The challenges facing Canadian oil and gas companies are daunting - collapsed oil prices & demand amid the COVID-19 pandemic, regulatory uncertainty, Bill C-69, asset write-downs and credit crunch/liquidity challenges to mention some. For E&P companies carrying too much debt, despite calls for help with liquidity, the writing may be on the wall. In a recent interview with The BOE Report, Rick Peterson of Peterson Capital commented: “It’s going to be tough and right now I think there [Read more]
Going International – As COVID-19 and oil price shocks drive reserves of global O&G assets for sale, are there opportunities for Canadian companies?
Amid the COVID 19 oil price crash, the amount of current oil and gas assets with recoverable reserves for sale globally has ballooned up to over 12.5 billion boe, according to a recent Rystad Energy report. While some companies are divesting low-priority assets, others are considering whether this may be the right time to acquire assets at a low price. Certainly a recent IHS report stating that global oil demand has recovered to 89 per cent of what it was before the COVID-19 pandemic crushed [Read more]
The need for action-Two days before Alberta’s fiscal update, Jason Kenney indicates it will show a +$10B revenue drop
Jason Kenney announced a cabinet shakeup tuesday, moving Doug Schweitzer into the newly created Ministry of Jobs, Economy, and Innovation, Tracy Allard to Municipal Affairs, and Kaycee Madu to the Ministry of Justice. But the biggest message of his address was his reference to the Summer 2020 report by the Conference Board of Canada that signaled that Alberta’s economy will be the most heavily hit economy in Canada this year with an 11% contraction and that tomorrow’s Alberta fiscal update will [Read more]
From Suits and Boots and grassroots to Parliament Hill – Going federal with Rick Peterson
Big news last week as Rick Peterson announced he will be handing over the reins of the grassroots organization “Suits and Boots” to Rick Grafton, CEO of Grafton Asset Management. Peterson originally founded Suits and Boots to provide a strong voice for Western Canada and bring together white-collar investment & energy executives with blue-collar workers and with those appreciative of the Canadian energy sector. Regarding his successes with Suits and Boots, Peterson is deservedly [Read more]
Alberta’s new Liability Management Framework – A move in the right direction in unprecedented times
Managing the challenges to Alberta’s oil and gas industry in 2020 has proven to be daunting for the current Alberta government. In 2019, post-election, the government was tasked with addressing Alberta’s thousands of inactive oil and gas wells - changing how those wells are managed and overhauling how that work is paid for including a request for federal funds. The government had been ready to finalize new policy in March this year when the COVID-19 pandemic struck, along with the “fairly [Read more]
Column: Net zero moonshot – ripping the Canadian social fabric & designed to fail cynicism
This week, industry champions Peter Tertzakian and Jackie Forrest took on the daunting task of inviting meaningful discussion with the Honorable Seamus O’Regan, Minister of Natural Resources and Member of Parliament in the same Federal Government that has so doggedly obstructed, opposed, and over-regulated the Western Canadian Oil and Gas Industry for the last five years. It was a breath-taking exercise in restraint and civility in an attempt to truly communicate the urgency of the need for [Read more]
Bill 12 – Proposed changes to the Orphan Well Association to keep Industry jobs and protect the Environment
An interesting bill has been proposed and debated in the Alberta legislature April 1, 2020 - Bill 12, the Liabilities Management Statutes Amendment Act 2020. Bill 12 is proposed to support economic activity in the energy sector considering job losses due to COVID-19 and the recent oil price wars. According to Jason Nixon, Alberta government house leader… “We continue to prioritize the health, safety, security and economic interests of all Albertans during this unprecedented time. We know [Read more]
Column: Forward into a New Decade of Canadian Vulnerability Op Ed
Canadians used to brag that putting a Canadian flag on their backpacks in Europe guaranteed a warm and friendly reception from locals across Europe. Canada enjoyed a cheerful innocence in contrast to the “ugly American” stereotypes that resonated around the world. We seemed left out of the grimy world of geopolitics – playing the “good guys”. We were the UN peacekeepers in blue berets, maintaining peace and security and protecting human rights around the globe for many years- setting an example [Read more]
Stand-off over Coastal GasLink, Attacks on Canadian Energy, Provincial Rights and ESG push from Investors? Alberta’s Energy Minister Sonya Savage has the answers
With ongoing defiance of injunctions and protestors declaring they have no intentions to end the rail blockades quietly, the standoff over the Coastal GasLink Pipeline was on everyone’s mind as Alberta Energy Minister Sonya Savage took the podium at a PJVA event in Calgary last week. The Minister pulled no punches as she addressed the blockades and other critical issues in the Canadian Energy sector. “Canada is in peril as railways and ports are shut down. Workers across the country have been [Read more]
“It’s time to link arms with Canadians across the Country“ says Opposition Finance Critic MP Pierre Poilievre.
Federal MP Pierre Poilievre brought a message of solidarity for the Canadian Energy sector in his address to a breakfast crowd at the Calgary Petroleum Club last week saying “ It’s time to link arms with Canadians across the country … little by little, we are winning over national support from Canadians coast to coast. You have allies across this country “. He strongly affirmed that Alberta’s problems are not market-related – they are entirely political, and he stressed that when damage is [Read more]