Every year Canada's oil sands projects and refineries undergo essential maintenance known as turnarounds, which often involve temporarily shutting down production and can squeeze Canadian crude prices higher. This year the maintenance season is average, and will peak in the second quarter with around 238,000 barrels per day of oil sands production being taken offline, union representatives said. Oil Sands Projects Timing Company Project Duration Quarterly Production [Read more]
Headlines
TC Energy responding to pipeline incident near Edson, Alta.
CALGARY - TC Energy Corp. says it is actively responding to an incident involving its NGTL natural gas pipeline system in west-central Alberta. The Calgary-based pipeline company did not provide further details about the nature of the incident, which it said took place approximately 40 kilometres northwest of Edson, Alta. in Yellowhead County. TC Energy says its emergency response procedures have been activated and the affected section of the pipeline has been isolated and shut [Read more]
US could release more SPR oil to keep gas prices low, senior White House adviser says
U.S. President Joe Biden will do what he can to ensure affordable gasoline prices, White House senior adviser John Podesta said at an industry conference on Tuesday, when asked about future releases of crude oil from the Strategic Petroleum Reserve (SPR). The Biden administration in 2022 sold 180 million barrels of oil in about six months from the reserve, the largest ever SPR sale, in an attempt to lower gasoline prices after Russia invaded Ukraine. Republicans slammed the sale, which [Read more]
Canada unions brace for 2025 labor crunch in oil sands maintenance season
Annual maintenance on Canada's oil sands plants is forecast to cause no more disruption than usual this year, but trade union officials are warning of a labor crunch during Alberta's 2025 turnaround season as construction takes off on two new industrial projects. Every year producers in Alberta hire thousands of extra skilled workers to execute essential maintenance on oil sands upgraders, thermal projects and refineries. Canada is the world's fourth-largest oil producer, and roughly [Read more]
Goldman sees oil staying at higher end of its forecast range
Goldman Sachs said on Tuesday it expected oil prices to stay at the higher end of its forecast range, citing disappointing U.S. supply and a likely sticky geopolitical risk premium. "Some softening in physical oil prices, large product inventory builds in Europe in March, and early signs of draws in inventories on water... reduce the upside risks to our price forecast and support our $90/bbl ceiling on Brent prices," Goldman analysts said in a note. Oil prices were largely steady on [Read more]
Record exports deplete US propane stocks and support prices: Kemp
U.S. propane inventories and prices are increasingly determined by the state of industrial demand in North East Asia and trade relations with China rather than weather and consumption at home. Despite an exceptionally mild winter that depressed domestic consumption, exports depleted record stocks at the start of October to something much closer to normal by the end of March. Propane and propylene inventories ended the winter on March 31 around 5 million barrels (+10% or +0.48 standard [Read more]
Permian natgas hits 15-month low as negative prices linger
Natural gas prices in the top U.S. shale field hit their lowest level in 15 months this week and continued to trade in negative territory as a supply overhang shows no sign of quickly abating. Prices at the Waha hub in west Texas closed at negative $2.99 per million British thermal units on Monday, its lowest since December 2022, according to data from LSEG. Waha gas has been trading negative for 23 out of the past 25 days, meaning producers are paying to have their gas taken away. Natural [Read more]
SCCC Petroleum Corporation – Corporate Divestiture
SCCC Petroleum Corporation (“SCCC” or the “Company”) has engaged Sayer Energy Advisors to assist it with a corporate sale process. SCCC is a tightly-held private junior oil and natural gas company with oil sands interests located in the Red Earth area of Alberta (the “Property”). At Red Earth, SCCC holds a 100% working interest in several oil sands leases from the top of the Peace River to base of the Pekisko Formation. The oil sands leases comprise 63 sections of land with indefinite lease [Read more]
Energy notes from the edge
Today, some bite sized energy-related pieces because some days that’s all I can handle. It’s like the difference between walking past a road-killed deer and spending the afternoon with one. You’ll see what I mean. Is growing AI power demand a problem or… did he really say that? Once, not long ago, there were a few of us braying in the pasture about what AI was going to do to energy/power demand. Now the chorus is much louder, less theoretical and much more precise. An AP/Reuters article [Read more]
Understanding SLB’s Culture Evolution, Innovation and Leadership Strategies
In October 2022, Schlumberger announced its new name – SLB – and its transition from the world’s largest oilfield services company to a global technology company focused on driving energy innovation for a balanced planet. This new identity and position reflect SLB’s ambition to accelerate the energy transition by developing and scaling new energy systems, innovating in oil and gas, and reducing emissions to meet the world’s growing energy demand, safely and sustainably. As they became SLB, [Read more]
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