October 1, 2015, St. John’s, NL– The Government of Newfoundland and Labrador, Nalcor Energy and Beicip-Franlab announced today that the “in place” oil and gas resource potential is 12 billion barrels of oil and 113 trillion cubic feet of gas for 2015 license round area in offshore Newfoundland and Labrador. “This is an momentous day for the future of Newfoundland and Labrador’s oil and gas industry – we clearly know that there is more oil and gas waiting to be discovered and developed,” said [Read more]
Drilling in Cardium play plummets, Penn West cuts back
Since September of last year, the percentage drop in Cardium formation drilling amounts to an astonishing 78%, and almost 90% since a January 2014 high (over the last 2 years). With the vast majority of Cardium wells producing light oil, the recent downturn in oil prices has hit both this formation and the companies that are most active in the area hard. Whitecap Resources reduced drilling in the formation from five wells in January to only two in June of this year. Penn West, the most active [Read more]
Chesapeake Cuts 15% of Workforce
An Oklahoma City news network reported today layoffs at Chesapeake Energy. Chesapeake cut 740 positions company-wide; roughly 19-percent of their OKC workforce and 15-percent of their total workforce. The company also plans to take a one-time charge in the third quarter of $55.5 million. The charge is related to employer payroll taxes, Chesapeake said in a filing Tuesday. Before the cuts, Chesapeake employed approximately 3,200 people in Oklahoma City, and 5,500 people in the U.S. [Read more]
Alberta Energy Regulator overhaul review by year end
Marg McCuaig-Boyd says she will deliver a recommendation regarding the future structure of the Alberta Energy Regulator to Premier Rachel Notley by the end of 2015. The energy minister is currently examining whether the AER should be split or whether it is capable of performing the dual roles of developing the province’s oil and gas resources and enforcing environmental standards. “Is the mandate still the current one or do we have to look at changing it? Once we get that work done, I’ll [Read more]
Leach received $10,000 one month before being named chair of ‘independent’ Alberta climate change panel
Yesterday, the Alberta government released a list of its sole-sourced contracts that included a one-month, $10,000 contract awarded to Andrew Leach before the University of Alberta academic became chairman of the Climate Change Review Panel. The details of the contract are vague. On the government website , the service provided by Leach in exchange for the payment was simply to give "advice to the Department (of Energy)". When contacted by phone, Leach would only go so far as to say that [Read more]
Nenshi calls out Harper on Alberta NDP comments
In last night's debate, Stephen Harper wasn’t shy about pointing the finger during the tax portion of the debate. Harper criticized the federal NDP’s platform then drew a link to the Alberta NDP’s decision to raise corporate taxes. “They Federal NDP say, ‘we’re going to fix this somehow through raising taxes.’ In their platform yesterday, they put in a bunch of tax increases for the energy and mining sector.” Harper further mentioned that it’s in the “NDP playbook” to try to balance the [Read more]
The one man who can stand up for Alberta’s oil industry, but will he?
From the beginning of his appointment, Dave Mowat has stressed that the ideal outcome for the royalty review is to optimize the royalty structure for both government and industry. Key to achieving that goal, is to go into the review process with no preconceived notions on what should or should not be done. "As one of four million-plus owners of Alberta's natural resources and bringing my understanding of just how important this industry is to Alberta, I want the best possible system for all [Read more]
Decreasing Canadian natural gas exports to the U.S. Midwest and East regions
In a report released by the National Energy Board, it's been found that "rapid development of onshore US unconventional gas projects has increased American natural gas production." For example, from 2007 to 2015, natural gas production from the Marcellus region increased from less than two billion bcf/d to over 16 bcf/d. As a result, the report maintained that natural gas exports from Canada to the U.S. have been in decline. The report noted that "between 2007 and 2014, Canadian exports to [Read more]
Notley refers to Alberta as ‘embarrassing cousin’
Rachel Notley, in a Global TV News interview, was quoted as saying Alberta is the "embarrassing cousin that no one wants to talk about" when it comes to Alberta's environmental record and her plan to improve it. For Notley to continue with such insinuations would neglect the progress and strong track record that Alberta has with the environment. For example, does Notley fail to realize that the province has drastically lowered greenhouse gas emissions emissions per barrel of oilsands [Read more]
Have your say on what royalty rates need to be in Alberta
The Alberta Government has put together an online "conversation hub" for Albertans to give their own feedback on what needs to be done with the province's royalty rate framework. It is important to have the voice of industry represented in this hub. As the potential for an unfavourable change to royalty rates for industry is a distinct possibility, given the political leanings of the NDP, do not hesitate to share your opinion at the following [Read more]
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