U.S. energy firms this week increased the number of oil rigs operating for the first time in three weeks even as crude output decelerates with the rig count dropping five months in a row due to spending cuts.Companies added two oil rigs in the week to May 3, bringing the total count to 807, lower than the 834 rigs active this time last year, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday. The U.S. rig count, an early indicator of [Read more]
Alberta proclaims law that could cut energy flows to British Columbia
The new Alberta government has proclaimed into a law an act enabling it to restrict the flow of oil and gas to neighbouring British Columbia, raising the stakes in a spat between Canada's two westernmost provinces over the Trans Mountain pipeline. Alberta Premier Jason Kenney and his cabinet were sworn in on Tuesday and proclaimed the "Preserving Canada's Economic Prosperity Act" as their first order of business, Kenney told reporters at a press conference on Wednesday. The legislation, [Read more]
Macquarie to shut down Canadian equities sales, trading business
Macquarie Group is shutting down its Canadian institutional equities business due to a prolonged slump in resource-related deals, The Globe and Mail newspaper reported on Monday, citing anonymous sources. A spokeswoman for the Sydney-headquartered investment bank declined to comment on Tuesday on the closure of the equities business when contacted by Reuters. But, she said in a statement Macquarie would continue to operate a commodities hedging and trading business in Canada. "Macquarie [Read more]
Gunmen kidnap Canadian, Scottish oil workers from Nigerian oil rig
Gunman kidnapped three oil workers from Canada, Scotland and Nigeria at a rig in Nigeria's Delta region on Saturday, officials said - the second abduction in the area in less than a week. The attackers raided the rig owned by Niger Delta Petroleum Resources in Ogbele, Rivers State at around 8 a.m. (0700 GMT), the spokesman for the area's military operations, Major Ibrahim Abubakar, said. Troops were searching surrounding swamps, he added. State police said they had stepped up security on [Read more]
Oil companies say industry could take on Alberta crude-by-rail deals
CALGARY, Alberta/ WINNIPEG, Manitoba, April 26 (Reuters) - Executives at some of Canada's biggest oil producers say the private sector could potentially step in to take over Alberta government crude-by-rail contracts that the province's new premier has vowed to scrap. Alberta signed contracts to lease 4,400 rail cars and ship up to 120,000 barrels per day of crude by rail to help ease congestion on overcrowded oil export pipelines. The $4-billion plan was formulated last year by Rachel [Read more]
U.S. oil drillers make biggest rig cuts in over 3 months
U.S. oil drillers this week cut the most rigs in over three months and reduced the number of oil rigs operating for a second week in a row and for the fifth straight month, as independent producers follow through on plans to cut spending on new drilling and completions. Drillers cut 20 oil rigs in the week to April 26, the steepest decline since the week to Jan. 18, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday. . The U.S. rig count, [Read more]
Suncor CEO urges Alberta to find way out of oil curtailments
The outgoing chief executive of Canada's Suncor Energy on Thursday urged the new Alberta government to find a way out of mandatory oil production curtailments that were imposed this year to help boost crude prices. Steve Williams also put Canada's failure to build new export pipelines that would ship more crude out of landlocked Alberta squarely at the feet of federal and provincial governments and regulators. Williams will retire next week after 17 years with Canada's largest energy [Read more]
Canadian conservative stars cast shadow over Trudeau rival’s hopes
Right-leaning Canadian politicians have won important elections over the last year, but it may do Liberal Prime Minister Justin Trudeau more good in October's national vote than his little-known Conservative Party challenger.Andrew Scheer, 39, has struggled to become a household name since taking over as leader of the federal Conservatives in 2017, a problem not shared by the telegenic Trudeau, whose father led the country for more than 15 years.Last week, Alberta's United Conservative [Read more]
U.S. oil drillers cut rigs for first week in three
U.S. energy firms this week reduced the number of oil rigs operating for the first time in three weeks as production growth forecasts from shale, the country's largest oil fields, continue to shrink.Drillers cut eight oil rigs in the week to April 18, bringing the total count down to 825, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Thursday. Baker Hughes released the report a day early this week due to the Good Friday holiday.The [Read more]
Alberta’s foray into leftist politics sets stage for strong opposition
Alberta's New Democratic Party crashed out of government after Tuesday's provincial election, but one of the most inexperienced parties ever to take office in Canada will likely become the strongest opposition the western province has ever seen.The NDP became the first one-term government in Alberta history when the United Conservative Party tapped into voter concerns about the economy and a struggling energy sector to win a majority. The UCP were elected or leading vote counts in 63 [Read more]