slump. Prime Minister Justin Trudeau’s government agreed Wednesday to hand over control of land tenure and regulation for projects within Newfoundland and … Read more
Summary Putin discussed OPEC+ with MbS Putin and MbS urge all OPEC+ members to join cuts MbS stresses need to commit to OPEC+ agreement MOSCOW, Dec 7 (Reuters) – Saudi Arabia and Russia, the world’s two biggest oil exporters, on Thursday called for all OPEC+ members to join an agreement on output cuts for the … Read more
(Reuters) – Oil major Chevron Corp (CVX.N) said on Wednesday that it expects to spend between $18.5 billion and $19.5 billion next year on new oil and gas projects, an 11% increase on this year. Its 2024 budget and that of rival Exxon Mobil (XOM.N) reflect the industry’s continuing rebound after pandemic-influenced pullbacks, recent acquisitions and carbon reduction … Read more
(Reuters) – The global wind power sector will add less capacity in the next decade than previously expected due to financial trouble in the U.S. offshore wind industry and sluggish approval and project execution in China, consultancy Wood Mackenzie said on Tuesday. Orsted (ORSTED.CO), the world’s largest offshore windfarm developer, energy giants BP (BP.L) and Norway’s Equinor (EQNR.OL) have booked … Read more
(Reuters) – Oil prices reclaimed some ground on Thursday after tumbling to a six-month low the previous day but investors remained concerned about sluggish demand in the United States and China. Brent crude futures were up 76 cents, or 1%, to $75.06 a barrel at 0924 GMT. U.S. West Texas Intermediate crude futures was up … Read more
The discount on Western Canada Select (WCS) heavy crude versus the North American benchmark West Texas Intermediate (WTI) tightened again on Wednesday: * WCS for January delivery in Hardisty, Alberta, settled at $18.40 a barrel under WTI, according to CalRock, having settled at $21.50 a barrel under WTI on Tuesday. * Several market participants said … Read more
OTTAWA — The official Opposition has threatened to delay government work and hold up billions of dollars in spending if the Liberal government doesn’t drastically revise its carbon-pricing plan.
Tensions over the program, Intended to put a price on po…
OTTAWA — Canada is poised to outline a federal emissions cap on the oil and gas sector using a cap-and-trade system that would begin as early as 2026, says a federal government source.
The source, who spoke on the condition of anonymity to discuss mat…
CALGARY, Alberta, Dec. 06, 2023 (GLOBE NEWSWIRE) — Athabasca Oil Corporation (TSX: ATH) (“Athabasca” or “the Company”) is pleased to announce its 2024 budget focused on profitable production growth and strong free cash flow generation. Athabasca provides investors unique positioning to top tier oil weighted assets (Thermal Oil and Duvernay) with a capital allocation framework aimed at … Read more
The options in the draft on the future of fossil fuels range from a less-stringent ‘phasedown of unabated coal power’ to a simple but dramatic ‘orderly and just phase out of fossil fuels’ The Associated Press DUBAI, United Arab Emirates — After days of shaving off the edges of key warming issues, climate negotiators Tuesday … Read more
U.S. incentives, 45Q tax credit and project-level economics likely to yield favorable returns CALGARY, Alberta (Dec. 6, 2023) — Enverus Intelligence Research (EIR), a subsidiary of Enverus, the most trusted energy-dedicated SaaS platform, has released a new report that explores blue hydrogen production technologies and incentives available in the U.S. and models the resulting project-level … Read more
The Canadian Press TORONTO — Advocacy groups say Brookfield Corp. is substantially under-reporting its carbon emissions, even as the firm’s head of transition investing Mark Carney emphasizes the importance of increased disclosures. The report by the group Investors for Paris Compliance, citing data from Private Equity Climate Risks, says the investments of Canada’s largest private equity investor emit … Read more
Earlier this year, premiers in Ontario, British Columbia, and Newfoundland and Labrador wrote letters to Tiff Macklem, Governor of the Bank of Canada, cautioning against further interest rate hikes, citing the potential negative effects on residents including homeowners with mortgages. But instead of blaming the central bank, Canadian premiers—and the prime minister—should stop their spending sprees, which … Read more
CALGARY, AB, Dec. 6, 2023 /CNW/ – Tamarack Valley Energy Ltd. (“Tamarack” or the “Company“) (TSX: TVE) is pleased to announce its 2024 capital and operating budget. The 2024 budget prioritizes near term free funds flow(1) generation with realization of long term net asset value capture and is supported by a culture focused on safety and operational excellence. Highlights of … Read more
Summary Companies Oil prices tumble on Wednesday, adding to four-day losing streak Russia’s Vladimir Putin flies to UAE, Saudi Arabia on Wednesday Saudi Arabia cuts OSP for Arab Light to Asia in January China trade data scheduled for Thursday after Moody’s downgrade Dec 6 (Reuters) – Oil prices continued to fall on Wednesday, as investors … Read more
Summary Putin to meet MbS Putin meets Sheikh Mohammed Bin Zayed Al Nahyan Putin starts rare trip to Middle East Oil, OPEC+, Gaza, Ukraine on the agenda Putin to meet Iranian president Raisi in Moscow MOSCOW, Dec 6 (Reuters) – Russian President Vladimir Putin will meet Crown Prince Mohammed bin Salman in Saudi Arabia on … Read more
Dec 6 (Reuters) – There is plenty of hand-wringing on display at the COP28 climate conference in Dubai about the slow pace of reducing the consumption of fossil fuels to fight climate change. But one positive that delegates can point to is the growing fleet of electric vehicles worldwide that is already making a surprisingly big dent … Read more
(Reuters) – Canada plans to unveil a framework for its long-awaited oil and gas emissions cap at the United Nations COP28 climate summit in Dubai, the only major only-producing country developing such a policy. Here are details of what it is expected to entail, and what it will mean for the fossil fuel sector: WHAT IS … Read more
(Bloomberg) A sudden jump in the share prices of Chinese lithium producers is spurring optimism that a rout in the electric vehicle battery metal may be coming to an end. China’s two biggest producers — Tianqi Lithium Corp. and Ganfeng Lithium Group Co. — closed up 6.5% and 7%, respectively, in Hong Kong on Wednesday. … Read more
(Bloomberg) When it comes to preventing catastrophic global warming, the world is decidedly off track. Whether countries can course-correct, and which will do so the fastest, are some of the major questions at the heart of this year’s COP28 climate conference in Dubai. The answers will depend on various coalitions finding common ground on everything from the fate of fossil fuels to the … Read more
The discount on Western Canada Select (WCS) heavy crude versus the North American benchmark West Texas Intermediate (WTI) narrowed on Tuesday. WCS for January delivery in Hardisty, Alberta, settled at $21.50 a barrel under WTI, according to CalRock, having settled at $22.65 a barrel under WTI on Monday. Market players said WCS sold off sharply … Read more
All financial figures are in Canadian dollars, unless noted otherwise Upstream production of 770,000 – 810,000 barrels per day, approximately 7% higher than 2023 Refining capacity utilization strong at an expected 92% to 96% Fort Hills three-year improvement plan on target, with opportunities to further increase value Capital program to deliver shareholder value, pursuing investments … Read more
Canadian oil producers are facing further potential delays to the Trans Mountain pipeline expansion (TMX) that could cost them millions of dollars in lost revenues in coming months after they ramped up production ready to fill the expanded line, meant to unlock access to Asia. Producers entered 2023 thinking the 590,000 barrel per day (bpd) … Read more
Prime Minister Justin Trudeau stepped in it when he removed the carbon tax from furnace oil, while leaving 97 per cent of Canadians out in the cold. Even in Atlantic Canada, where Trudeau tried to buy off MPs with the carve out, 77 per cent of people in the region support carbon tax relief for everyone. But Trudeau’s mistake … Read more
Calgary, Alberta–(Newsfile Corp. – December 6, 2023) – Baytex Energy Corp. (TSX: BTE) (NYSE: BTE) (“Baytex”) announces that its Board of Directors has approved a budget for 2024 exploration and development expenditures of $1.2 to $1.3 billion, which is designed to generate average annual production of 150,000 to 156,000 boe/d. “Our 2024 budget and five-year … Read more
HALIFAX — The denial of a $1.5-million bid to relaunch oil and gas exploration in waters off Nova Scotia doesn’t necessarily mean there won’t be future projects, says federal Natural Resources Minister Jonathan Wilkinson.
However, the minister said in…
MANCHESTER, United Kingdom — ESG, a leading global energy software provider, and Utility Dive’s studioID, a premier industry research company, recently completed a market survey of 150 energy providers across the U.S. and U.K. This survey revealed insights into how energy retailers and suppliers are using advanced data and technology to make more informed decisions about … Read more
CALGARY — The Canada Energy Regulator has denied a request by Trans Mountain Corp. for a variance on a section of pipeline in B.C., a development that the company has said could delay construction of the ongoing expansion project and push back the pip…
Calgary, Alberta–(Newsfile Corp. – December 5, 2023) – Saturn Oil & Gas Inc. (TSX: SOIL) (FSE: SMKA) (OTCQX: OILSF) (“Saturn” or the “Company“) is pleased to announce the initial production results for its most recently drilled 13 gross (11.4 net) wells, including Saturn’s first development of Alberta Cardium and Saskatchewan Bakken light oil targets. Saturn … Read more
BC’s Energy Futures: Former BC Environment Minister to lead Resource Works campaign on energy options. VANCOUVER, BC — Today, not-for-profit advocacy organization Resource Works announced that former Environment Minister and Attorney General Barry Penner will serve as chair of a new, high-profile campaign focused on energy policy in BC, the Energy Futures Initiative. “Barry Penner’s experience in both the … Read more
CALGARY — AltaGas Ltd. is raising its dividend as it says it expects its earnings to grow next year, helped by its core operations.
The energy infrastructure company says it will pay a quarterly dividend of 29.75 cents per share starting with its Marc…
AltaGas remains focused on executing long-term strategic plan for shareholder value creation. CALGARY, AB, Dec. 5, 2023 /CNW/ – AltaGas Ltd. (“AltaGas” or the “Company”) (TSX: ALA) announces its 2024 guidance and outlook; provides an update on its long-term strategic plan, and releases its 2023 Environment, Social and Governance (ESG) report, including progress toward achieving ESG goals. HIGHLIGHTS (all financial figures … Read more
(Reuters) – Oil prices jumped by nearly 1% on Tuesday, lifted by uncertainty over voluntary output cuts by the OPEC+ group of producers, tensions in the Middle East and some encouraging economic signals in Europe. Brent crude futures rose 63 cents, or 0.8%, to $78.66 a barrel by 0946 GMT. U.S. West Texas Intermediate crude … Read more
(Bloomberg) The stage was set for difficult diplomatic negotiations at COP28 as debate over the future of fossil fuels picked up. Saudi Arabia said it won’t agree to a phase down of the use of dirty energy, raising questions for many over the energy industry’s contribution to fight climate change. It came hours before the release of … Read more
(Bloomberg) With the climate and energy world gathering in Dubai this week for COP, BloombergNEF has published its annual zero-emission vehicle factbook. We first launched this report at COP26 in Glasgow to provide a comprehensive picture on where we are on the journey to cleaning up road transport globally. Here are four interesting storylines from our latest report, which … Read more
Russian President Vladimir Putin on Wednesday will visit the United Arab Emirates and Saudi Arabia, where he plans to meet Crown Prince Mohammed bin Salman, as he seeks to bolster Moscow’s important partnerships with the strategic oil producers. The Kremlin said Tuesday that Putin would discuss trade and investments, with Interfax earlier reporting the oil … Read more
Vancouver, British Columbia–(Newsfile Corp. – December 5, 2023) – First Hydrogen Corp. (TSXV: FHYD) (OTC Pink: FHYDF) (FSE: FIT) (“FIRST HYDROGEN” or the “Company“) has signed a term sheet with EV Technologies Inc. (“EVT”) to develop a high-power compact battery that is state of the art and designed specifically for hydrogen-powered-fuel-cell vehicles. First Hydrogen and EVT will … Read more
CALGARY, AB, Dec. 4, 2023 /CNW/ – (TSX: RBY) – Rubellite Energy Inc. (“Rubellite”, or the “Company”), a pure play Clearwater oil exploration and development company, is pleased to announce that it has closed an agreement with Source Rock Royalties Ltd. (TSXV: SRR – the “Purchaser”) for the sale of a gross overriding royalty (“GORR”) on certain lands within the Figure Lake and Edwand areas … Read more
CALGARY, AB, Dec. 4, 2023 /CNW/ – Source Rock Royalties Ltd. (“Source Rock”) (TSXV: SRR) (TSXV: SRR.WT), a pure-play oil and gas royalty company with an established portfolio of oil royalties, announces that it has closed the acquisition of a gross overriding royalty (the “GORR”) in 60,800 net acres (95 sections) of largely contiguous land in the Figure Lake area … Read more
Calgary, Alberta–(Newsfile Corp. – December 4, 2023) – Lycos Energy Inc. (TSXV: LCX) (“Lycos” or the “Company“) is pleased to announce that it has entered into an amending agreement with the National Bank of Canada to increase its existing revolving credit facility from $35.0 million to $50.0 million. The credit facility provides added financial flexibility to support … Read more
All financial figures are in Canadian dollars unless otherwise noted CALGARY, AB, Dec. 4, 2023 /PRNewswire/ – Gibson Energy Inc. (“Gibson” or the “Company”) announced today target growth(1) capital expenditures of $150 million in 2024. Additionally, Gibson’s Board of Directors has approved the allocation of between $40 million and $45 million in replacement(1) capital expenditures in 2024. The Company … Read more
CALGARY, Alberta, Dec. 05, 2023 (GLOBE NEWSWIRE) — Prospera Energy Inc. (“Prospera” or the “Company”) (TSX.V: PEI, OTC: GXRFF, FRA: OF6B, OF6B.SG, OF6B.F, OF6B.BE). Prospera Energy Inc. (TSX.V: PEI, OTC: GXRFF, FRA: OF6B) is a publicly traded energy company based in Western Canada, specializing in the exploration, development, and production of crude oil and … Read more
CALGARY, Alberta, Dec. 04, 2023 (GLOBE NEWSWIRE) — Helium Evolution Incorporated (TSXV:HEVI) (“HEVI” or the “Company“), a Canadian-based helium exploration company focused on developing assets in southern Saskatchewan, is pleased to announce that its partner, North American Helium Inc. (“NAH”), has spud the previously announced joint well located at 9-18-3-8W3 (“Joint Well #2”) on joint lands … Read more
THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO THE UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. CALGARY, Alberta, Dec. 04, 2023 (GLOBE NEWSWIRE) — Cielo Waste Solutions Corp. (TSXV:CMC; OTCQB:CWSFF) (“Cielo” or the “Company”), a waste-to-fuel environmental technology company, announces today that it has executed an agreement for the repayment of approximately $62,000.00 … Read more
By John Kemp LONDON, Dec 4 (Reuters) – Investors remained extremely bearish about the outlook for crude oil prices in the run up to the OPEC+ ministerial meeting on Nov. 30, anticipating the group would not or could not cut output enough to boost prices. Hedge funds and other money managers purchased the equivalent of … Read more
Draft COP28 text includes fossil fuel phase out Text adds other options, include no phase out deal Fossil fuel CO2 emissions hit record high in 2023 DUBAI, Dec 5 (Reuters) – Countries at the COP28 climate conference are considering calling for a formal phase-out of fossil fuels as part of the U.N. summit’s final deal to fight … Read more
(Reuters) – Governments have decided to pay up to revive offshore wind farm developments after rising costs put at risk multiple projects that are needed to help them cut emissions and reach climate targets. Many countries are relying on a huge and rapid build-out of offshore wind farms which have high upfront costs but over … Read more
OTTAWA — Environment Minister Steven Guilbeault says the controlled release or burning of methane from oil and gas production sites will be almost entirely barred by 2030.
Guilbeault is in Dubai for the annual global climate talks, which this year ar…
According to the Smith government’s fiscal update released last week, Alberta is on track to record another budget surplus ($5.5 billion) in 2023/24. Unfortunately, the resource boom that helped swing Alberta from budget deficits to surpluses could end at any time. And if the Smith government fails to rein in spending, it will only lead to … Read more
Did you know that you’re likely overpaying pipeline tariffs? By Geoffrey Cann For an energy company, tariff data are like the lemons in a cooks’ kitchen—to get the juice, you need to squeeze them. As a home cooking enthusiast, I have a ready stock of lemons on hand to dress up a dish. A little … Read more
Canada, Brazil and Egypt will announce new methane regulations at the COP28 climate summit later on Monday, a U.S. official told Reuters. As of Monday, 155 countries have signed up as members of the Global Methane Pledge, a voluntary partnership committing countries to collectively reduce methane emissions by 30% from 2020 levels by 2030. Countries … Read more
BROOKFIELD, NEWS, Dec. 01, 2023 (GLOBE NEWSWIRE) — Brookfield Asset Management (“Brookfield”) announced today the closing of its flagship global infrastructure equity fund, Brookfield Infrastructure Fund V (“BIF V” or the “Fund”), having raised $30 billion for the strategy, including $28 billion for the Fund and approximately $2 billion in related co-investment vehicles. BIF V … Read more
(Bloomberg) Top bankers and regulators gathered for COP28’s finance day to discuss how best to handle the fossil fuel industry when it comes to transition finance. “We need to think more broadly,” said Alice Carr, executive director for public policy at the Glasgow Financial Alliance for Net Zero. The comments come as this year’s Conference of … Read more
TORONTO — Brookfield Asset Management Ltd. says its deal for Australia’s Origin Energy Ltd. has failed to achieve the required shareholder support.
The Canadian company says the offer it made with a consortium of investors and EIG garnered 69 per cent…
(Bloomberg) After years of development delays and manufacturing snags, Tesla Inc. finally handed over its first Blade Runner-esque Cybertrucks to customers. Chief Executive Officer Elon Musk delivered a handful of pickups on Thursday to owners including Reddit co-founder Alexis Ohanian. The automaker provided a long-awaited update on pricing and specifications, estimating the base version will cost $60,990, … Read more
By John Kemp (Reuters) – U.S. crude oil production set a record for the second month running in September, highlighting the challenge to Saudi Arabia and its OPEC⁺ partners as they cut their own production to boost prices. Repeated OPEC⁺ output cuts since the fourth quarter of 2022 have thrown a lifeline to U.S. producers, averting … Read more
(Reuters) – Oil prices extended declines on Monday, pressured by investor scepticism over the latest OPEC+ decision on supply cuts and uncertainty surrounding global fuel demand, though the risk of supply disruptions from the Middle East conflict limited losses. Monday’s fall adds to a 2% decline last week after the supply cuts announced on Thursday by the … Read more
(Reuters) – OPEC+ oil producers on Thursday agreed to voluntary output cuts totalling about 2.2 million barrels per day (bpd) for the first quarter of 2024 led by Saudi Arabia rolling over its current voluntary cut. Included in this figure is an extension of existing Saudi and Russian voluntary cuts of 1.3 million bpd, meaning … Read more
DUBAI, Dec 2 (Reuters) – Exxon Mobil CEO Darren Woods on Saturday rejected the International Energy Agency’s recent claim that using wide-scale carbon capture to fight climate change was an implausible “illusion”, saying the same could be said about electric vehicles and solar energy. “There is no solution set out there today that is at … Read more
(Reuters) – Michigan regulators on Friday approved Canadian pipeline company Enbridge Inc’s (ENB.TO) application to build a tunnel under the Great Lakes to house its aging Line 5 oil pipeline, a major step forward for the $750 million project. Enbridge is planning to replace a section of the pipeline, which runs underwater for 4 miles (6.4 … Read more
(Bloomberg) Origin Energy Ltd. rejected a A$19.1 billion ($12.8 billion) Brookfield Asset Management Ltd.-led takeover, after the fund’s yearlong pursuit of a utility that’s vital to Australia’s energy transition. About 69% of ballots cast by investors were in support of the deal, below the required threshold of three-quarters of the votes, Origin said Monday in … Read more
(Bloomberg) Bill Gates said the world probably won’t meet the Paris Agreement’s goal of keeping temperature rise below 2C. But he praised COP28 for making progress on tackling climate change despite geopolitical tensions. “Climate progress is moving ahead even though we won’t meet our highest aspirations,” he said in a Bloomberg TV interview at the annual United Nations meeting in … Read more
(Bloomberg) Exxon Mobil Corp. and Saudi Arabia’s Aramco, the world’s largest private and state-sector oil companies, led a pledge by 50 oil and gas producers at the COP28 climate summit to cut emissions from their own operations. The deal is controversial given none of the companies are agreeing to reduce oil and gas production. But they are … Read more
(Bloomberg) Top bankers and regulators gathered for COP28’s finance day to discuss how best to handle the fossil fuel industry when it comes to transition finance. “We need to think more broadly,” said Alice Carr, executive director for public policy at the Glasgow Financial Alliance for Net Zero. The comments come as this year’s Conference of … Read more
In recent years, the global energy landscape has witnessed a paradigm shift towards sustainable and cleaner alternatives. Among these, hydrogen has emerged as a promising contender, gaining momentum for its potential to revolutionize the way we power our world. North America, with its ambitious goals for decarbonization and energy transition, is at the forefront of … Read more
Introduction In the dynamic and ever-evolving landscape of Canada’s energy industry, the role of Application Engineering services is becoming increasingly pivotal. At its core, Application Engineering is about designing and implementing tailored solutions that meet the specific needs of customers in the energy sector. This field combines technical expertise with a deep understanding of customer … Read more
In the evolving landscape of technology, companies face a variety of challenges that demand innovative solutions. One approach gaining traction is the adoption of a diverse tech/solution stack (the array of different technologies used), where a variety of programs are employed to tackle each unique problem. Ditching the “one-size-fits-all” approach to technology is similar to … Read more
Gas processing plant in northwest Alberta, courtesy of EnergyNow Courtesy of ENERGYminute See more articles and infographics from ENERGYminute HERE In a pat-yourself-on-the-back moment, Alberta’s oil and gas industry successfully achieved a 45 percent reduction in methane emissions, surpassing the province’s mandated target ahead of schedule. Background: Alberta was the first province in Canada to commit to a 45 … Read more
‘Our ability to take lessons learned and bring them to these other countries cannot be overlooked’ By Deborah Jaremko Follow CEC on Linkedin CEC Linkedin Follow CEC on Facebook CEC Facebook Follow CEC on Twitter CEC Twitter Beth (Hardy) Valiaho, vice-president of policy, regulatory and stakeholder relations with the International CCS Knowledge Centre. Photo by Dave Chidley for the … Read more
(Bloomberg) Exxon Mobil Corp. CEO Darren Woods cuts a strange figure at the COP28 climate summit — an oil executive moving among thousands of government officials, business leaders and activists gathered in Dubai to limit global temperature rise. After all, he’s the head of the largest American oil and gas company — villainized by some … Read more
Summary 118 countries back pledge to triple world’s clean power Goal would slash fossil fuel use this decade Smaller club of countries plan to scale up nuclear energy DUBAI, Dec 2 (Reuters) – Governments launched new initiatives on Saturday to bolster clean energy and to wean themselves off fossil fuels at the U.N. climate summit … Read more
DUBAI, Dec 2 (Reuters) – Exxon Mobil CEO Darren Woods on Saturday rejected the International Energy Agency’s recent claim that using wide-scale carbon capture to fight climate change was an implausible “illusion”, saying the same could be said about electric vehicles and solar energy. “There is no solution set out there today that is at … Read more
WINNIPEG — The Manitoba government is broadening its plan for a tax holiday on gas and diesel fuel.
Finance Minister Adrien Sala says the NDP government will amend a bill before the legislature that wouldsuspend the 14-cent-a-litre fuel tax for at lea…
By Cody Good Courtesy of ENERGYminute See more articles and infographics from ENERGYminute HERE Over the past five years, global renewable energy growth has been accelerated by significant technological advancements and declining costs, especially in solar and wind energy sectors. Policy specifically has played a key role, with governments implementing policies and incentives to foster this … Read more
COPs are immoral because they deprive billions of the energy they need to prosper. They should be replaced by energy freedom conferences. By Alex Epstein Myth: UN COP climate conferences have been a force for good, but COP 28 must lead to far more “climate action.” Truth: These conferences are immoral because they deprive billions … Read more
U.S. energy firms this week added oil and natural gas rigs for a third week in a row, energy services firm Baker Hughes said in its closely followed report on Friday. The oil and gas rig count, an early indicator of future output, rose three to 625 in the week to Dec. 1. Despite this … Read more
Summary OPEC+ agreed to 2.2 mln bpd of cuts for the first quarter US Fed to move carefully on interest rates Global manufacturing data sluggish in November Israel-Hamas war resumes after week-long truce expired NEW YORK, Dec 1 (Reuters) – Oil prices slumped more than 2% on Friday on investor skepticism about the depth of OPEC+ … Read more
(Bloomberg) Alberta more than doubled its projected budget surplus for this fiscal year to C$5.5 billion as elevated oil prices and fast population growth swell government coffers with more revenue. Alberta, which holds the world’s third-largest crude reserves, is benefiting from higher oil prices supported by production cuts from OPEC+ countries including Saudi Arabia and … Read more
Summary Crude prices stable on Friday after 2% drop on Thursday OPEC+ agreed to 2.2 million bpd of cuts for the first quarter Market concerned about compliance, macroeconomic demand Global manufacturing data was sluggish in November Dec 1 (Reuters) – Oil prices were broadly steady on Friday following a 2% drop on Thursday, with the … Read more
(Reuters) – Brazil is expected to join the OPEC+ group of oil-producing countries in January but would not take part in the group’s coordinated output caps, the chief executive of state-run oil firm Petrobras told Reuters. The group’s surprising announcement on Thursday that the South American nation would join it raised immediate questions on whether Brazil would … Read more
Commentary by Clyde Russell (Reuters) – The additional crude output cuts by OPEC+ should do two things, and neither of them are likely to please the group of oil exporters. Firstly, the reduction of about 2.2 million barrels per day (bpd) for early next year should put to rest the idea that global demand growth … Read more
(Bloomberg) The United Arab Emirates is planning to start a $30 billion climate fund with BlackRock Inc., Brookfield Asset Management and TPG Inc., according to people with knowledge of the matter. The fund will be managed by Lunate Capital, a $50 billion firm that’s the latest player in Abu Dhabi’s effort to use energy riches … Read more
(Bloomberg) United Nations Secretary-General António Guterres said drastic action is needed to keep stem global warming and warned fossil fuel companies their “old road is rapidly aging” at the opening of the COP28 climate talks in Dubai on Thursday. The United Arab Emirates, which is hosting the summit, announced a commitment of $30 billion to help finance … Read more
For Immediate Release (Calgary Alberta)- At GLJ we believe that our people are our greatest resource. We employ highly skilled professionals that provide credible energy consultancy services to help our clients navigate a changing global energy landscape. GLJ is pleased to announce the appointment of Alan Withey as Executive Vice President and CFO. We are … Read more
Coal remains the primary fuel for global electricity generation, particularly in Asian countries By Ven Venkatachalam Follow CEC on Linkedin CEC Linkedin Follow CEC on Facebook CEC Facebook Follow CEC on Twitter CEC Twitter A man walks towards a ferry as the Wujing coal-electricity power station is seen across the Huangpu River in the Minhang district of Shanghai. Getty … Read more
By Jock Finlayson, Senior Fellow, Fraser Institute “Denominator blindness” refers to situations where people fail to put what seem to be big numbers into proper context. The affliction is especially common among governments seeking to justify their spending and other policy decisions. In Canada, denominator blindness has become a central feature of the narratives peddled … Read more
(Bloomberg) The latest bid by OPEC+ to support crude prices with additional oil-output cuts that’ll take effect from January has left market watchers skeptical about the effectiveness of the move. That’s partly because of the voluntary nature of the curbs, and partly because of their opacity. With futures prices edging lower on Friday, here’s what analysts are saying: Morgan … Read more
CALGARY — The Canada Energy Regulator has approved preliminary interim tolls that would see oil companies pay nearly twice as much to ship crude on the expanded Trans Mountain pipeline as what was estimated in 2017.
In a decision issued Thursday, the …
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