Drilling activity in British Columbia is focused almost entirely on the Montney natural gas reserves in the province's northeast corner. Of the 256 total wells drilled in BC since June of 2015, 226 were targeted at the Montney. The most active driller in the region (for that matter, BC) is Progress Energy. Progress, since June of 2015 has drilled 69 wells all focused on the Montney play. Tourmaline Oil Corp. is the next most active driller in British Columbia. In the past year, the Tourmaline [Read more]
518 wells were drilled in Saskatchewan in the first 6 months of 2016; 67% of those were drilled by these three companies
For many oil and gas companies, operating in Alberta has become problematic to the point of them deciding to re-focus their operations in other jurisdictions. Whether it is the uncertainty created by the Alberta NDP, or the Alberta Energy Regulator, provinces such as Saskatchewan are increasingly being seen as a friendlier place to drill for oil and gas. Yet despite this trend, drilling activity for 2016 is down considerably from 2015 levels and has experienced sharper declines when compared to [Read more]
In the oil and gas industry, producers and service companies suffer and strive together
In April, the Canadian Association of Petroleum Producers published a stark reminder of how much the business activity in the oil patch has slowed down. “Capital spending in the Canadian oilpatch sector is set to drop by US$50 billion since 2014 — the largest two-year-decline since at least 1947 — thanks to the protracted plunge in oil prices,” reads the report from CAPP. What’s more, CAPP believes investments are expected to decline 62 per cent to $31 billion in 2016, from a record $81 [Read more]
Total Combustion Inc. aims to improve the level of trust between oil and gas producers and landowners
Now more than ever, projects related to the Canadian petroleum industry, be it pipelines, hydraulic fracturing, or flaring are debated in the context of broader issues of climate change, environmental protection and economic prosperity. While some may use the term ‘social license’ to arrive at the debate’s resolution, many in the industry will agree that the most important element between all stakeholders involved with energy production is trust. As one energy executive stated, “we in the [Read more]
How junior producers are finding creative ways to address LLR concerns and optimize assets
The current downturn in the energy sector has left many upstream junior companies looking for ways to cut costs, optimize operations and maintain a strong balance sheet. Part of this process for many companies has involved laying off valued employees and reducing salaries. But one of the most pressing concerns facing Albertan oil and gas companies is the detrimental impact the Alberta Energy Regulator’s Licensee Liability Rating (LLR) program has had on junior explorers. An unfortunate side [Read more]
Jenkins’ Green Unreality Show
Optics versus reality. Oftentimes, the most newsworthy stories that make the headlines come across as cold hard truth. But when there is a disconnect between reality and what a headline may imply, broad misconceptions among the public are bound to occur. Case in point is the recent climate deal negotiated in Paris and signed in New York Friday among more than 150 countries. At first glance, you would assume that the world has the bureaucrats to profusely thank for making progress towards [Read more]
Deep staff cuts: efficiency or optics?
More than 40,000 people have been laid off since the collapse in commodity prices sent Alberta into an economic tailspin and energy companies responded in lock step with rounds of downsizing. As the industry continues to shed people, it’s increasingly unclear if headcount reduction is actually an effective approach to address its issues. Sweeping layoffs may actually be creating the conditions for deeper problems when prices rebound and production opportunities arise again. More [Read more]
Oil rallies on reduced US production and increased transport fuel demand
Oil prices rose Wednesday after new EIA data showed U.S. oil production has continued to decline and demand for gasoline and diesel fuel was far higher than expected. "Gasoline stockpiles fell last week three times as much as expected and diesel stockpiles fell double what was expected," the U.S. EIA said in the report. WTI rose 3%, to $37.60 a barrel on NYMEX while Brent, the global benchmark, rose 2.3%, to $40.55 a barrel on ICE Futures Europe. Oil has steadily rallied for [Read more]
Oil prices rise on UAE Energy Minister comments
Oil prices surged Monday on hopes that major producers would agree to freeze supply. Positive U.S. economic data fueled optimism and helped buoy crude prices. WTI rose 4.7% to $37.59 a barrel on NYMEX, the highest price since early January. Brent climbed 4.9% to $40.63 a barrel on ICE Futures Europe, the highest level since December. Oil prices have risen in recent weeks after Russia, Saudi Arabia, Venezuela and Qatar agreed to freeze their output at January levels. The UAE's energy [Read more]
Blue skies ahead? Masters of the Universe are going long oil!
It’s been a tough year for oil and gas producers. On February 10th, West Texas Intermediate fell to a twelve-year low of $26.14 per barrel. Naturally, with such a prolonged decline in oil prices over the past year, came also the decline in the financial health for companies producing it. Throughout Canada and the United States, there has been round after round of company layoffs, asset divestitures, and corporate restructurings for oil and gas producers. Just this week, Encana announced a [Read more]
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