Western Canada’s fleet of drilling rigs increased to to a total of 228 according to data collected by Baker Hughes for the week of August 31st From one week ago, Alberta rig counts increased from 159 to 160. Saskatchewan's rig count decreased from 49 to 48. Oil drilling went from 153 to 151; natural gas rigs increased from 76 to 77. View a full breakdown of western Canada’s rig activity. [Read more]
Archives for August 2018
First-quarter budget update: Alberta projects deficit drop of $1B
EDMONTON - Alberta's finance minister says the province is on track to reduce its deficit by $1 billion this year. Joe Ceci says more oil revenue and higher than expected returns on income tax are the reason this year's projected deficit has dropped to $7.8 billion. The numbers are part of the government's first-quarter budget update. They show overall spending remains stable at $56 billion, although an extra $2 million has been added to go toward a plebiscite on Calgary's 2026 Olympic [Read more]
PM determined to build pipeline, tackle climate change despite court ruling
OTTAWA - Justin Trudeau says his government remains committed to getting the Trans Mountain pipeline expansion built and also to its national climate-change plan — both of which were put in jeopardy by a court ruling that overturned federal approval for the project. The prime minister says the government will move forward to get the project built "in the right way" by acknowledging the court's criticism of the flawed environmental review process and the failure to meaningfully consult with [Read more]
Canadian Natural Resources acquires Joslyn oilsands project for $225 million
CALGARY - Canadian Natural Resources Ltd. says it has signed a deal to buy the Joslyn oilsands project from Total SA and its partners for $225 million. Under the deal, Canadian Natural will pay $100 million in cash on closing the agreement and make annual cash payments of $25 million over the next five years. The Joslyn project is directly south of Canadian Natural's Horizon project. It was put on hold indefinitely in 2014. Total has been reducing oilsands commitments in [Read more]
Trans Mountain ruling increases uncertainty among resource industry groups
The Federal Court of Appeal's ruling that consultations for the Trans Mountain project were inadequate has raised concerns from the resources industry about added uncertainty around the duty to consult Indigenous communities, though experts say the precedent adds further clarity to what it means to meaningfully engage. Thursday's ruling found the federal government failed in its duty to meaningfully consult with First Nations on major projects as required by established legal principles and [Read more]
Canadian Natural Resources Limited Announces Acquisition of 100% Working Interest in the Joslyn Oil Sands Project
CALGARY, Alberta, Aug. 31, 2018 (GLOBE NEWSWIRE) -- Canadian Natural Resources Limited (“Canadian Natural” or the “Company”) announces that it has entered into an agreement to acquire a 100% working interest in the Joslyn oil sands project for a total consideration of $100 million cash on closing and annual cash payments of $25 million over each of the next five years. The Joslyn lease, which is located directly south of the Company’s current Horizon Oil Sands Mining and Upgrading project [Read more]
Canadian Overseas Petroleum Ltd Announces 3M Pounds Common Share Offering Admitted to Trading
Calgary, Alberta (FSCwire) - Further to the announcement dated 17 August 2018, Canadian Overseas Petroleum Limited (the "Company") (TSXV: XOP) (LSE: COPL) announces the admission (the "New Share Admission") to the standard listing segment of the Official List maintained by the Financial Conduct Authority, and to trading on the main market for listed securities of London Stock Exchange plc (the "London Stock Exchange"), of 895,523,000 new common shares of no par [Read more]
ARC Resources Ltd. Announces Release of 2018 Sustainability Report
CALGARY, Aug. 30, 2018 /CNW/ - (ARX - TSX) ARC Resources Ltd. ("ARC" or "the Company") announces the release of its 2018 Sustainability Report, which details the Company's environmental, social, and governance performance and the critical role that ARC's sustainability practices play in the Company's long-term strategy of risk-managed value creation. The 2018 Sustainability Report is available on ARC's website at [Read more]
Trans Mountain pipeline ruling shakes central pillar of Trudeau agenda
OTTAWA - On Wednesday, Prime Minister Justin Trudeau painstakingly explained to students in Kapuskasing, Ont., how the Trans Mountain pipeline expansion project is a central pillar of his government's agenda. Less than 24 hours later, the Federal Court of Appeal quashed the government's approval of the project, imperilling the pillar holding up Trudeau's signature promise to tackle climate change by balancing economic growth and environmental protection. Moreover, it underscored a gap [Read more]
Pioneer Natural Resources Company Declares Dividend on Common Shares
DALLAS--(BUSINESS WIRE)--Pioneer Natural Resources Company (NYSE:PXD) announced today that its board of directors declared a cash dividend of $0.16 per share on Pioneer’s outstanding common stock. The dividend is payable October 12, 2018, to stockholders of record at the close of business on September 28, 2018. Pioneer is a large independent oil and gas exploration and production company, headquartered in Dallas, Texas, with operations in the [Read more]
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