After implementing a plan to phase out coal for home heating, China is now asking mining companies to produce more high-quality coal to to keep residents warm this winter. China has had to scale back plans to replace coal furnaces with natural gas-based heating systems as part of its campaign to cut pollution. The plan quickly ran into major hurdles due to a shortage of natural gas and because many homes were only equipped for coal-based heat. The National Development and Reform Commission [Read more]
Archives for December 2017
Prolific Permian Basin Reaches Second Production Peak in 2017, Eclipsing 1973 Levels by More Than 25 Million Barrels, IHS Markit Says
Permian production will push U.S. to new record liquids production by end of 2018 HOUSTON--(BUSINESS WIRE)--The prolific Permian Basin, a mature hydrocarbon ‘super basin’ located in west Texas and southeastern New Mexico, reached a new oil-production record of 815 million barrels or more* in 2017—far exceeding its previous peak of 790 million barrels set in 1973, according to new analysis from IHS Markit (Nasdaq: INFO), a world leader in critical [Read more]
Libya has lost around 90,000 bpd from pipeline blast
LONDON (Reuters) - Libya has lost around 90,000 bpd of crude oil from a blast on a pipeline feeding Es Sider port, a Libyan oil source said. NOC was still assessing the damage, the source said. A Libyan military source said earlier armed men had planted explosives at the pipeline. [Read more]
Oil hits 2-1/2 year highs on Libyan pipeline blast
NEW YORK (Reuters) - Oil prices touched two-and-a-half year highs in light volume on Tuesday, boosted by an explosion on a crude pipeline in Libya and voluntary OPEC-led supply cuts. Libya has lost around 90,000 bpd of crude oil from a blast on a pipeline feeding Es Sider port, a Libyan oil source said, adding that NOC was still assessing the damage. A Libyan military source said earlier that armed men had planted explosives at the pipeline. The country’s output had been recovering in [Read more]
Marksmen Announces Closing of Private Placement
CALGARY, Alberta, Dec. 22, 2017 (GLOBE NEWSWIRE) -- Marksmen Energy Inc. (TSX-V:MAH) (OTCQB:MKSEF) (“Marksmen” or the “Company”) announces that it has completed its non-brokered private placement announced on December 12, 2017 for 3,826,333 units (the “Units”) of Marksmen at a price of $0.15 per Unit for aggregate gross proceeds of $573,949.95 (the “Offering”). Each Unit is comprised of one (1) common share (“Common Share”) and one-half of one (1/2) share purchase warrant (“Warrant”) of [Read more]
Granite Oil Corp. Announces Credit Facility Amendment
CALGARY, Alberta, Dec. 22, 2017 (GLOBE NEWSWIRE) -- GRANITE OIL CORP. (“Granite” or the “Company”) (TSX:GXO)(OTCQX:GXOCF) is pleased to announce that the semi-annual review of its credit facility has been completed. The Company voluntarily reduced the availability under the credit facility from $60 million to $50 million, consisting of a $45 million revolving demand credit facility and a $5 million revolving demand operating facility. The Company has sufficient liquidity and financial [Read more]
NRG Energy, Inc. Announces Redemption of Its Outstanding 6.625% Senior Notes Due 2023
PRINCETON, N.J.--(BUSINESS WIRE)--NRG Energy, Inc. (NYSE:NRG) today announced that it gave the required notice under the respective governing indentures to redeem for cash (the “Redemption”) all of its outstanding 6.625% Senior Notes due 2023 (the “2023 Notes”) on December 29, 2017 (the “Redemption Date”). The redemption price for the 2023 Notes will be an amount equal to 103.313% of the principal amount of the 2023 Notes to be redeemed, plus accrued and [Read more]
Korea-owned company says it will fire up halted oilsands project after two years on hold
CALGARY - In a rare sign of optimism for the future of the oilsands, South Korea-owned Harvest Operations Corp. says it has decided to complete and begin producing from a 10,000-barrel-per-day project it halted more than two years ago due to low oil prices. The Calgary-based arm of state-owned Korea National Oil Corp. says major work has already started at the BlackGold project site south of Fort McMurray in northern Alberta and will continue through the winter. It says it aims [Read more]
U.S. oil drilling rig count holds steady this week -Baker Hughes
U.S. energy companies kept the oil rig count unchanged this week, General Electric Co's Baker Hughes energy services firm said on Friday, even though crude prices hovered near their highest level since the summer of 2015. The rig count , an early indicator of future output, held at 747 in the week to Dec. 22, still much higher than a year ago when only 523 rigs were active after energy companies boosted spending plans for 2017 as crude started recovering from a two-year price crash. The [Read more]
Vital Announces Extension of Outstanding Debentures and New Debenture Offering
CALGARY, Alberta, Dec. 22, 2017 (GLOBE NEWSWIRE) -- Vital Energy Inc. (“Vital”) announced today that, further to its news release dated December 23, 2015, the maturity date of the outstanding 8% secured convertible debentures in the aggregate principal amount of $2,075,000, have been extended for an additional one year period, from December 23, 2017 to December 23, 2018. The other debenture issued on December 23, 2015 in the principal amount of $50,000 has been repaid. At the time of issuance, [Read more]
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